Virtual Fitting Room Market Is Driven By The Increasing Adoption Of AR & VR Technology

According to a new market research report published by Credence Research “Global Virtual Fitting Room Market (Component (Hardware [Prefabricated, Customized], Software, Service); Application (Apparel, Beauty & Cosmetics, Eye Wear, Jewelry & Watches, Others); End-Use (Online, Offline)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the virtual fitting room market is set to grow with a CAGR of 20.5% during the forecast period.

Market Insights

The virtual fitting room market is driven by the increasing adoption of the augmented reality and virtual reality in the retail sector. The integration of the AR and VR solutions is enabling businesses to grow and increase financial prospects. Moreover, the technology also enables retailers to provide enhanced experience to their customers, while keeping the cost of operations low. Additionally, the technology also enables the development of marketing methods for customer engagement. This is acting as a major driver for the growth of the market. Consistently growing online retail sector worldwide is another major factor supporting the market growth. With online sales of apparels and other accessories gaining momentum, the market is set to register robust growth in the near future.

The virtual fitting room market is categorized based on the components into the hardware, software and service. Software accounted for more than 45% share in the revenue in 2018. The growth of the market is attributed to the large scale adoption of analytics tools and solutions among the online and offline retailers to optimize the business process. Furthermore, the adoption of the new intelligent algorithms, such as machine learning and deep learning, among the retailer to gain consumer insights is also driving the market growth.

North America dominates the market with more than 40% share, in terms of revenue. The market here is backed by the huge and sophisticated e-commerce industry in the U.S. and Canada. Asia Pacific is estimated to witness a rapid growth of over 23% during the forecast period. The growth of the market is driven by the increasing adoption of smartphone and internet services across the region. Furthermore, the growing e-commerce market in the region also acts as a major driver for the growth of the market. Additionally, increasing venture capital investment in the retail technology is also accelerating the market growth.

 

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