Virtual Fitting Room Market Exhibiting At A CAGR Of 24.1% From 2023 To 2030

Posted by Neha Bora on September 7th, 2023

San Francisco, 7 Sep 2023: The 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

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.

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.

Access Research Report of Virtual Fitting Room Market @ https://www.grandviewresearch.com/industry-analysis/virtual-fitting-room-market

Virtual Fitting Room Market Report Highlights

• 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

Virtual Fitting Room Market Report Scope

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

Access Press Release of Virtual Fitting Room Market @ https://www.grandviewresearch.com/press-release/global-virtual-fitting-room-market