Virtual Mirror Global Market Report 2024

A virtual mirror is a technology employed in retail stores, enabling customers to virtually try on dresses, tops, and other apparel using their avatars in the mirror. It leverages augmented reality technology to showcase to users how an outfit would appear on them without requiring physical try-ons. Through motion rendering technology, the virtual mirror displays the outfit, allowing onlookers to visualize its appearance in various motions and lighting conditions, encompassing both daytime and nighttime looks.

The primary segments within the virtual mirror market consist of software, hardware, and services. Software, serving as the foundational computer program, plays a crucial role in virtual mirrors by providing the programming that governs their functionality. This includes algorithms like the face alignment algorithm and tracking algorithm engine. Various technologies, such as 3D body scanning, photo-accurate VFR, 3D augmented reality, and virtual reality, find applications in retail and other industries. The deployment modes for virtual mirrors include both cloud-based and on-premises solutions.

The virtual mirror market research report is one of a series of new reports that provides virtual mirror market statistics, including virtual mirror industry global market size, regional shares, competitors with a virtual mirror market share, detailed virtual mirror market segments, market trends and opportunities, and any further data you may need to thrive in the virtual mirror industry. This virtual mirror market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The virtual mirror market size has grown exponentially in recent years. It will grow from $9.1 billion in 2023 to $11.1 billion in 2024 at a compound annual growth rate (CAGR) of 22.0%. The expansion observed in the historical period can be attributed to several factors, including customer expectations, efforts in market differentiation and innovation, advancements in user interfaces, trends within the fashion and beauty industry, and the increasing adoption of mobile and augmented reality (AR) technologies.

The virtual mirror market size is expected to see exponential growth in the next few years. It will grow to $24.53 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The anticipated growth in the forecast period can be credited to various factors, including a heightened focus on sustainability and environmental concerns, intensified market competition, improvements in user experience, ongoing innovations in retail, and increased customer engagement. Additionally, the integration of mobile augmented reality (AR) and apps is expected to contribute significantly. Key trends projected in the forecast period encompass advancements in augmented reality (AR), the rise of contactless shopping and remote try-ons, the seamless integration of e-commerce and online retail, broader applications across industries, and the increasing emphasis on mobile accessibility.

The anticipated surge in online shopping activities is set to drive the growth of the virtual mirror market. Online shopping, an electronic commerce form enabling direct consumer purchases from sellers over the Internet, utilizes virtual mirrors on mobile applications. These mirrors aid users in modifying their hairstyle, makeup, or accessories, enhancing the online shopping experience by showing how an item or accessory might look on them. Notably, the Indian e-commerce market is projected to grow by 21.5% in 2022, reaching a total value of $74.8 billion, and the US witnessed a 14.2% increase in online shopping in 2021, totaling $870 billion compared to 2020. E-commerce represented 13.2% of all retail sales in the US in 2021, underscoring the impact of increased online shopping activities on the virtual mirror market.

The growing adoption of artificial intelligence (AI) is anticipated to fuel the virtual mirror market's expansion. AI, a branch of computer science focusing on creating intelligent machines capable of human-like tasks, enhances virtual mirrors by enabling real-time try-on simulations and personalization. According to The International Business Machines Corporation (IBM), 35% of businesses worldwide incorporated AI in 2022, marking a 4% increase from 2021. This rise in AI adoption contributes to the growth of AI in the virtual mirror market.

A significant trend in the virtual mirror market is the emergence of new product innovations. Key industry players are actively launching innovative products to maintain their market positions. For instance, My Size Inc., a US-based company, introduced a smart mirror in January 2022, allowing customers to try on clothing and receive size recommendations. This mirror, integrating GK Software's retail solutions and MySize's AI-driven sizing technology, enhances the try-on experience, making size selection more accurate and seamless.

Major companies in the virtual mirror market are intensifying their focus on introducing advanced virtual mirrors to gain a competitive advantage. El Corte Inglés Virtual Mirror, a digital tool facilitating online makeup product trials, is a prime example. In collaboration with L'Oréal Spain in June 2021, El Corte Inglés launched a virtual mirror powered by ModiFace. This augmented reality (AR) mirror enables users to virtually test L'Oréal's makeup products online, providing a realistic try-on experience without physical samples.

In September 2021, JINS Holdings, a Japan-based eyewear and accessories manufacturer, acquired FittingBox, a France-based digital eyewear company. This strategic move will enable JINS to offer consumers a virtual try-on service, enhancing their e-commerce presence and leveraging FittingBox's expertise in digital eyewear technology.

Major companies operating in the in the virtual mirror market report are INDEL B. V., SenseMi Technologies Pvt. Ltd., Terawe Corporation, Textronics Inc., Virtooal Studio SRL, ICON Multimedia S. L., Cisco Systems Inc., Fitnect Interactive Inc., Metail Limited, MemoMi Labs Inc., Zugara Inc., My Size Inc., Virtusize Co. Ltd., DigitalDM Inc., ViuBox S. L., Dressformer LLC, Astrafit LLC, Virtalis Limited, Vizoo GmbH, X-Rite Incorporated, zSpace Inc., 3D-A-Porter Limited, Styku Inc., Total Immersion SAS, ViewAR GmbH, Vuforia Solutions Inc., Wikitude GmbH, YouAR GmbH, Zappar Limited, Blippar Limited

North America was the largest region in the virtual mirror market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual mirror market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the virtual mirror market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The virtual mirror market consists of revenues earned by entities by providing virtual payment terminal software including mobile applications and firmware. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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