The report "Virtual Fitting Room Market by Component (Hardware (Prefabricated & Customized), Software and Services), End-User (Physical Store & Virtual Store), Use Cases (Apparel, Eye Wear, Jewelry & Watches, Beauty & Cosmetics), Region - Global Forecast to 2024", MarketsandMarkets expects the virtual fitting room market size to grow from USD 2.9 billion in 2019 to USD 7.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period. The virtual fitting room market is said to have a potential scope for growth in the years to come due to the digitalization, increase in the IT spend, increasing adoption of new technologies by retail brands.
Top Key Players
The virtual fitting room market report provides competitive landscape and company profiles of the key vendors by their product offerings and business strategies. Major vendors in the global virtual fitting room market include Zugara (US), Total Immersion (France), True Fit (US), Metail (UK), 3D-A-PORTER (UK), Magic Mirror (UK), AstraFit (US), Fit Analytics (Germany), Visualook (Spain), ELSE Corp (Italy), FXGear (Korea), Sizebay (Brazil), triMirror (US), MemoMi (US), SenseMi (UAE), Fision Technologies (Switzerland), and Coitor IT Tech (India).
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Apparel segment is expected to grow with the highest CAGR during the forecast period
The use cases segment is sub-segmented as apparel, accessories, eye wear, jewelry and watches, beauty and cosmetics, and others (footwear, furniture, and decor). Among these segments, apparel is expected to grow with the highest CAGR. Using virtual fitting room solutions, apps, and software shoppers can get a feel of how the apparels and accessories look on them without physically wearing it. Retailers can do their promotions directly to the consumers and engage them using virtual fitting room solutions.
Virtual fitting room software to have the largest market size during the forecast period
The virtual fitting room market by component has 3 segments: hardware, software, and services. The software segment is expected to have the largest market share during the forecast period because of the increase in the use of virtual fitting room solutions in physical stores and virtual stores.
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North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period. In North America, the growth rate can be attributed to various factors including the adoption of advanced technologies, economic developments, increasing customer demand, and high investments by virtual fitting room solution providers.
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