Virtual Fitting Room Market Size [2022-2029] Exhibits 20.5% CAGR to Reach USD 14.87 Billion by 2029 – GlobeNewswire
| Source: Fortune Business Insights Fortune Business Insights
Pune, India, Dec. 05, 2022 (GLOBE NEWSWIRE) — The global virtual fitting room market size was valued at USD 3.42 billion in 2021 and USD 4.03 billion in 2022. The market is expected to reach USD 14.87 billion by 2029 with a CAGR of 20.5% during the forecast period. Rise in online shoppers globally is anticipated to drive market growth. Integration of augmented reality, virtual reality, and artificial intelligence is expected to propel the market course in a growing direction. Growing adoption of mobile-commerce is expected to facilitate market development for virtual fitting room. Fortune Business Insights™ shares this information in its report titled “Virtual Fitting Room Market Forecast, 2022-2029.”
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Key Industry Development
April 2022- Walmart launched its Zeekit Virtual Fitting Room Technology for the users at Walmart.com and on the Walmart application. The ‘Choose My Model experience’ feature allows the customers to select from 50 models and virtually try on clothes.
Report Scope & Segmentation
Increasing Adoption of E-commerce During Pandemic Pushed Market Growth
The COVID-19 pandemic caused many challenges and disruptions in the global operations of the market. However, global e-commerce surged with people progressively adopting virtual and digital modes of payments and other activities. According to Morgan Stanley report, global e-commerce retail sales increased from 15% in 2019 to 21% in 2021. In addition, the e-commerce market is estimated to increase from USD 3.3 trillion to USD 5.4 trillion in 2026.
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Drivers and Restraints
Growing Adoption of Mobile Commerce to Drive Market Development
Growing adoption of mobile commerce is anticipated to drive the virtual fitting room market growth. With increasing consumer attention focused on businesses, mobile devices and fashion retailers have been trying to gain the attention of mass audience, which is expected to drive market growth. Various retailers, such as Amazon, Walmart, Shopify, and more, have provided their customers with virtual dressing room apps which allow consumers to virtually try out the virtual trail of outfits. The rise in the number of online shoppers is also set to push market growth.
However, high costs and excessive investment required for setting up virtual rooms are expected to impede the market growth.
App-Based Body Scanner to Dictate as it Allows Users to Scan their Body
On the basis of type, the market is divided into in-store virtual mirrors, app-based body scanners, and sizing surveys backed by 3D body data. The app-based body scanner segment is anticipated to have the largest part in the segment as it allows shoppers to scan their body using smartphones and find the perfect size.
Apparel Segment to Lead the Segment Owing to the Increasing Use of Virtual Try-on Software
Based on application, the market is categorized into apparel, eyewear, cosmetic & beauty products, jewelry & watches, and others (footwear and others). Apparel segment is expected to have a major part owing to its increasing use of virtual try-on software.
Virtual/E-Commerce to Lead the Segment Owing to Increasing Consumer Base
Based on end-use, the market is bifurcated into brick-and-mortar stores and virtual/e-commerce stores. Virtual/e-commerce stores are expected to have a major part owing to increasing consumer base.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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North America to Lead Market Share Owing to Increasing Adoption of Advanced Technologies
North America is expected to lead the virtual fitting room market share due to the increasing adoption of augmented reality, virtual reality, and artificial intelligence. The region reached a valuation of USD 1.35 billion in 2021 as it helps in virtual try-ons and fitting rooms to surge customer engagement and conversion rate. Large number of established retailers in the region have been engaging in building customer base and brand-building which can be attributed to the region’s market growth.
Asia Pacific is set to have a fast CAGR as market players in the region are focused on expanding their geographical presence by providing advanced virtual dressing room solutions across developing nations.
Advanced Thermal Systems by Key Players to Advance Market Course
Key players have been investing in the integration and innovation virtual solutions in various business segments. Key market players operating in the market are launching new products and reinventing their existing products to expand their business. In May 2022, Snapchat launched its AR tools for virtual shopping and collaborated with Gucci and American Eagle. The additions include Snap’s 3D Asset Manager, Camera Kit for AR Shopping, Snap’s AR Shopping Templates, and Dress Up tool.
List of Key Players Profiled in the Report
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