Pune, India, May 16, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global virtual fitting room market size was valued at USD 4.03 billion in 2022 and is projected to grow from USD 4.79 billion in 2023 to USD 18.31 billion by 2030, exhibiting a CAGR of 21.1% during the forecast period. The market is expected to inflate owing to the introduction of AR into the fashion industry. Fortune Business Insights presents this information in its report titled “Virtual Fitting Room Market Forecast, 2023-2030”.
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Key Industry Development
November 2021: Snapchat, to expand its e-commerce credentials, teamed up with several brands on several Augmented Reality (AR), which led users to engage while shopping.
Key Takeaways:
- Virtual fitting room market size in North America was USD 1.59 Billion in 2022
- Growing shift toward the adoption of mobile e-commerce is expected to expand the market share
- Increasing Demand from the defense sector to propel market development.
- The virtual/e-commerce stores segment is expected to hold a major market share during the projected period
Discover the Leading Players Featured in the Report:
“Companies leading the virtual fitting room market are Else Corp (Italy), Fit Analytics (Snapchat) (Germany), FX Gear Inc. (South Korea), Magic Mirror (U.K.), MeMo Labs Inc. (U.S.), 3DLOOK Inc. (U.S.), Zugara, Inc. (U.S.), Visual Look (Spain), triMirror (U.S.), Sensemi DMCC (UAE)”
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 21.1% |
| 2030 Value Projection | USD 18.31 Billion |
| Base Year | 2022 |
| Virtual Fitting Room Market Size in 2022 | USD 4.03 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 126 |
| Segments covered | Deployment, Enterprise Type, Technology, Industry and Geography |
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Drivers & Restraints -
Rising Trend of Personalized Avatars will Favor Market Growth
To reach the mass audience, several key players, such as Walmart, Amazon, and Shopify, in the fashion industry are providing their customers with virtual dressing rooms to assist them with a virtual trail of outfits. Also, the rising trend of personalized avatars and 3D visualization to enhance the shopping experience of users has bolstered the demand for the product. Meanwhile, the rising worries about implementing the technology in shopping stores could deter the virtual fitting room market growth.
Segmentation:
By Type
- In-store Virtual Mirrors
- App-based Body Scanners
- Sizing Surveys Backed by 3D Body Data
By Application
- Apparel
- Eyewear
- Cosmetic & Beauty Products
- Jewelry & Watches
- Others (Footwear)
By End-use
- Brick-and-Mortar Stores
- Virtual/E-commerce Stores
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
Rising Advanced Technologies in the Retail Sector Fosters Growth in North America
The market in North America stood at USD 1.59 billion in 2022 and captured the maximum part of the global virtual fitting room market share. The dominance is attributed on account of the rising advanced technologies in the retail sector and e-commerce stores.
Europe will likely have a moderate CAGR owing to the acceptance of high-tech virtual fitting room solutions in their stores.
Asia Pacific is experiencing the highest CAGR due to the adoption of novel technologies such as VR, AI technologies, and AR in shopping stores to enhance user experience.
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Competitive Landscape
Rising Investments in Reinventing their Existing Products to Fortify their Position
Market players, such as TikTok, Snapchat, Pinterest, and Instagram, have been investing in reinventing their existing products as well as launching new products to fortify their market presence. To introduce new augmented reality shopping tools, Snapchat teamed up with Gucci and American Eagle.
FAQs
How big is the virtual fitting room market?
Virtual fitting room market size was USD 4.03 billion in 2022. It is expected to reach USD 18.31 billion by 2030.
How fast is the virtual fitting room market growing?
The virtual fitting room market will exhibit a CAGR of 21.1% during the forecast period, 2023-2030.
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Virtual Reality Market Size, Share, Revenue Forecast and Opportunities
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