Market Overview
The
Global Virtual Mirror Market is expected to reach a value of
USD 10.0 billion in 2023, and it is further anticipated to reach a market value of
USD 72.4 billion by 2032 at a
CAGR of 24.6%. The market has seen significant growth over the past few years and is predicted to grow significantly during the forecasted period as well.
A smart mirror, also known as a virtual mirror, is a mirror integrated with electronic & intelligent technologies like AR, the IoT, & high-quality electronic
displays. These mirrors can be conveniently operated through computers, smartphones, or tablets & find applications in the automotive industry & retail stores, improving user convenience & experience.
Market Dynamic
The global virtual mirror market is experiencing high growth driven by the increasing demand for connected devices worldwide, with growth in the demand particularly driven by advancements in gesture recognition technology, AI, AR, & connected devices, leading to higher adoption of smart mirrors in the retail industry. Additionally, the market benefits from the increase in the need for advanced driver assistance systems (ADAS), which improves the driving experience through features like enhanced security, self-dimming, automatic brightness adjustment, & self-cleaning, ultimately expanding the market growth. Ongoing technological advancements in smart textiles & their lower power utilization also play a role in driving market growth, as the technology gains popularity for its convenience, reliability, & quality.
However, the high cost related to virtual mirrors & concerns related to the security of personal & confidential data pose challenges to market growth. Further, a lack of awareness about virtual mirror technology is expected to restrain its growth in adoption during the forecasted period.
Research Scope and Analysis
By Component
The virtual mirror market is categorized into software, hardware, & services based on its components. Among these, the software segment claims the largest market share in 2023 and is anticipated to sustain the same during the forecast period. This strong demand for software can be said owing to its major role in providing visual interactive features on specialized hardware systems, like kiosks & mirrors. The software allows seamless display compatibility on applications & websites, enabling users to virtually try on clothing & accessories.
In addition, the requirements for software functionality differ between brick-and-mortar stores & digital platforms like apps or e-commerce websites. The software can be customized to meet the specific demands of end-users, adapting its capabilities to different tasks, which is evident in software designed for virtual exterior mirrors in the automotive industry & smart mirrors in the hospitality sector, each offering distinct user interface options. These factors are expected to drive the further growth of the software segment.
By Deployment
The choice of deploying the software solution in the virtual mirror industry depends on end-user preferences, with options for on-premises or cloud-based deployment. The cloud deployment category is expected to experience the most significant growth during the forecast period, which can be attributed to affordable plans, lesser operational expenses, high storage capacity, and streamlined integration & update processes. Additionally, the support of real-time data accessibility, hassle-free deployment, and remote support are driving the need for cloud-based deployment.
Further, on-premises deployment remains prevalent, mainly in the retail sector, where brick-and-mortar stores often adopt this approach. With on-premises deployment, the software is installed & operated on mirror-like structures within retail stores. Concerns about data security over the cloud led many retail store owners to favor the on-premises method. Customer concerns regarding security, data visibility, & accessibility are key factors driving the need for on-premises deployment.
By Technology
The virtual mirror market by technology is categorized into various segments, which include 3D body scanning, photo-accurate VFR, 3D augmented reality & virtual reality, and others. In 2023, the 3D augmented reality & virtual reality segment takes the lead in revenue share & is expected to maintain its dominance throughout the forecast period, as major retail establishments are integrating smart mirrors based on AR technology to improve the customer experience. Moreover, they are also looking at incorporating online AR solutions to have a competitive edge. Virtual mirrors with interactive features allow user interaction through speech, body language, & hand gestures, highly impacting how payments & inventory management are controlled in the retail & automotive sectors. The use of AR/VR, AI, gesture recognition, facial recognition, & sensor-based technologies within virtual mirrors is anticipated to make a high impact, supporting product customization & giving vendors a competitive advantage.
By Industry
The virtual mirror market is divided into two main industry segments, that is retail & other sectors. In 2023, the retail segment secured a significant portion of the market's revenue and is poised for substantial growth in the forecast period. Within the retail sector, there are two distribution channels, e-commerce & brick-and-mortar. These mirrors, often referred to as memory mirrors or smart mirrors, play a major role in enhancing the shopping experience, both in physical stores & online. Like, Nike offers a unique in-store customizer allowing customers to design their own sneakers.
Further, the "others" segment includes sectors like automotive & hospitality. These industries, including retail, are quickly evolving, mainly driven by the adoption of virtual mirror concepts to complete a range of tasks & deliver better experiences.
The Virtual Mirror Market Report is segmented on the basis of the following:
By Component
- Software
- Hardware
- Services
By Deployment
By Technology
- 3D Augmented Reality & Virtual Reality
- 3D Body Scanning
- Photo Accurate VFR
- Others
By Industry
Regional Analysis
North America leads the global virtual mirror market revenue share by
capturing 35.7% of total revenue in 2023 and is expected to maintain its lead throughout the forecast period, which is mainly due to the presence of major retail brands & hotel chains, driving the demand for virtual mirrors in the US. However, the adoption of virtual side mirrors in the automotive industry might face challenges in the US, as they have been categorized as part of the mirrorless section by the government. On the other hand, the Asia Pacific region is anticipated to experience rapid growth in the coming years, driven by the rising trend of online shopping. Countries like Japan, China, & India, known for their strong automotive & retail sectors, are noticing a growth in demand for virtual mirrors.
Also, Europe is also anticipated to emerge as one of the major regions for virtual mirrors during the forecast period, as countries like the U.K., Spain, France, & Russia stand out as booming markets, particularly in the retail & hospitality sectors. In addition, the region is also known for its vibrant fashion & hospitality industries, making it a promising market for virtual mirrors.
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
Competition in the global virtual mirror market is quite strong, with many key players offering a range of advanced technology-backed services that meet the needs of different stages of a product's life cycle, delivering comprehensive solutions. These companies are actively looking for partnerships & participating in events to showcase their offerings. Moreover, some firms are also entering into collaborative ventures & introducing new products to enhance their market presence.
In April 2023, Snap planned to introduce augmented-reality mirrors allowing in-store shoppers to instantly visualize how clothing looks on them without trying it on physically. These mirrors will make their debut in select US Nike stores & the Men’s Wearhouse in Paramus, New Jersey, as the company plans to transition beyond its Snapchat app's AR lenses into the physical world, with plans to offer AR products for music festivals & vending machines, as announced during its annual Partner Summit in Santa Monica, California
Some of the prominent players in the global Virtual Mirror Market are:
- ViuBox
- Virtual On Ltd
- Cisco System Inc
- Virtooal
- INDE LLC
- SenseMi
- DigitalDM
- Zugara
- Terawe Corp
- Virtusize Co Ltd
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Virtual Mirror Market:
The COVID-19 pandemic created both challenges & opportunities for the global virtual mirror market. Initially, the market experienced a downturn due to economic recession & less consumer spending. However, as people turned to online shopping & reduced in-store visits, the demand for virtual try-on solutions grew, this shift in consumer behavior led to a rebound in the virtual mirror market, with businesses & fashion retailers highly adopting virtual fitting rooms to improve the online shopping experience, ultimately contributing to the market's growth during a challenging period.
| Report Characteristics |
| Market Size (2023) |
USD 10.0 Bn |
| Forecast Value (2032) |
USD 72.4 Bn |
| CAGR (2023-2032) |
24.6% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Component (Software, Hardware, and Services),
By Deployment (Cloud and On-Premises), By
Technology (3D Augmented Reality & Virtual Reality,
3D Body Scanning, Photo Accurate VFR, and Others),
By Industry (Retail and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
ViuBox, Virtual On Ltd, Cisco System Inc, Virtooal,
INDE LLC, SenseMi, DigitalDM, Zugara, Terawe Corp,
Virtusize Co Ltd, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Virtual Mirror Market size is estimated to have a value of USD 10.0 billion in 2023 and is
expected to reach USD 72.4 billion by the end of 2032.
North America dominates the Global Virtual Mirror Market with a share of 35.7% in 2023.
Some of the key players in the Global Virtual Mirror Market are ViuBox, Cisco System, Virtooal, and
many others.
The market is growing at a CAGR of 24.6 % over the forecasted period.