PUBLISHER: The Business Research Company | PRODUCT CODE: 1464216
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464216
Virtual fitting rooms are digital platforms or applications that enable users to virtually try on clothing and accessories. Utilizing augmented reality (AR) or virtual reality (VR) technology, these applications superimpose digital representations of clothing items onto the user's body in real-time, often leveraging a webcam or smartphone camera for the experience.
Virtual fitting rooms come in various types, including in-store virtual mirrors, app-based body scanners, and sizing surveys supported by 3D body data. In-store virtual mirrors are interactive screens enabling customers to virtually try on clothing items without physically wearing them. These systems consist of hardware, software, and services and find applications in various sectors such as apparel, eyewear, cosmetics and beauty products, jewelry and watches. They cater to both brick-and-mortar stores and virtual/e-commerce stores.
The virtual fitting room market research report is one of a series of new reports from The Business Research Company that provides virtual fitting room market statistics, including virtual fitting room industry global market size, regional shares, competitors with a virtual fitting room market share, detailed virtual fitting room market segments, market trends and opportunities, and any further data you may need to thrive in the virtual fitting room industry. This virtual fitting room market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The virtual fitting room market size has grown exponentially in recent years. It will grow from $5.13 billion in 2023 to $6.30 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The growth observed in the historic period can be attributed to the rise of e-commerce, the reduction of returns, the enhancement of brand engagement, and the adoption of omnichannel retail strategies.
The virtual fitting room market size is expected to see exponential growth in the next few years. It will grow to $14.18 billion in 2028 at a compound annual growth rate (CAGR) of 22.5%. The growth in the forecast period can be attributed to consumer preferences for personalization, a shift towards sustainability, regulatory changes, and the increasing trend of mobile shopping. Major trends in the forecast period include virtual wardrobe management, mobile-friendly experiences, integration with social media platforms, and enhanced analytics and insights.
The virtual fitting room market is poised for growth, driven by the rapid expansion of e-commerce. E-commerce, the online buying and selling of goods and services, has gained substantial traction due to factors such as convenience, accessibility, shifting consumer behavior, and evolving business strategies. A key component enhancing the e-commerce experience is the integration of virtual fitting rooms. These digital tools play a crucial role in reducing returns, boosting customer confidence, and improving conversion rates by allowing shoppers to virtually try on clothing before making a purchase. In November 2023, the United States Census Bureau reported a significant increase in e-commerce, reaching 7.6% in the third quarter of 2023 compared to 6.9% in the fourth quarter of 2022. Notably, 15.4% of all sales in the second quarter of 2023 were conducted through online stores, underscoring the pivotal role of e-commerce in driving the growth of the virtual fitting room market.
Major players in the mobile virtual fitting market are directing their efforts toward innovative advancements, exemplified by initiatives such as the virtual fitting room pilot. This approach aims to provide an immersive shopping experience, addressing the growing demand for accurate size and fit recommendations. The virtual fitting room pilot is a technology that enables customers to try on clothes virtually without physically touching or purchasing them. In April 2023, Zalando SE, a Germany-based online retail company, introduced a virtual fitting room pilot focused on reducing return rates, intelligent data management, and enhancing the overall shopping experience. The pilot allows customers to create a 3D avatar and virtually try on clothing items, particularly addressing challenges with items such as jeans that often have varying sizing standards. Features include creating a 3D avatar based on height, weight, and gender, enabling customers to try on different sizes with a heatmap indicating fit. Zalando's virtual fitting room enhances the shopping experience, reduces returns, and provides valuable data for retailers to optimize product offerings and inventory management.
In May 2021, Walmart Inc., a prominent US-based retail corporation, acquired Zeekit for an undisclosed amount. This acquisition aligns with Walmart's goal of enhancing the online shopping experience, especially in the fashion category. Zeekit Online Shopping Ltd., an Israel-based startup and developer of virtual fitting room technology, brings expertise to Walmart in providing an inclusive, immersive, and personalized digital experience, facilitating easier online clothes shopping for customers.
Major companies operating in the virtual fitting room market report are Zoovu GmbH, Total Immersion S.A., Fashion Fusion AG, Vue.ai Technologies Inc., WearWell Technologies Inc., True Fit Corporation, Visenze Pte. Ltd., Swivel Technologies Inc., 3DLook LLC, Fit Analytics GmbH, NexTech AR Solutions Corp., Tailor Store Sweden AB, My Size Inc., Reactive Reality AG, Virtusize AB, Fision Technologies Inc., Size Stream LLC, Zugara Inc., Trimirror Inc., StyleSpot Inc., Omnify Inc., StyleSage Inc., Coitor IT Tech Pvt. Ltd., Perfitly Inc., Metail
North America was the largest region in the virtual fitting room Market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual fitting room market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the virtual fitting room market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The virtual fitting room market consists of revenues earned by entities by providing services such as catalog integration, customer support, and assistance, body measurement, scanning, visualization and rendering, and data privacy and security. The market value includes the value of related goods sold by the service provider or included within the service offering. The virtual fitting room market also includes sales of products such as integration plugins, AR/VR headsets, mobile applications, and virtual wardrobe management tools. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Virtual Fitting Room Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on virtual fitting room market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for virtual fitting room ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The virtual fitting room market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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