Virtual Fitting Room Market Insights by Leading Companies Future Growth, Demand Forecast to 2024

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

MarketsandMarkets forecasts the virtual fitting market size to grow from USD 2.9 billion in 2019 to USD 7.6 billion by 2024, at a CAGR of 20.9% during 2019–2024. The major growth factor for the market is the increase in the adoption of advanced technologies such as AR and VR. Complexities between the virtual computerized world and the real physical world of the virtual fitting room market may restrain the market growth.

The virtual fitting market by component is segmented into hardware, software, and services. Among these, software is expected to grow at the highest rate during the forecast period, owing to the increasing ecommerce. The software is further segmented into software tools and platforms. Whereas, hardware is further segmented into prefabricated and customized. Services include integration, support, and consulting. Among these, support services are expected to grow at the fastest rate, as virtual fitting room solutions and services are more effectively being used in the retail and eCommerce vertical to deliver a personalized experience to users.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Virtual Fitting Room Market Insights by Leading Companies Future Growth, Demand Forecast to 2024

Apparel use cases to grow at the highest rate during the forecast period
The virtual fitting room market by use cases is segmented into apparel, accessories, eyewear, jewelry and watches, beauty and cosmetics, and others. Among these, apparel is expected to grow at the highest rate, as virtual fitting room platform and solutions are effectively being used in the eCommerce to deliver enhanced customer buying journey, with reduced return rates.

Among regions, APAC is expected to grow at the highest CAGR during the forecast period
The virtual fitting room market by region is segmented into North America, Europe, APAC, MEA, and Latin America. Among these region, APAC is expected to grow at a higher CAGR due to the increasing adoption of advanced technologies such as AR and VR among retailers. The major APAC countries that are expected to record high growth rates include China, Japan, and India. However, this region demands skilled retailers to close the skill gaps and adopt effective infrastructure services, new digital technologies for enhanced customer experience, and better business operations. The growth in this region is expected to be driven by the presence of half of the world’s mobile users, the highest online shoppers, and increasing internet connection and speed.

Whereas, North America is expected to contribute maximum in terms of market size during the forecast period. There are various factors that are contributing to the growth of the market in North America, that include the growing use of smartphones and the adoption of AR and VR. Furthermore, the time people spent on mobile applications and shopping online is also growing at a considerable rate. This is further expected to boost the demand for virtual fitting room solutions across the region.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the virtual fitting room market.
 By Company: Tier I:15 %, Tier II: 39%, and Tier III: 46%
 By Designation: C-Level: 55%, Director Level: 29%, and Others: 16%
 By Region: North America: 39%, Europe: 27%, APAC: 24%, MEA: 9%, and Latin America: 1%

Research Coverage
The report segments the global virtual fitting room market by component, end user, use cases and regions. The use cases segment includes apparel, accessories, eyeware, jewelry and watches, beauty and cosmetics, and others (footwear, furniture and decor). The component segment comprises hardware, software, and services. The virtual fitting room market by software has been segmented into software tools and platforms. The market based on hardware is divided into prefabricated and customized. The report covers the virtual fitting room market with respect to 5 major regions, namely North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.

The report would help the market leaders and new entrants in the global virtual fitting room market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across applications and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.

TABLE OF CONTENTS

1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 MARKET DEFINITION 14
1.3 MARKET SCOPE 15
1.3.1 MARKET SEGMENTATION 15
1.3.2 REGIONS COVERED 15
1.4 YEARS CONSIDERED FOR THE STUDY 16
1.5 CURRENCY CONSIDERED 16
1.6 STAKEHOLDERS 17
2 RESEARCH METHODOLOGY 18
2.1 RESEARCH DATA 18
2.1.1 SECONDARY DATA 19
2.1.2 PRIMARY DATA 19
2.1.2.1 Breakup of primary profiles 19
2.1.2.2 Key industry insights 20
2.2 MARKET BREAKUP AND DATA TRIANGULATION 20
2.3 MARKET SIZE ESTIMATION 21
2.3.1 TOP-DOWN APPROACH 21
2.3.2 BOTTOM-UP APPROACH 22
2.4 MARKET FORECAST 22
2.5 RESEARCH ASSUMPTIONS 23
2.6 LIMITATIONS OF THE STUDY 24

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