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COVID-19 Impact on Global Virtual Fitting Room Market: By Use (Apparel, Accessories, Eye Wear, Jewelry and Watches, Beauty and Cosmetics and Others); By Component (Hardware, Software and Services); By Application (Physical Store and Virtual Store) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
The virtual fitting room is an innovative technology that lets shoppers put on a virtual design of different garments. By using this technology, one doesn't need to wear clothes separately, instead one can use a virtual body to try clothes to verify and make decisions when shopping. Digital fitting room enables customers to choose the color of clothing, height, shape, design, and other choices specific to the product they buy. In other words, the simulated dressing room is an automated way to try on clothes when shopping and is similar to a changing room version in video games.
Global Virtual Fitting Room Market size was registered at USD 2.69 billion in 2019, and is estimated to reach USD 17.82 billion by 2030, registering a CAGR of 19.2% from 2020 to 2030. The advanced system uses a customer's desktop or mobile camera to digitally search for style or fit to try jewelers, eyewear, clothing, and other items. Retailers' increasing demand for VRF solutions to achieve optimized costs without sacrificing consumers ' shopping experience contributes to increased adoption of those solutions. Support services are also growing at a rapid pace on the market, as it becomes a powerful tool to reach the target audience. Help services can be offered to retailers in mobile apps and via e-Commerce. The time consumers spend shopping online and browsing the internet on mobile and other devices is encouraging numerous retailers to invest in the services of virtual fitting rooms.
Source: Fatpos Global
Global Virtual Fitting Room Market is segmented based on use, component, application, and region.
By Use (in %), Global Virtual Fitting Room Market, 2019
The apparel use segment is anticipated to register XX% of the market share during the forecasted period.
By use, the market can be segmented into Apparel, Accessories, Eye Wear, Jewelry and Watches, Beauty and Cosmetics, and Others. Retail and e-Commerce companies are focused on investing heavily in virtual dressing room solutions to reduce inventory costs, inefficiency, and waste time. Retail and e-Commerce companies can give individual users customized ads based on their online activity by integrating virtual fitting room platform into the operations. Also, it allows for customized retargeting and real-time buying and sale of individual page views. Thus, the apparel segment is expected to grow at a significant CAGR in the forecasted period.
By Component (in %), Global Virtual Fitting Room Market, 2019
Software type segment accounted for XX% of the nation’s volume in 2019
Component segment can be classified into Hardware, Software, and Services. Among these, due to the growing adoption of software tools and platforms the segment is expected to have the largest market share during the forecast period.
By Application (in %), Global Virtual Fitting Room Market, 2019
The visual store segment is anticipated to register XX% of the market share during the forecasted period.
By use, the market can be segmented into Physical stores and virtual stores. Virtual reality (VR) and augmented reality (AR) applications drive the demand for virtual fitting rooms in 3D. VR technology helps enhance customer experience by offering a virtual view of the product, while AR technology uses software and applications to increase product presentation and minimize persistent e-commerce environment inefficiencies. Thus, it is expected to propel the growth of the visual store segment in the market of the visual fitting room.
Source: Fatpos Global
Convenience and technological advancements to increase the market growth
Virtual reality (VR) and augmented reality (AR) applications drive the demand for virtual fitting rooms in 3D. VR technology helps enhance customer experience by offering a virtual view of the product, while AR technology uses software and applications to increase product presentation and minimize persistent e-commerce environment inefficiencies. The advanced system uses a customer's desktop or mobile camera to digitally search for style or fit to try jewelry, eyewear, clothing, and other items. Retailers' increasing demand for VRF solutions to achieve optimized costs without sacrificing consumers ' shopping experience contributes to increased adoption of those solutions. Support services are also growing at a rapid pace on the market, as it becomes a powerful tool to reach the target audience. Help services can be offered to retailers in mobile apps and via e-Commerce. The time consumers spend shopping online and browsing the internet on mobile and other devices is encouraging numerous retailers to invest in the services of virtual fitting rooms.
High cost and lack of knowledge to hinder the market growth
Digital fitting technology is evolving and reshaping the fashion industry, but its beneficial features are not known to some medium and small retailers. Moreover, retailers with less knowledge of deploying VRF solutions can result in less adoption of this solution. Also, small and medium-sized businesses are unable to afford the solution because it has a much higher cost of implementation. These are some of the major factors which can hamper the growth of the VFR market. Additionally, Product fitting is one of the key challenges faced by the companies which leads to consumer dissatisfaction leading to financial losses.
In terms of value and volume, North America accounted for XX% of total market volume share in 2019
On the global Virtual Fitting Room Market, North America is projected to hold the largest market share, because the region has a high number of smartphone users. Also, the time these consumers spend on online shopping is increasing; thus, retailers are concentrating on integrating virtual dressing room solutions into their operations to reach this large number of customers. Whereas in the forecast period APAC is projected to rise at the fastest pace due to development across the region which is attributed to the growing adoption of advanced technologies among the retail and fashion industries.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Source: Fatpos Global
Global Virtual Fitting Room Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities-o-Y Growth, CAGR – United States and Canada
Global pandemic COVID-19 has become global stress, not just for human lives, but also for industries across different industry verticals. The COVID-19 disease has infected several million people globally, with an increasing number of active cases daily, the duration of the pandemic is still difficult to predict. The novel coronavirus epidemic has devastated industries all over the world and one of the hard-hit sectors is the retail industry. Consumer sales in this current scenario have seen a dramatic decrease in the retail stores due to the substantial drop in footfalls. In this pandemic scenario, most consumers favor online shopping and e-commerce, which contributes to the strong demand for e-commerce platforms. In the coming years, the adoption of virtual fitting solutions is expected to propel with the increasing trend of online shopping. With businesses and retail stores increasingly concentrating on cost savings and low IT investment, however, the adoption of the VFR solution is expected to see minimal implementation in the next two years.
New technological advancements in the Global Virtual Fitting Room Market, as well as large production output of the product by key players, are likely to increase the market growth. Moreover, digital fitting rooms provide a variety of features such as enabling users to take pictures of different outfits. You can share these pictures with virtual stylists, friends, and others. Even the picture can be applied to different backgrounds. Furthermore, vendors are actively designing new products to provide those features with a rich customer experience.
Global Virtual Fitting Room Market: Key players
Global Virtual Fitting Room Market report also contains analysis on:
Global Virtual Fitting Room Market segments: -
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