PUBLISHER: The Business Research Company | PRODUCT CODE: 1503923
PUBLISHER: The Business Research Company | PRODUCT CODE: 1503923
Virtual dressing rooms utilize technology that enables customers to digitally try on clothing items or beauty products without physically handling them. This technology, often based on augmented reality (AR) or artificial intelligence (AI), superimposes selected clothing or accessories onto a live video feed of the customer.
The main components of virtual dressing rooms include hardware, software, and services. Virtual dressing room software enhances the online shopping experience by offering personalized recommendations, improving visualization, minimizing returns, and incorporating advanced technologies. These solutions find applications in various sectors such as apparel, beauty and cosmetics, eyewear, footwear, among others, and are utilized by a range of end-users including e-commerce platforms and physical stores.
The virtual dressing rooms market research report is one of a series of new reports from The Business Research Company that provides virtual dressing room market statistics, including virtual dressing room industry global market size, regional shares, competitors with a virtual dressing room market share, detailed virtual dressing room market segments, market trends and opportunities, and any further data you may need to thrive in the virtual dressing room industry. This virtual dressing 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 dressing rooms market size has grown rapidly in recent years. It will grow from $5.36 billion in 2023 to $6.09 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth observed in the historical period can be attributed to several factors, including consumer preferences for convenience, the impact of the COVID-19 pandemic accelerating digital trends, pressure from the fashion industry to innovate, widespread smartphone penetration, improvements in internet connectivity, and increased adoption of e-commerce platforms by retailers.
The virtual dressing rooms market size is expected to see rapid growth in the next few years. It will grow to $10.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The anticipated growth in the forecast period can be attributed to factors such as the integration of social media into e-commerce platforms, the increasing adoption of mobile e-commerce solutions, shifting consumer preferences towards online shopping, and the continued proliferation of smartphones. Major trends expected during this period include the incorporation of Extended Reality (XR) technologies, advancements in 3D scanning technologies, the use of body scanning technology for personalized fit, virtual stylist assistance features, expansion of product offerings, and a focus on inclusivity and diversity within the online shopping experience.
The burgeoning trend of online shopping is poised to drive the expansion of the virtual dressing room market in the foreseeable future. Online shopping, characterized by the direct purchase of goods or services from sellers over the internet without intermediary services, is experiencing remarkable growth driven by various factors including convenience, product selection, cost savings, technological advancements, and personalized shopping experiences. Virtual dressing rooms, leveraging mixed reality technology, enhance the online shopping journey by allowing customers to virtually try on clothing items before making a purchase, thereby improving the overall shopping experience, increasing sales, and fostering customer satisfaction. This adoption of virtual dressing rooms also contributes to a more sustainable and efficient retail industry. For instance, as reported by the Census Bureau in February 2024, total e-commerce sales for 2023 reached $1,118.7 billion, marking a 7.6 percent increase from 2022, highlighting the significant growth in online shopping and its impact on the retail landscape. This surge in online shopping activity underscores the driving force behind the growth of the virtual dressing room market.
Key players in the virtual dressing room market are strategically focusing on developing advanced technology innovations to gain a competitive edge. Virtual dressing rooms, as an application of mixed reality technology, enable online shoppers to visualize how clothing items would look on them virtually, thereby enhancing the shopping experience and reducing waste associated with returns. For example, in September 2022, Walmart Inc., a leading US-based retailer, introduced the Be Your Own Model tool, enabling customers to upload their photos and visualize how clothing items would fit them. Leveraging computer vision and neural networks, this feature provides a realistic simulation of how garments would drape and fit on the customer's body, enhancing the online shopping journey and driving higher sales for Walmart. This innovative approach exemplifies the commitment of major companies to harnessing technology to elevate the online shopping experience and meet the evolving needs of customers.
In May 2021, Walmart Inc. further strengthened its position in the virtual dressing room market by acquiring Zeekit Online Shopping Ltd. for an undisclosed amount. This acquisition underscores Walmart's dedication to enhancing the online shopping experience, reducing returns, and expanding its fashion and apparel businesses through innovative virtual try-on technology. Zeekit Online Shopping Ltd., based in Israel, specializes in virtual fitting room technology, offering solutions for online shoppers to virtually try on clothing items, aligning with Walmart's strategic vision to leverage technology to drive growth and innovation in the retail sector.
Major companies operating in the virtual dressing rooms market are Vitro S.A.B. de C.V., Reactive Reality AG, Finery, Visenze Pte. Ltd., ELSE Corp., Virtusize Co. Ltd., 3DLook Inc., Style.me, Fitle, Dressformer, Sizebay, AstraFit, Metail, Vue.ai, FXGear Inc., Fit Analytics GmbH, Coitor IT Tech Private Limited, True Fit Corp., Autonomous Retail Shopping Solutions, Zeekit Online Shopping Ltd., MemoMi Labs Inc., Zugara, Styliff Tech., Fision Technologies Inc., Fitnect Interactive Kft
North America was the largest region in the virtual dressing rooms market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual dressing rooms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the virtual dressing rooms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The virtual dressing room market consists of revenues earned by entities by providing services such as virtual try-ons, size recommendations, style suggestions, outfit creation, and 360-degree views. The market value includes the value of related goods sold by the service provider or included within the service offering. The virtual dressing room market also includes sales of clothing and accessories, body measurement tools, integration with e-commerce platforms, and compatibility with multiple devices. 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 Dressing Rooms 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 dressing rooms 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 dressing rooms ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The virtual dressing rooms 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.