Global Virtual Fitting Room Market: Overview
Virtual fitting room, or VFR, refers to a technology that assists people in shopping on online platform by trying different types of clothes virtually. The technology is gathering traction as it does not require an individual to wear cloths but do this task virtually. Moreover, consumers can select from a wide range of options such as size, color, fitting, and style of cloth they want to purchase. Hardware, software, and services are some of the key components of the products and services from the global virtual fitting room market.
The global virtual fitting room market is expected to attract growth at a CAGR of 22.7% in the forecast period of 2018 to 2026. In 2017, the total valuation of the market was US$2,501.8 Mn.
The study on the global virtual fitting room market is presented in the forms of varied segments, which are decided based on component, software, services, end user, and region. On the basis of services, the market is divided into three parts, namely, integration, maintenance, and consulting.
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Expansion of E-commerce Industry to Create Lucrative Prospects in Market for Virtual Fitting Room
Today, several ecommerce websites, apps, and physical stores around the world are enticing their customer base by offering technologically advanced experiences including VFR-enabled shopping facilities. The technique is rapidly being adopted by online shopping platforms owing to its ability to offer excellent user experience when customers are trying and selecting their cloths virtually. This factor is expected to create significant opportunities for companies operating in the global virtual fitting room market in the years ahead.
Many physical store owners across the globe are increasing the adoption of newer technologies such as virtual fitting room solutions. This factor, in turn, is likely to make the physical store as a dominant segment of the global virtual fitting room market in the forecast period 2018-2026.
Major technological advancements such as VR and AR are attracting end-users from different regions of the world to gain experience of virtual surroundings in varied applications. With an aim to expand their customer base, many retailers from different nations across the globe are using virtual fitting room solutions for a wide range of product categories including jewelry & watches, apparel, makeup, and eyewear. These activities are expected to drive the sales prospects in the virtual fitting room market in forecast period.
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Market to Observe Prominent Sales Opportunities from Retail Industry
Companies from the retail industry, particularly from the online shopping industry, generally experience high rates of product returns. Majority of times, one of the notable reasons for returning cloths is improper fitting. To deal with the issue, enterprises are increasing the use of virtual fitting room, which are gathering traction as computationally efficient technique of improving the way of online apparel shopping. Apart from this, companies from the retail industry are allotting substantial share of their spending on IT. These factors are expected to bode well with the expansion of the global virtual fitting room market in the upcoming years.
Increased Accessibility to Technology Creates Growth Opportunities in Market
Over the period of past few years, there is notable growth in the accessibility to varied smart technologies such as smart mirrors, high-quality integrated smartphone cameras, and high-definition lenses. This factor is likely to drive the demand opportunities in the global virtual fitting room market in the upcoming years. Moreover, increase in the penetration of the Internet across developed and developed nations around the world will help in the market expansion in the years to come.
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Online Shopping Trend to Boost Demand Prospects on Market
With improving spending power of major populace from many developed as well as developing economies around the world, the trend of online shopping is at peak. Moreover, this trend is increasing among the millennial population globally. Apart from this, there is notable growth in the number of smartphone users around the world. These factors are supporting the expansion of the global virtual fitting room market.
Many online platforms are attracting their customers by providing striking offers on apparels. Furthermore, hectic lifestyle and shortage of time are some of the key factors that indirectly support the trend of online shopping, which in turn, is creating lucrative opportunities for virtual fitting room market.
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