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Virtual Fitting Room Market to Reach USD 10.75 Billion by 2026; Increasing Popularity of E-Commerce to Bolster Healthy Growth, says Fortune Business Insights™

February 06, 2020 | About:

Key Companies Covered in Virtual Fitting Room Market Research Report Are Zugara, Inc., 3D-A-PORTER LTD, Magic Mirror, AstraFit, Fit Analytics, Visualook, ELSE Corp Srl, Coitor IT Tech, REACTIVE REALITY GMBH, Secret Sauce Partners, SIZEBAY, Virtusize, triMirror.

The global virtual fitting room market is expected to reach USD 10.75 Billion by 2026 , exhibiting a CAGR of 22.0% during the forecast period. The increasing adoption of AR and VR in E-tailing to boost the virtual fitting room market share in the forthcoming years. The increasing concentration of companies towards improving customer experience will create new opportunities for the market. For instance, in May 2018, Nike initiated on improving customer experience through a joint venture with Facebook, giving the customers the chance to shop limited-edition sneakers after linking their SNKRS accounts to the Messenger app. Besides, the Facebook VP of products David Marcus in a statement, said: “There are so many situations where we need to visualize a product before we feel comfortable buying it.”

According to Fortune Business Insights in a report, titled “Virtual Fitting Room Market Size, Share and Industry Analysis, By Component (Hardware, Software, and Services), By Application (Apparel, Eyewear, Jewellery and Watches, and Others), By End-User (Physical Store and Virtual Store) and Regional Forecast, 2019-2026” the market size stood at USD 2.28 billion in 2018 .

The report offers valuable insights into all the predominating trends of the virtual fitting room market scope. It provides a comprehensive summary of all the segments and shares analytical statistics on all the regions of the market. The report is put together after a wide-ranging investigation followed by insightful exploration to benefit companies, stakeholders, financers, and potential investors. The report offers a clear depiction of the market size to help our readers acknowledge all the potential threats in the market. Besides, it also covers all the latest advancements and development, product launches, acquisitions, and collaborations and partnerships that took place in recent times.

To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/virtual-fitting-room-vfr-market-100322

Increasing Application of E-Commerce to Speed Up Growth Process

The rising popularity and inclination of customers towards online shopping due to its numerous benefits such as a wide variety of options, hazle-free service and economical rates will create new sales opportunities for the virtual fitting room market. The rising concern of customers regarding the size and fitting of the products will fuel demand for the virtual fitting room in online shopping. For instance, according to customer service stats conducted in 2012, in online shopping, customers return more than 25% of purchased products, with approximately 70% being for the wrong size. Therefore, retailers around the world are rapidly adopting virtual fitting rooms in their stores to assist customers and enhance their experience. Furthermore, the introduction of the internet in rural areas and the penetration of smartphones will create demand for online shopping and hence support the virtual fitting room market growth. Additionally, traditional retailers are concentrating on building their business through online mediums in order to capture a large volume of customers, which, in turn, will uplift the virtual fitting room market share, as per our lead analysts at Fortune Business Insights™

Implementation of AR and VR Technologies in Online Shopping to Enhance Growth Possibilities

The increasing focus of retailers towards the implementation of augmented reality (NYSE:AR) and virtual reality (NYSE:VR) technologies will boost the virtual fitting room market trends. As it reduces operating costs without compromising on the shopping experience of the customers, it has become an essential need for retailers to adopt virtual reality (NYSE:VR). The implementation of VR has taken customer engagement to the next level by providing them with virtual tours of the store from their own place. Moreover, with the utilization of VR, retailers are able to offer 3D graphics-rich content instead of a simple 2D banner, which further enhances customer engagement and thus, facilitates the growth of the market.

Request a Sample Copy: https://www.fortunebusinessinsights.com/enquiry/sample/virtual-fitting-room-vfr-market-100322

Growing Adoption of Advanced and Smart technologies to Encourage Expansion in Asia Pacific

Asia Pacific is expected to witness exponential growth during the forecast period owing to the growing initiatives for the adoption of advanced and smart technology. Countries such as Japan, China, and India have huge potential owing to the growing E-commerce trade in the region. North America generated a revenue of USD 872.2 million in 2018 and is expected to reach USD 3,574.1 million by 2026. The increasing implementation of VR will augment the healthy growth of the market in North America.

Some of the Prominent Companies in the Virtual Fitting Room Market Include:

  • Zugara, Inc.
  • 3D-A-PORTER LTD
  • Magic Mirror
  • AstraFit
  • Fit Analytics
  • Visualook
  • ELSE Corp Srl
  • Coitor IT Tech
  • REACTIVE REALITY GMBH
  • Secret Sauce Partners
  • SIZEBAY
  • Virtusize
  • triMirror

Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/virtual-fitting-room-vfr-market-100322

Table of Content:

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • 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)
        • Hardware
        • Software
        • Services
          • Consulting
          • Integration
          • Support and Maintenance
        • By Application (Value)
          • Apparel
          • Eyewear
          • Jewellery and Watches
          • Others
        • By End-User (Value)
          • Physical Store
          • Virtual Store
        • By Region (Value)
          • North America
          • Europe
          • Asia Pacific
          • Middle East and Africa
          • Latin America

Continued..

Request for Customization:

https://www.fortunebusinessinsights.com/enquiry/customization/virtual-fitting-room-vfr-market-100322

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About us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:

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Press Release- https://www.fortunebusinessinsights.com/press-release/virtual-fitting-room-vfr-market-9531

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