The Global Virtual Fitting Room Market- Trends, COVID-19 impact and Forecast (2021-2025)
The Virtual Fitting Room Market is segmented by Component Type (Solutions and Services); Application (Apparel, Eyewear, Beauty and Cosmetics, Footwear and Others); End-users; Geography (North America, Europe, APAC, and ROW).
Introduction
Virtual fitting room (VFR) is a technology that helps consumers try different kinds of apparel in a virtual environment. It becomes convenient for the consumer to select the color, style, size, fitting of the clothes, or any other purchase as they don’t have to visit the store physically.
Factors such as the rising popularity of the e-commerce sector, growing concerns of online fashion retailers about delivering products that fit appropriately, and the need to cater to the customized demands are driving the market demand. However, the complexity in real-time control is hampering the growth of the market.
The COVID-19 pandemic has positively impacted the importance of virtual fitting room usage in the retail fashion sector as it helped the customer in buying their fashion products. Moreover, Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to address the challenges evolving during this pandemic situation.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Trend of online shopping
10.2 Increasing penetration of smartphones
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 AstraFit
15.2 Else Corp Srl
15.3 Fision
15.4 Fit Analytics
15.5 FXGear
15.6 Perfitly
15.7 Magic Mirror
15.8 triMirror
15.9 Zugara
15.10 3D-A-PORTER
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The Global virtual fitting room market is expected to grow to $8.70 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with 25.45% CAGR.
The rising deployment of VR and AR to offer an immersive experience is fueling the demand for VFR in apparel application segment during the forecast period.
Europe dominated the market in 2020 owing to the presence of several notable fashion brands in the region.
Key Trends
With the increasing adoption in advanced technologies viz. AR and VR for continuous improvement in customer satisfaction are likely to create opportunities in the near future.
A growing number of startups and partnerships are anticipated to drive the market during the forecast period.
Key Market Players
Some of the key players in the market are AstraFit, Else Corp Srl, Fision, Fit Analytics, FXGear, Perfitly.
In recent years, the key market players are adopting various strategies initiatives such as new product launches and focus on continuous technology innovations, M&A to increase their market share. Also, the industry players are expanding their core capabilities in the virtual fitting room business by significantly investing in R&D activities to offer state-of-art solutions.
Growth Drivers and Challenges
The trend of online shopping increasing the demand for virtual fitting room technologies in retail and e-commerce is driving the market demand.
The increasing penetration of smartphones and focus on workforce optimization is also one of the key drivers of the market