BANGALORE, India, Oct. 13, 2020 /PRNewswire/ — According to the Latest Market Research Report “Virtual Fitting Room Market by Component (Hardware, Services, Software), by End User (Physical Store, eCommerce), and Region – Global Forecast to 2025“, published on Valuates Reports.
The Global Virtual Fitting Room Market size is expected to grow from USD 3,079.42 Million in 2019 to USD 6,565.47 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 13.44% During the Forecast Period.
Due to the COVID-19 outbreak, the substantial reduction in footfalls at the physical stores, product sales have dramatically declined. In this pandemic scenario, most consumers favor online shopping and e-commerce, resulting in a strong demand for e-commerce platforms. This, in turn, is expected to increase the growth of the Virtual Fitting Room Market size.
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TRENDS INFLUENCING THE VIRTUAL FITTING ROOM MARKET SIZE
Growing rivalry among online retailers accelerates the demand for advanced technology to provide their customers with a better shopping experience. This huge rise in online shopping is driving the growth of the Virtual Fitting Room Market size.
Also, due to improper fitting and size, the e-commerce shopping industry has a comparatively higher rate of returns and apparel exchanges. This virtual fitting room technology is being introduced to decrease this exchange and return rate and increase the online shopping experience by numerous online retailers. These advantages further fuel the growth of the virtual fitting room market size.
As brand experience is a key driver of brand engagement, Virtual Fitting Room solutions are being adopted by many fashion brands. The 3D virtual fitting solution is enriched by multisensory simulations to engage consumers with their brands. This virtual fitting room feature is expected to increase the growth of the virtual fitting room market size.
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VIRTUAL FITTING ROOM MARKET SHARE ANALYSIS
North America is expected to witness the highest growth during the forecast period. This dominance of North America is attributed to the virtual fitting room market share. Significant adoption of advanced technologies, including AR and VR, and high usage of internet-based services in the area are the key factors that support the growth of the virtual fitting room market size.
The APAC region is projected to achieve the most rapid growth in the virtual fitting room market during the forecast period. In the Asia-Pacific retail industry, the digitization rate is increasing rapidly in the region, and customers are now willing to take advantage of digital retailing options. In addition, countries like China and Japan have a huge base of online shoppers. Thus, the increasing penetration of e-commerce and the growing number of smartphone users are further creating a high potential for the region’s virtual fitting room industry.
- Middle East & Africa.
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VIRTUAL FITTING ROOM MARKET SEGMENTATION
By End User
- Physical Store
- Fitnect Interactive,
- Imaginate Technologies Inc,
- REACTIVE REALITY GMBH,
- Secret Sauce Partners,
- True Fit Corporation,
- Virtusize AB,
- Zugara, Inc.
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