Global Virtual Fitting Room Market – Industry Analysis and Forecast (2019-2027)
Global Virtual Fitting Room Market was valued at US$ 1.8Bn in 2019 and is expected to reach US$ 9.1Bn by 2027, at a CAGR of 22.45% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Global virtual fitting room market is increasing implementation of advanced solutions to offer better shopping experiences to customers is the major growth factor of the market. Additionally, rising need to upsurge conversion rates and minimize returns and exchange rates is also anticipated to drive the growth of the virtual fitting room market globally.
Growing IT spending in the retail industry is also a major factor expected to make new opportunities for the virtual fitting room market. Also, increasing online shopping and growing usage of smartphones are the major factors which are likely to create new opportunities for the growth of the global market during the forecast period.
Based on component, the software segment is expected to grow at the highest rate during the forecast period, because of the increasing e-commerce and also rise in the use of virtual fitting room solutions in physical stores & virtual stores. The software segment is sub-segmented into software tools and platforms.
Region-wise, North America accounts for the major market share, in the Global Virtual Fitting Room Market. Online shopping in North America is the most preferred way of shopping as shoppers do not want to spend more time on selecting clothes from a retail store. The Asia Pacific is anticipated to witness profitable growth in the virtual fitting room market during the forecast period. Willingness to use digital retailing options in the future is highest in the Asia Pacific region. So, the rapid digitalization of the retail industry in the region is contributing to the growth of the virtual fitting room market globally.
Several foremost players operating in the global virtual fitting room market. Metail is one of the major players in the market. Additionally, the company is undertaking various growth strategies to stay competitive in a virtual fitting room market. Metail is undertaking partnership strategies to compete with numerous solution providers. Such as, in May 2017, Metail partnered with Princess Polly, the rapidly growing fashion brand. This partnership aided Metail to enter the Australian market and enabled shoppers to try clothes online.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Virtual Fitting Room Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Virtual Fitting Room Market.
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Scope of Global Virtual Fitting Room Market:
Global Virtual Fitting Room Market, By Component
o Software Tools
o Integration Services
o Support Services
Global Virtual Fitting Room Market, By End User
• Physical Store
• Virtual Store
Global Virtual Fitting Room Market, By Use Case
• Jewelry and Watches
• Beauty and Cosmetics
Global Virtual Fitting Room Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key Players operating in Global Virtual Fitting Room Market
• True Fit
• Total Immersion
• Magic Mirror
• Fit Analytics
• ELSE Corp
• Fision Technologies
• Coitor IT Tech
This Report Is Submitted By : Maximize Market Research Company
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