Virtual Fitting Room Market 2021 | Trends, Growth Demand, Opportunities & Forecast To 2027
Posted on Apr 28 2021 3:34 AM
"Key Companies Covered in VFR Market Research Report Are WearFits, Shandong Yashe Information Technology Co., Ltd., liateR., Virtusize, Secret Sauce Partners, Coitor It Tech, AstraFit., Visualook, 3D-A-PORTER., triMirror., Fision AG, Quy Technology Pvt. Ltd, Virtooal, SIZEBAY, REACTIVE REALITY AG, ELSE Corp Srl, Fit Analytics, Magic Mirror, Zugara, Inc., Perfitly."
The global virtual fitting room market size is projected to reach USD 10.00 billion by 2027, exhibiting a CAGR of 20.1% during the forecast period. Concerns surrounding catching COVID-19 in trial rooms are expected to augur well for the market in the near future, finds Fortune Business Insights™ in its report, titled “Virtual Fitting Room Market Forecast By Size, Share and COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Services (Integration, Support and Maintenance, and Consulting), By Application (Apparel, Eyewear, Jewelry and Watches, and Others), By End User (Physical Stores and Virtual Store) and Regional Forecast, 2020-2027”. Trial rooms in retail outlets are usually located in distant corners to ensure privacy. However, these spaces are poorly ventilated and with the coronavirus pandemic spreading wildly across the globe, shoppers are being wary of entering stores which can get crowded rapidly. Complying with social distancing rules, fashion brands have also been forced to seal off their trial rooms. For example, Kohl’s, the American retail chain announced the closure of its trial rooms indefinitely in March. This presents a unique opportunity for companies to promote their VFR platforms as they can ensure that customers are able to enjoy the full trial-room experience virtually and make an informed purchase decision.
For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/virtual-fitting-room-vfr-market-100322
According to the report, the market value stood at USD 2.44 billion in 2019. Besides this, the report shares the following:
- Comprehensive examination of all market drivers, trends, and upcoming opportunities;
- Careful analysis of the possible challenges facing the market;
- Detailed assessment of the regional dynamics shaping the market; and
- Exhaustive research into the different market players and study of their key strategies.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Rising Popularity of E-commerce will Fuel Demand for Virtual Fitting Room
The virtual fitting room is very similar to the physical in-store changing room, which provides an active way for buyers to try attires, accessories, and other things virtually instead of tangible. Automation has gradually attained marketability in the past few years, and fashion traders are anticipated to set out with equivalent to offer a more likeable experience to fashion enthusiasts. The virtual fitting room makes use of augmented reality (AR) and works by overlaying an apparel or an accessory onto the mirror copy of the shopper.
Another aspect that is enabling growth in the market is the budding e-commerce drift and increasing inclination of a buyer towards online shopping. These factors together are likely to bode well for the overall market. E-commerce application segment is estimated to dominate the VFR market as the e-commerce industry is rising rapidly and in the e-commerce industry, the apparel market is exhibiting growth at an accelerated pace. Virtual fitting room offers an engaging and personalized experience to shoppers online and allowing them to choose and purchase outfits at their convenience which a physical store does not provide. This is factor is aiding the expansion of the overall market. Online/E-commerce virtual fitting room is gaining more popularity as compared to an offline virtual fitting room owing to its time and effort saving features. Besides these, VFR lets the customer try and buy from home, which is a key factor aiding the market’s growth.
Evolving Retail Industry Provides Huge Scope for Growth of Virtual Fitting Room Market
The global virtual fitting room market is expected to gain from the increasing demand for advanced shopping experiencing. The evolving retail sectors offers lucrative prospects for the market’s growth. Implementation of latest technologies is intended towards improving online shopping experience and conversion rates. These are chief drivers of the global market. The global virtual fitting room market is expected to witness growth at an accelerated rate as market players adopt strategies such as, furthermore the free shipping, online promotions, and lenient return policies to improve their online sales.
Entry of Augmented Reality Technology in Fashion Industry to Broaden Sales Horizons
Augmented Reality (AR) technology is revolutionizing the fashion industry as it is enhancing customer shopping experience, without requiring shoppers to move from the comfort of their homes. The entry of AR and the expansion of e-commerce platforms have brought virtual fitting rooms to the fore and clothing giants around the world are heartily embracing this technological turnaround. For example, Gap launched an AR app called “DressingRoom”, which allows customers to try on clothes remotely through any Google Tango-enabled device. In California, the designer hat brand, Tenth Street Hats, created an AR-enabled “Virtual Try-On” button on its page, which, the company claimed, significantly boosted customer satisfaction levels. Amazon, too, announced in January 2019 that it was developing a VFR platform to allow customers to try out clothes of their choice before buying them. Thus, AR-powered virtual fitting rooms are empowering retail brands to engage potential customers and widen their sales horizons.
Extensive Adoption of AR and VR Technologies to Fuel the Market in North America
North America is expected to dominate the virtual fitting room market share during the forecast period owing to active adoption of AR and Virtual Reality (VR) technologies among retail organizations in the region. Moreover, with the coronavirus gripping the region, clothing brands are aggressively implementing VFR platforms to maintain their customer base and expand revenue streams. In 2019, the region’s market size stood at USD 813.3 million.
In Europe, the VFR market growth will be primarily driven by quick uptake of virtual fitting room solutions in the UK, France, Italy, Spain, and Germany. On the other hand, the market in Asia Pacific is being characterized by the emergence of AR and VR start-ups, particularly in Japan and South Korea. Additionally, proliferation of e-commerce portals in India and China will further feed the market growth in the region.
Some of the leading companies in the global virtual fitting room industry are
- WearFits (Poland, Europe)
- Shandong Yashe Information Technology Co., Ltd.
- Virtusize (Tokyo, Japan)
- Secret Sauce Partners (Hungary, Europe)
- Coitor It Tech (Tamil Nadu, India)
- (Kiev, Europe)
- Visualook (Murcia, Spain)
- 3D-A-PORTER. (United Kingdom)
- (Ontario, Canada)
- Fision AG (Switzerland)
- Quy Technology Pvt. Ltd
- Virtooal (London, United Kingdom)
- SIZEBAY (Brazil, South America)
- REACTIVE REALITY AG (Austria, Europe)
- ELSE Corp Srl (Milan, Italy)
- Fit Analytics (Chicago, USA)
- Magic Mirror (Guildford, UK)
- Zugara, Inc. (Los Angeles, California, U.S)
- Perfitly (New York, United States)
Major Segments Mentioned:
- By Type
- By Application
- Physical store
- By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Key Players to Focus on Personalizing Shopping Experience
AR and VR technologies are allowing key players in this market to personalize the online shopping experience for customers. Recognizing the wide scope of these technologies, companies are constantly developing novel VFR solutions to keep customers engaged and elevate their sales potential.
- May 2019: Nike rolled out an innovative mobile app called Nike Fit that features scanning capabilities which will ensure that the customer finds the perfect shoe size for their feet. The app will also recommend fits product-wise, individually, personalizing the experience even more for the shopper.
- January 2019: America Eagle Outfitters (AEO) and Aila Technologies displayed AEO’s interactive VFR solution at the NRF 2019 Retail show. Aiming to augment in-store shopping experience, the virtual fitting room will be available across several AEO retail stores in the United States.
Major Table of Content for Virtual Fitting Room (VFR) Market:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Virtual Fitting Room Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Support and Maintenance
- By Application (Value)
- Jewellery and Watches
- By End-User (Value)
- Physical Store
- Virtual Store
- By Region (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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