The global Virtual Fitting Room market size is expected to be worth around US$ 25.43 billion by 2030, according to a new report by Vision Research Reports.
The global Virtual Fitting Room market size was valued at US$ 2.73 billion in 2020 and is anticipated to grow at a CAGR of 25.8% during forecast period 2021 to 2030.
The prevalence of high-tech simulations to mimic face-to-face buying behavior with the help of advanced 3D technologies is expected to drive the market. Furthermore, the intervention of digital transformation technologies, such as Augmented Reality (AR) and Artificial Intelligence (AI), is projected to create enormous opportunities for virtual fitting rooms over the forecast period.
The virtual try-on technology is significantly beneficial for retailers and is gaining popularity amongst consumers in recent times. Online merchandising witnesses a large number of returns/exchanges majorly because of the customer’s dissatisfaction regarding inappropriate fits and sizes. The virtual fitting room technology has been efficiently assisting consumers in trying and rejecting the products before placing an order, thereby converting one-time buyers into repeat customers.
Furthermore, companies are coming up with upgrades that can provide tactile, fabric, or texture sense for consumers purchasing via e-commerce websites to reduce return rates and build brand loyalty. The customer data collected through an interactive mirror is used to understand customer preferences and improvise strategies aimed at boosting sales. This is a breakthrough in the retail industry to leverage purchase data for designing future business strategies.
The COVID-19 pandemic has compelled governments worldwide to enforce regulations for temporarily closing brick and mortar stores, which indirectly boosted sales on e-commerce websites. With retail sales observing a dip in the past few months, buyers have now swiftly shifted to e-commerce websites. This creates significant opportunities for virtual fitting room solution providers to capture a more extensive customer base.
The software segment accounted for the largest revenue share of over 45.0% in 2020 and is expected to maintain its lead in the market from 2021 to 2028. The segment is also expected to register an impressive growth rate over the forecast period. Software is the core of the virtual dressing room technology and market participants aim to attract their clients through high-tech innovations. With the help of advanced fitting room technology, retailers have witnessed a notable spike in their revenues, substantiating the increasing need for personalized “try-before-you-buy” software.
Significant developments in software solutions, such as precise data annotations, 360-degree visualizations, Artificial Intelligence (AI) algorithms, and 3D simulation, are expected to help create growth opportunities for the software segment over the forecast period. The segment is further bifurcated into on-premise and cloud software. The cloud software segment is expected to witness the fastest growth over the forecast period. The ability of cloud software to offer an animated virtual fitting experience as well as static rendering anywhere and on any device is expected to fuel the growth of the segment from 2021 to 2028.
The services segment accounted for a significant share in 2020. The segment is further divided into installation, support & maintenance, and consulting. The consulting segment is expected to register the highest CAGR over the forecast period. Market participants emphasize delivering consulting services that ensure the effective operation of their complex offerings. Since the technology is still in the early stages of development, solution providers are offering 24*7 consultation services to assist clients in the effective utilization of the software for their retail businesses.
The virtual store segment held the largest revenue share of over 50.0% in 2020 and is expected to register the fastest CAGR over the forecast period. The e-commerce sector has gradually established itself as one of the most prominent players in the global economic landscape and is expected to overtake the brick-and-mortar shopping model for some products, in terms of sales, in the near future. Users are attracted to the essence of e-commerce websites owing to the wide portfolios, hassle-free purchases, and product comparison in a few clicks. However, the inability to appropriately visualize the desired product is a major drawback of the online purchasing model, resulting in high return rates and customer dissatisfaction. The virtual fitting room technology successfully assists users in making better purchasing decisions and has become one of the leading revenue-generating platforms for online retailers.
The easiest way to attract customers toward online sales is to cater to their personalized needs and improve the quality of their shopping experiences. The major concern of customers while shopping online has always been improper fitting of apparel, which is a key challenge affecting sales. Retailers are also making the best use of chronological interactions through effective navigation structure, content, and graphic styles of the websites or applications that could influence the users' purchase decisions. The utilization of state-of-the-art virtual dressing room software with multiple solutions for reinforcing users' purchasing intentions is expected to create enormous opportunities for the technology in the near future.
Physical stores are expected to significantly deploy virtual fitting room technology to boost their sales. The availability of advanced interactive screens, smart mirrors, and multi-sensor body scanners has increased the applications of the technology in physical stores. Furthermore, various attributes such as self-service and selection of full outfits based on the customer's desired brands are factors contributing to the earnings from physical stores.
The apparel application segment accounted for the largest revenue share of close to 40.0% in 2020 and is projected to maintain its lead over the forecast period. Additionally, the rising deployment of VR and AR to offer an immersive experience is expected to create growth opportunities for this segment. Apparel sales are one of the highest-grossing for both brick and mortar and online purchasing modes. However, the return/exchange rates are also the highest when it comes to buying clothes with improper fits.
Not all consumers have a body structure that matches standard fits. Virtual dressing room technologies help overcome this challenge and enhance the customer’s shopping experience by assisting retailers in delivering clothes with the right fit. Online apparel retailers are deploying fitting room solutions with artificial intelligence to recommend the customer sizes, designs, and styles based on their past searches and purchases. Physical apparel stores and independent fashion houses are making use of the technology to strengthen their brand image.
The beauty and cosmetic application segment is expected to register the highest growth rate over the forecast period. The rising popularity of e-marketplace is encouraging famous beauty and cosmetic brands to shift to online product deliveries. Virtual try-on technology, which struggled to attain mainstream adoption, has lately gained traction as it allows consumers to virtually test different looks as well as gather meaningful data of the retail brands. The cutting-edge fitting solutions detect the facial landmarks with 180-degree visualization, skin tones, and various other facial characteristics. Beauty and cosmetic retail stores are increasingly incorporating these solutions to suggest suitable cosmetics in physical shops with the help of digital screens and interactive mirrors.
The European market captured the largest revenue share of over 35.0% in 2020 and is expected to maintain its lead throughout the forecast period, owing to the presence of several notable fashion brands in the region. The region has played a significant role in introducing new trends, styles, and designs, which are then followed by other fashion enthusiasts globally. The presence of an extensive retailer base is encouraging the setting up of multiple startups in this region. Furthermore, the rising competitiveness among retailers is offering growth prospects to the regional market, as retailers are increasingly adopting innovative digital technologies to increase footfall as well as engagement levels.
With the U.S. at the forefront, the North American market accounted for a significant revenue share in 2020. The early adoption of simulation technologies is expected to influence the regional market growth over the forecast period. Major participants in the industry such as True Fit Corporation; Zugara, Inc.; SenseMi Smart Solutions; and Perfitly are headquartered in the U.S. Marketers in the region are subsequently favoring advanced 3D visualization solutions to build their company’s image and reduce their operational expenditures.
Asia Pacific is expected to witness significant growth over the forecast period. The soaring demand for advanced solutions that can help customers make prompt buying decisions is likely to contribute to the regional market growth. The region also leads the e-commerce sector, with the presence of China, India, Japan, and South Korea outpacing all other regions. A similar trend is expected to continue over the forecast period. Top e-commerce portals in these countries are adopting fitting room solutions as the region also features an end-user base with the highest number of smartphone users. The benefits of virtual dressing rooms in offering a collaborative online buying experience are expected to trigger the demand in the Asia Pacific region over the forecast period.
Else Corp Srl
MemoMi Labs Inc.
Support & Maintenance
Beauty and Cosmetic
Middle East & Africa
The Virtual Fitting Room market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Virtual Fitting Room market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Virtual Fitting Room market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Virtual Fitting Room market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Virtual Fitting Room market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Virtual Fitting Room capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Virtual Fitting Room by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Virtual Fitting Room market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Virtual Fitting Room market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Virtual Fitting Room market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Virtual Fitting Room industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Virtual Fitting Room market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Virtual Fitting Room market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Virtual Fitting Room market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Virtual Fitting Room market. These factors have benefited the growth of the global market for Virtual Fitting Room. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Virtual Fitting Room. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Virtual Fitting Room are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Telecom Services Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Cold Chain Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
5G Services Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Automotive Smart Display Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Simulation Software Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...