Virtual Fitting Room market was valued ~US$ 2.6 Bn in 2020, and is expected to grow at a CAGR of ~22% during the forecast period 2021-2031. Major growth drivers for the virtual fitting room include surging online shopping activities, rising number of smartphone users, and growing adoption of advanced technologies by retailers, in order to increase their customer base.
The increasing advancement in technologies such as virtual reality and augmented reality is projected to amplify the demand over the coming years.
What is Driving Demand for Virtual Fitting Rooms?
The novel coronavirus outbreak has disrupted businesses across the world and the retail industry is one of the hard-hit sectors. The majority of consumers prefer online shopping and e-commerce in this pandemic situation, resulting in high demand for e-commerce platforms.
The ubiquity of intelligent technologies, such as high-quality integrated smartphone cameras, smart mirrors, and high-definition lenses, is expected to drive the adoption of virtual changing room technology over the forecast period. In addition, the potential benefits of virtual fitting rooms in attracting online customers to their web and mobile applications are encouraging fashion retailers to invest significantly in deploying the latest virtual dressing room technologies, thereby further propelling the sales.
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Virtual Store is expected to Contribute Largest Market Share
Nowadays, users are attracted to the essence of e-commerce websites owing to the hassle-free purchases, easy product comparison, and wide portfolios. The e-commerce sector is expected to overtake the brick-and-mortar shopping model for some products and has steadily established itself as one of the most prominent players in the global economic landscape.
The virtual fitting room technology has become one of the leading revenue-generating platforms for online retailers as it successfully assists users in making better purchasing decisions.
Moreover, the major concern of customers while shopping online has always been improper fitting of apparel, which is a key challenge affecting sales. The easiest way to attract customers toward online sales is to improve the quality of their shopping experiences and cater to their personalized needs.
Retailers are therefore making the best use of chronological interactions through effective content, graphic styles, and navigation structure of the websites or applications that help impact the users' purchase decisions. Hence, the adoption of virtual dressing room solutions in order to support users' purchasing intentions is likely to create new growth avenues for the virtual fitting rooms in the near future.
US Virtual Fitting Room Sales Viewpoint
With the U.S. at the forefront, the North American market is estimated to account for a significant revenue share in 2021. The early adoption of simulation technologies is expected to influence the regional market growth over the forecast period.
Major participants in the industry such as True Fit Corporation; Zugara, Inc.; SenseMi Smart Solutions; and Perfitly are headquartered in the U.S. Marketers in the country are subsequently favoring advanced 3D visualization solutions to build their company’s image and reduce their operational expenditures.
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Europe Demand Outlook for Virtual Fitting Room
Europe is expected to demonstrate healthy growth with growing presence of several notable fashion brands and an increasing number of emerging key players in the region. The region has played a significant role in introducing new styles, designs, and trends, which are then followed by other fashion enthusiasts globally.
The presence of an extensive retailer base is encouraging the setting up of multiple startups in this region. Furthermore, the rising competitiveness among retailers is offering growth prospects to the regional market, as retailers are increasingly adopting innovative digital technologies to increase footfall as well as engagement levels.
Who are the Key Virtual Fitting Room Providers?
Some of the leading providers of Virtual Fitting Room include
The market is dominated by various global and regional players striving to gain a competitive edge in the market. Furthermore, market participants are significantly investing in R&D activities to offer state-of-art solutions that can accurately sense the user’s body structure. To retain their positions in the fashion retail market, online vendors are collaborating with AR technology providers to improve customer satisfaction and attract a more extensive consumer base.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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