Market Research Report
Global Virtual Fitting Room Market Size Study, by Component (software, hardware and services), Use cases (apparel, jewelry, eye wear, watches, Beauty & cosmetics, others), End-user (Physical store, virtual store) and Regional Forecasts 2018-2025
|Published by||Bizwit Research & Consulting LLP||Product code||871520|
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|Global Virtual Fitting Room Market Size Study, by Component (software, hardware and services), Use cases (apparel, jewelry, eye wear, watches, Beauty & cosmetics, others), End-user (Physical store, virtual store) and Regional Forecasts 2018-2025|
|Published: June 10, 2019||Content info:||
Global virtual fitting room market is valued at approximately USD 2.5 billion in 2017 and is anticipated to grow with a rate of more than 20.5 % over the forecast period 2018-2025.
The advent of advanced shopping is considered as a major growth trend for the global virtual fitting room market.
The key drivers for the virtual fitting room market are increasing adoption of advance technologies to enhance the customer's shopping experience, digitization, growing number of smartphone user coupled with increasing online shopping. Growing number of smart phone user are rising the online shopping trend that is significantly impacting the virtual fitting room market. Further, new technologies adoption is also impacting the shopping behavior of the customers. For instance, as per the Pew Research Centre, citizen incorporate wide range of digital tools and platform in the shopping decisions. In addition, in 2016, about 8 in 10 Americans were online shoppers and also represent that 79% of the U.S. adults are online shoppers as per the pew research Centre. Similarly, in India, about 25% of the total internet users in 2018 were online shopper as compared to 9% in 2013 of the total internet users as per the United Nations Industrial Development Organization. Thus, growing number of online shoppers are significantly supplementing the adoption & growth virtual fitting room. Furthermore, growing need to reduce return rates coupled with increasing number of partnerships are expected to create lucrative growth prospects of the virtual fitting room market across the globe.
On the basis of segmentation, the virtual fitting room market is segmented into end-user, component and use case. The component segment is classified into software, hardware and services of which service segment dominates the market owing to increasing adoption of software platform and tools. On the basis of use cases, the market is bifurcated into apparel, accessories, eye wear, jewelry and watches, beauty & cosmetics and others. Apparel segment is the dominating segment of use-cases. The application segment is diversified into clinical, financial and operational and administrative. On the basis of end-user segment the market is classified into physical and virtual store.
The regional analysis of virtual fitting room market considers key regions such as North America, Europe, Asia Pacific, Latin America and ROW. North America holds the leading position in virtual fitting room market owing to presence of large number of smart phone users coupled with growing number of online shopping users. Whereas, Asia-Pacific is expected to emerge as the fastest growing region in terms of market share. The growth of Asia-Pacific region is witnessed owing to the untapped opportunities in countries such as India and China. In addition, growing adoption of advanced technologies in the regions is also witnessing significant growth in the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below: