Virtual Fitting Room Market Is Expected To Expand At A CAGR Of 25.2% From 2021 To 2028

 Virtual Fitting Room Industry Overview

The global virtual fitting room market size is expected to reach USD 15.43 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 25.2% from 2021 to 2028. 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. Furthermore, the intervention of digital transformation technologies, such as Augmented Reality (AR) and Artificial Intelligence (AI), is projected to create enormous opportunities for virtual fitting rooms over the forecast period.

 

The virtual try-on technology is significantly beneficial for retailers and is gaining popularity amongst consumers in recent times. Online merchandising witnesses a large number of returns/exchanges majorly because of the customer’s dissatisfaction regarding inappropriate fits and sizes. The virtual fitting room technology has been efficiently assisting consumers in trying and rejecting the products before placing an order, thereby converting one-time buyers into repeat customers.

Furthermore, companies are coming up with upgrades that can provide tactile, fabric, or texture sense for consumers purchasing via e-commerce websites to reduce return rates and build brand loyalty. The customer data collected through an interactive mirror is used to understand customer preferences and improvise strategies aimed at boosting sales. This is a breakthrough in the retail industry to leverage purchase data for designing future business strategies.

The COVID-19 pandemic has compelled governments worldwide to enforce regulations for temporarily closing brick and mortar stores, which indirectly boosted sales on e-commerce websites. With retail sales observing a dip in the past few months, buyers have now swiftly shifted to e-commerce websites. This creates significant opportunities for virtual fitting room solution providers to capture a more extensive customer base.


Virtual Fitting Room Market Segmentation

Grand View Research has segmented the global virtual fitting room market on the basis of component, application, end-use, and region:

Based on the Component Insights, the market is segmented into Hardware, Software, and Services.

  • The software segment accounted for the largest revenue share of over 45.0% in 2020 and is expected to maintain its lead in the market from 2021 to 2028. The segment is also expected to register an impressive growth rate over the forecast period.

 

  • The services segment accounted for a significant share in 2020. The segment is further divided into installation, support & maintenance, and consulting. The consulting segment is expected to register the highest CAGR over the forecast period. 

 

Based on the Application Insights, the market is segmented into Apparel, Beauty and Cosmetic, Eyewear, Footwear, and Others.

  • The apparel application segment accounted for the largest revenue share of close to 40.0% in 2020 and is projected to maintain its lead over the forecast period. Additionally, the rising deployment of VR and AR to offer an immersive experience is expected to create growth opportunities for this segment.

 

  • Online apparel retailers are deploying fitting room solutions with artificial intelligence to recommend the customer sizes, designs, and styles based on their past searches and purchases. Physical apparel stores and independent fashion houses are making use of the technology to strengthen their brand image.

 

  • The beauty and cosmetic application segment is expected to register the highest growth rate over the forecast period. The rising popularity of e-marketplace is encouraging famous beauty and cosmetic brands to shift to online product deliveries. 

 

Based on the End-use Insights, the market is segmented into Physical Store, and Virtual Store.

  • The virtual store segment held the largest revenue share of over 50.0% in 2020 and is expected to register the fastest CAGR over the forecast period. The e-commerce sector has gradually established itself as one of the most prominent players in the global economic landscape and is expected to overtake the brick-and-mortar shopping model for some products, in terms of sales, in the near future.

 

  • The easiest way to attract customers toward online sales is to cater to their personalized needs and improve the quality of their shopping experiences. The major concern of customers while shopping online has always been improper fitting of apparel, which is a key challenge affecting sales. 

 

Virtual Fitting Room Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market is dominated by various global and regional players striving to gain a competitive edge in the market. The virtual fitting room technology simplifies trying and buying. This is encouraging companies to expand their core capabilities in the virtual fitting room business. Furthermore, market participants are significantly investing in R&D activities to offer state-of-art solutions that can accurately sense the user’s body structure. AstraFit, the leading player in the market, creates a 2D model of the customer’s body structure and determines the fitting size, and underlines the suitable length of the apparel. Furthermore, the company’s superfast garment digitization system measures only one size manually, after which it automatically establishes other sizes.

The upsurge in the adoption of smart technologies to create a simulated environment for service designing is adding to the immense competition between online retailers. To retain their positions in the fashion retail market, online vendors are collaborating with AR technology providers to improve customer satisfaction and attract a more extensive consumer base. For instance, Gap Inc., a prominent global fashion retailer, collaborated with Avametric, a U.S.-based cloth simulation technology provider, to introduce The DressingRoom, a new application. The application is featured with five body types. It utilizes AR technology and an interactive mannequin to determine the consumer’s fit, allowing customers to choose the appropriate outfit. Some prominent players in the global virtual fitting room market include:

  • AstraFit
  • Else Corp Srl
  • Fision AG
  • Fit Analytics
  • FXGear Inc.
  • Magic Mirror
  • MemoMi Labs Inc.
  • Metail
  • Perfitly

 

Order a free sample PDF of the Virtual Fitting Room Market Intelligence Study, published by Grand View Research.

 

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.

 

Contact:

Sherry James

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Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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