Increasing Demand Among the Enterprises to Provide Personalized Shopping Experience is Driving the Growth of Virtual Fitting Room Market

Globally, the virtual fitting room market is expected to grow with a CAGR of 20.5% during the forecast period from 2023 to 2030. The market is driven by the increasing focus of retailers on providing personalized shopping experience to the customers. As the competition among online and offline retailer are increasing and business models are changing, the companies started to focus more on enhancing customer experience. To address these challenges, retailers are shifting towards more advance and digital technologies to provide personalized shopping experience to the customers Retailers are adopting rich 3D graphic content to engage customer in a more efficient manner and provide immersive shopping experience. 

The growing trend of online shopping across the globe is also acting as a major factor driving the growth of the market. Moreover, the increasing collaboration activities among the technology solution providers and retailers are also encouraging the market growth. However, complexities in providing real time experience to the customers are acting as a major restraint in the growth of the market. Additionally, the need to develop more user friendly platform for customers has also emerged as one of the most significant challenges in the market. 

Eyewear is Estimated to Grow Significantly During the Forecast Period  

The virtual fitting room market is characterized based on the application into the apparels, accessories, eye wear, jewelries and watch, cosmetics, and others. Apparels market accounted for more than 30% share of the overall revenue generated in 2020. The growth of the market is driven by the large scale shopping of apparels on online stores. On the other hand, eye wear is estimated to grow significantly during the forecast period due to increasing integration of virtual fitting room across the domain.  

North America is Leading the Virtual fitting room Market                             

North America held more than 42% share in the virtual fitting room market in 2020. The growth of the market is driven by the increasing e-commerce market in the region. U.S. is one of the largest e-commerce markets across the globe with high number of online shoppers. Furthermore, high number of smartphone users and internet users in the region also foster the growth of the market. Additionally, increasing venture capital investment in the tech startups in the region is also backing the growth of the market.

The key players in the virtual fitting room market are 3D-A-PORTER, AstraFit, Coitor IT Tech, ELSE Corp, Fision Technologies, Fit Analytics, FXGear, Magic Mirror, MemoMi, Metail, SenseMi, Sizebay, Total Immersion, triMirror, True Fit, Visualook, and Zugara.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Virtual Fitting Room market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Virtual Fitting Room market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Virtual Fitting Room market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Virtual Fitting Room market?
• Which is the largest regional market for Virtual Fitting Room market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Virtual Fitting Room market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Virtual Fitting Room market worldwide?