USD 7.02 billion
Report ID: SQSG45J2032 | Region: Global | Published Date: November, 2022 | Pages: 157
Global Virtual Mirror Market size was valued at USD 7.02 billion in 2021, and it is expected to reach USD 26.81 billion by 2028, at a CAGR of 20.8% over the forecast period (2022-2028).
E-commerce growth leads to the virtual mirror growth opportunities in the nearby future by bringing multi-sensor body scanners in the market and it has reshaped the experience of shopping using online portals. Automotive sector uses the virtual exterior mirror as it facilitates a better viewing experience with a wide camera angle and LCD in the car; which is increasing product acceptance to a greater extent. Automotive manufacturers can take a great advantage of the product by targeting tech-savvy customers demanding a higher price for vehicles. Interactive LCD screens overlaying mirrors is widely accepted in hotels due to the merging outlay design of text content on the screen and video content to engage and cheer consumers. These mirrors are also deployed in restaurants, lifts, and others for guests.
Factors such as the ease of trying on clothes in a virtual environment in stores, a greater emphasis on hygiene for cosmetics and other retail items, and virtual trial of the product on e-commerce platforms prior to purchase are expected to drive market growth. Furthermore, the introduction of multi-sensor body scanners has transformed the online shopping experience. The expansion of the e-commerce channel is expected to create significant growth opportunities for virtual mirror solution providers.
Global Market Size
USD 7.02 billion
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Global virtual mirror market is segmented based on the component, deployment mode, industry, technology and region. Based on component, the virtual mirror market is segmented software, hardware, and services. Based on deployment mode, the market is segmented into cloud and on-premises. Based on industry, the market is segmented as retail, and others. Based on technology, the market is segmented into photo accurate VFR, 3D body scanning, 3D augmented reality & virtual reality. Based functionality, the market is segmented into connected and non-connected. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Component
Based on component, the virtual mirror market is segmented into software, hardware, and services. The increasing demand for software brings the hunger of serving the visual appealing elements on hardware systems- kiosks, and mirrors. Also, the hardware systems kiosks, and mirrors are more engaging on applying visual interactive features, resulting in the more usage of the software. Thus, this segment is anticipated to reach the top share in the global virtual mirror market during the forecast period. The software facilitates compatible display on both apps, and websites for clothes and accessories trials in an imaginary world. To execute a task, the software functionality can be tailored according to the needs of end-users. Software programming for the smart mirror virtual exterior mirror in both automotive industry and hospitality sector have different user interface options. So, these all are anticipated to drive growth of the software segment.
Analysis by Deployment Mode
The cloud deployment segment is projected to obtain the highest CAGR over the aforementioned forecast period. Based on the interest of consumers, the software solution is disposed either on-premises or over the cloud and the growth of this segment can increase owing to the unlimited space for storage, budget-friendly plans, reduced operational cost, easier integration, and updating facility.
The on-premises deployment is largely adopted by brick & mortar stores, it is most common in the retail sector; and the software which is plonk runs on mirror-like structures available at most of the retail stores. Consumers are thus, showing concern on data security over the cloud, which shows the strong desire of retail shop owners on on-premises deployment method.
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North America dominated and held the largest global virtual mirror market share in 2021 and the region is also projected to register for the highest revenue share over the forecast period. The United States is a pivotal point of the largest retail brands and hotel chains, resulting in fuelling the demand for virtual mirrors in the country. On the other hand, application of virtual mirrors in the automotive industry is expected to experience obstruction as the U.S. government has listed virtual side mirrors under the mirrorless section.The market in Asia Pacific (APAC) is further expected to grow fast during the projected period because of increasing online purchasing and also increasing digitization along with cloud adoption in the developing economies including India, China, and others. The virtual mirrors are in high demand as of 2022 in major automobile and retailing centres such as China, Japan, and India.
Europe is an emerging region in terms of virtual mirrors over the given forecast period as it is commonly known for fashion and hospitality industries. It is moreover open to innovations in the automotive industry due to the adoption of virtual windscreen solutions in-favour-of luxury cars. Increasing consumer base of the internet coupled with the development of e-commerce in BRICS nations drive the potential adoption of virtual mirrors in the region.
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Soda, limestone, sand, clarifying agents, and glistening glass are the primary raw materials required for the manufacture of mirrors and glasses. Because the majority of raw materials are imported from countries such as China, the United States, Canada, and India, global raw material pricing is heavily influenced by global maritime and import pricing, which is influenced by global oil prices. According to the World Bank, the price of crude oil will rise by USD 100 per barrel in 2022 due to a trade war and production disruptions. Furthermore, in order to reduce project costs, several developers, interior designers, and architects are sourcing low-cost mirrors from local glass and mirror manufacturers. The increasing cost of procurement has a significant impact on the cost of executing a construction project, which can affect the unit sale price. Procuring mirrors from local sources to increase the Return On Investment (ROI) rate is limiting market revenue growth.
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Global virtual mirror market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our global virtual mirror market analysis, start-ups got huge support providing to develop and market their products in providing cost-effective and visionary virtual mirror solutions. The automotive producers facilitate virtual mirror space with solutions including virtual side/exterior mirror and virtual windscreens, resulting in the growth of the virtual mirror market. The real-time data accessibility, hassle-free deployment, and remote assistance are the attractive features which are driving the demand for cloud-based deployment; and the data visibility, and security concerns among consumers are also driving the demand for on-premises deployment, which in turn, benefitting the global virtual mirror market over the forecast period.
However, lack of awareness in the developing countries coupled with low adoption rate, and facing issues to develop the product in a larger scale may inhibit the market growth during the anticipated timeline.
|Market size value in 2021||USD 7.02 billion|
|Market size value in 2028||USD 26.81 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Virtual Mirror Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Virtual Mirror Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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