Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Virtual Fitting Room Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, April 13, 2021 (GLOBE NEWSWIRE) -- The Global Virtual Fitting Room Market is expected to grow at a CAGR of around 20.2% from 2020 to 2027 and reach the market value of over US$ 11.5 Bn by 2027.
The North American market accounted for a significant market share in the past and is expected to continue in the forecast period, with the US at the forefront. Early simulation technology adoption influences regional growth, ultimately contributing to the growth of the global virtual fitting market over the forecast period. True Fit Corporation, Zugara, Inc., SenseMi Smart Solutions, and Perfitly are all headquartered in the United States. Marketers in the region are thus favoring advanced 3D visualization solutions to build their company's image and reduce operational expenditures, thereby contributing to market growth.
Asia Pacific, on the other hand, is expected to grow significantly during the forecast period. The rising demand for advanced solutions that can assist customers in making quick purchasing decisions is expected to contribute to regional market growth. The region also dominates the e-commerce sector, with China, India, Japan, and South Korea outnumbering all other regions. During the forecast period, a similar trend is expected to continue. Top e-commerce portals in these countries are implementing appropriate room solutions, as the region also has the highest number of Smartphone users.
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The advantages of virtual dressing rooms in providing a collaborative online purchasing experience are expected to drive demand in the Asia Pacific region over the forecast period. Furthermore, the European market is expected to have the highest revenue share during the forecast period. The presence of several notable fashion brands in the region is one of the key factors driving regional market growth. The region has played an important role in introducing new trends, styles, and designs, which are then adopted by other fashion enthusiasts around the world.
The presence of a large retailer base encourages the establishment of numerous startups in this region. Furthermore, rising retailer competition provides growth opportunities for the regional market, as retailers increasingly adopt innovative digital technologies to increase footfall and engagement levels. Such factors highly support the growth of the global virtual fitting room market.
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Market Dynamics
The growing number of fashion brands around the world has resulted in a plethora of options for customers to choose from. This, combined with lower switching costs, has resulted in intense competition among retailers. Virtual fitting rooms provide retailers with multisensory stimulation while also providing consumers with an immersive user experience when selecting the appropriate product for purchase. The potential benefits of virtual fitting rooms in attracting online customers to their web and mobile applications are motivating fashion retailers to invest heavily in deploying cutting-edge virtual dressing room technologies.
One of the major factors limiting this market's growth prospects is the technology's inability to detect the entire human body structure at a glance, as it only identifies separate body parts. Furthermore, fluctuating internet speeds can reduce real-time tracking accuracy. To address this, key participants are developing technological advancements related to posing estimations with the help of key points in the frame. This may result in improved technology accuracy and precision in the appropriate visualization of human structure.
Segmental Outlook
The global virtual fitting room market is segmented based on components, applications, and end-user. By component, the market is segmented as hardware, software, and services. By application, the market is segmented as apparel, beauty and cosmetics, eyewear, footwear, and others. By end-user, the market is bifurcated into physical stores and virtual stores.
Competitive Landscape
Some of the leading competitors are AstraFit, Else Corp Srl, Fision AG, Fit Analytics, FXGear Inc., Magic Mirror, MemoMi Labs Inc., Metail, Perfitly, and among others.
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Some of the key observations regarding the virtual fitting room industry include:
- In December 2018, Ethnic fashion brand Biba announced a collaboration with AstraFit. The collaboration enhances AstraFit users at Biba tripled Biba’s conversion rate, boosting revenue by five percent within the first two months of integration. Time spent on the website and pages viewed per visit increased by 266 percent and 136 percent respectively.
- In January 2019, American Eagle Outfitters announced collaboration with Alia Technologies for developing next-generation interactive fitting room technology.
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