USD 3.42 billion
Report ID: SQSG25S2007 | Region: Global | Published Date: November, 2022 | Pages: 242 | Tables: 62 | Figures: 75
Global Virtual Fitting Room (VFR) Market size was valued at USD 3.42 billion in 2021 and is poised to grow from USD 4.12 billion in 2022 to USD 22.07 billion by 2030, growing at a CAGR of 20.5% in the forecast period (2023-2030).
Customers can virtually test on clothing without actually touching it in a virtual fitting room. A product is overlaid on a customer's live video feed in order for it to function. Before making a purchase, the customer can view the item's size, style, and fit. Such kind of technology, also referred to as virtual changing rooms, has gained popularity since the COVID-19 pandemic started.
Most online dressing rooms utilize augmented reality. A webcam is used in this instance to produce a 360-degree 3D representation of a person's physique. Similar to augmented reality, artificial intelligence (AI) makes full-body 3D models of the customer in front of the camera using algorithms and machine learning. Radio frequency identification (RFID) is integrated with the 3D model produced by AI or AR. This is yet another piece of technology that scans the items that customers bring into the online fitting room. The 3D model of the shopper is overlaid with the scanned goods thanks to virtual reality technology. They can then view how the item appears on them without having to put it on themselves.
Global Market Size
USD 3.42 billion
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Global Virtual fitting room (VFR) Market is segmented based on the Product, End Use, and region. Based on the Product, the Market is segmented as Hardware, Software, Services. Based On End Use, the Market is segmented as Physical Stores and Virtual Stores. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Virtual Fitting Room (VFR) Market Analysis by Component
The market is divided into hardware, software, and services depending on the component. During the projected period, the hardware segment is anticipated to increase its share the most. The in-store experience necessitates the use of high-resolution cameras, a digital screen, the construction of 3D and 2D fashion models, and customised kiosks, among other things. The highly efficient hardware element enhances consumers' virtual experiences. Thus, both physical stores and online businesses are adopting innovative components to provide more precise product fitting. Due to the growing popularity of online shopping, VFR software is significantly gaining ground. Similar to the products section, the services market is anticipated to have consistent expansion to provide services including the setup and operation of software, remote assistance, and kiosk deployment.
Virtual Fitting Room (VFR) Market Analysis by End Use
Based on End-Use, The Global Virtual fitting room (VFR) Market is divided into Physical Stores and Virtual Stores. The market share holder and anticipated to grow at the greatest CAGR over the projection period is the virtual store category. Users are drawn to the appeal of e-commerce websites due to their extensive portfolios, simple purchasing processes, and quick product comparisons.
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Due to the existence of several renowned fashion brands in the region, the European market, which had a revenue share of over 35.0 % in 2020, is anticipated to continue to lead the industry. New trends, styles, and patterns have been introduced by the region and adopted by other fashion fans around the world. The establishment of numerous start-ups in this area is encouraged by the existence of a sizable store base. Furthermore, as merchants increasingly use cutting-edge digital technology to boost foot traffic and engagement levels, the expanding competition among them is providing growth potential for the local industry.
Also, North America hold the substantial market share. The market in the North American region will grow as more people use smartphones, they spend more time shopping online, and more retailers and fashion companies implement cutting-edge technology. The North American market contributed significantly to sales in 2021, led by the U.S. Over the course of the projection period, the early adoption of simulation technologies is anticipated to have an impact on regional market growth. The U.S. is home to many significant industry players, including True Fit Corporation, Zugara, Inc., SenseMi Smart Solutions, and Perfitly. As a result, marketers in the area prefer cutting-edge 3D visualization solutions to enhance brand recognition and lower operating costs.
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Virtual Fitting Room (VFR) Market Driver
Virtual Fitting Room (VFR) Market Restraint
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Global Virtual fitting room (VFR) Market is dominated by various players. Such as, Zugara, Total Immersion, True Fit, Metail, 3D-A-PORTER, Magic Mirror, AstraFit, Fit Analytics, Visualook, ELSE Corp, FXGear, Sizebay, triMirror, MemoMi, SenseMi, Fision Technologies, and Coitor IT Tech are the leading companies in the worldwide virtual fitting room market. To increase their market share globally, these businesses have implemented a variety of organic and inorganic growth tactics, including new product releases, product improvements, collaborations, and agreements. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Virtual Fitting Room (VFR) Market Top Player's Company Profiles
Virtual Fitting Room (VFR) Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Virtual fitting room (VFR) Market Analysis, in terms of End Use, the demand for virtual fitting rooms in 3D is driven by applications for virtual reality (VR) and augmented reality (AR). By providing a virtual image of the product, VR technology contributes to improving the consumer experience, while AR technology makes use of software and applications to improve product presentation and reduce enduring inefficiencies in the e-commerce environment. As a result, it is anticipated to spur the visual store segment's expansion in the visual fitting room market.
|Market size value in 2021||USD 3.42 billion|
|Market size value in 2030||USD 4.12 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Virtual Fitting Room (VFR) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Virtual Fitting Room (VFR) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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