SAN FRANCISCO, June 20, 2023 /PRNewswire/ -- The global virtual fitting room market size is expected to reach USD 20.63 billion by 2030, growing at a CAGR of 24.1% from 2023 to 2030, according to a new study by Grand View Research, Inc. The prevalence of high-tech simulations to mimic face-to-face buying behavior with the help of advanced 3D technologies is expected to drive the market growth. Furthermore, the intervention of digital transformation technologies, such as Artificial Intelligence (AI) and Augmented Reality (AR), is projected to create numerous growth opportunities for virtual fitting rooms over the forecast period. Virtual try-on technology is proving to be highly advantageous for retailers and is experiencing a surge in consumer adoption and preference in the current market landscape.
Key Industry Insights & Findings from the report:
- Based on the component segment, the service segment is expected to record the highest CAGR over the forecast period, owing to the market participants as they emphasize delivering consulting services that ensure the effective operation.
- Based on the application segment, the beauty and cosmetic application segment is expected to register the highest growth rate over the forecast period, owing to the rising popularity of e-marketplaces.
- Based on end-use segment, the virtual stores segment recorded a significant revenue share in 2022. This is attributed to the inclination of users towards the ease of e-commerce websites.
- The European region contributed the largest revenue share in 2022 to the market. This strong growth is attributed to the presence of several notable fashion brands in the region.
Read 150-page market research report, "Virtual Fitting Room Market Size, Share & Trends Analysis Report By End-use (Physical Store, Virtual Store), By Component (Hardware, Software), By Application (Apparel, Eyewear), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Virtual Fitting Room Market Growth & Trends
The virtual fitting room technology has been efficiently enabling consumers to try and reject products before ordering, thereby converting one-time buyers into repeat customers. For instance, in August 2022, be Retail Social, a virtual try-on and virtual fitting room platform, launched its first customer product called Get Cutie. This category sells vintage-inspired handmade garments and is the first fashion retailer to use accelerator and extension services, which is helping customers to virtually try-on the garments with the help of an avatar and make the buying decision accordingly.
This, in turn, is expected to boost the market demand over the forecast period. Furthermore, companies are developing advancements to enhance the sensory experience, including tactile, fabric, and texture perception, for consumers making online purchases. This aims to decrease return rates and foster brand loyalty. In addition, the virtual fitting room technology gathers extensive data, enabling the marketing analytics team to enhance customer experience and bolster brand recognition. This breakthrough in the retail industry leverages purchase data to inform future business strategies, thereby driving growth in the market over the forecast period.
Virtual Fitting Room Market Segmentation
Grand View Research has segmented the global virtual fitting room market based on component, application, end-use, and region
Virtual Fitting Room Market - Component Outlook (Revenue, USD Million, 2018 - 2030)
- Hardware
- Software
- On-premise
- Cloud
- Services
- Installation
- Support & Maintenance
- Consulting
Virtual Fitting Room Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
- Apparel
- Beauty & Cosmetic
- Eyewear
- Footwear
- Others
Virtual Fitting Room Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Physical Store
- Virtual Store
Virtual Fitting Room Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Russia
- Asia Pacific
- China
- Australia
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
List of Key Players in Virtual Fitting Room Market
- Autumn Rock Ltd. (AstraFit)
- ELSE Corp.
- FXGear Inc.
- Metail
- Fit Analytics
- Zugara Inc.
- Sizebay
- Magic Mirror
- Fision AG
- MemoMi Labs Inc.
- SenseMI
- triMirror
- Virtusize Co. Ltd.
- Visualook
- Reactive Reality AG
Check out more related studies published by Grand View Research:
- Augmented Reality & Virtual Reality In Manufacturing Market - The global augmented reality & virtual reality in manufacturing market size is anticipated to reach USD 62.71 billion by 2030, expanding at a CAGR of 29.3% from 2022 to 2030, according to the latest report by Grand View Research, Inc. The market is expected to witness substantial growth over the next eight years as more manufacturing industries have incorporated Augmented Reality (AR) and virtual reality (VR) in their production processes. AR and VR technologies in manufacturing are used for training the workforce, safety testing, error detection, and quality assurance, among others. The advancements in 3D technology and the combination of Artificial Intelligence (AI) with VR offer growth prospects to the market, especially in the automation and manufacturing businesses. Therefore, all these factors positively impact the growth of the market.
- Virtual Cards Market - The global virtual cards market size is expected to reach USD 60.06 billion by 2030, expanding at a CAGR of 20.9% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The increasing usage of digital payment platforms is creating the demand for virtual cards worldwide, which is anticipated to drive the growth of the market. In addition, various types of virtual cards offer the consumer a particular set of benefits, such as efficiency and convenience, which also bodes well for the growth of the market.
- Virtual Events Market - The global virtual events market size is estimated to reach USD 657.64 billion by 2030, growing at a CAGR of 21.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The development of the market can be attributed to the growing preference for convening virtual events, such as video calls, live chats, video conferences, and online meetings, as part of the day-to-day business activities to share data in real-time. The outbreak of the COVID-19 pandemic, the resultant lockdowns & restrictions on the movement of people imposed by various governments to arrest the spread of the coronavirus, and the subsequent need to facilitate remote working are some of the significant factors that are anticipated to drive the market growth over the forecast period.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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