Virtual Mirror Market Size, Share, Growth Analysis, By Component(Software, hardware, services), By Deployment mode(Cloud, on-premises), By Industry(Retail, others), By Technology(Photo accurate VFR, 3D body scanning, 3D augmented reality & virtual reality), By Functionality(Connected, Non-Connected), By Region - Industry Forecast 2024-2031

Virtual Mirror Market Driver

• The option of consumer trial on clothes in a simulated environment in stores, a distinguished attention on hygiene for cosmetics and other retail products, and virtual trial of the product before purchasing on e-commerce sites is assumed to drive the market growth during the forecast period.
• Manufacturers of virtual mirror in the market provide a wide range of services for e-commerce platforms and brick-and-mortar stores; and is controlled by start-ups that invest in Augmented Reality (AR)/Virtual Reality (VR) and Artificial Intelligence (AI) technology for creating distinctive retail and hospitality solutions. Low cost offered by start-ups, creative virtual mirror solutions in turn, positively attract significant funding to assist them develop and promote their products.

Virtual Mirror Market Restraint 

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.