| Source: Fortune Business Insights
Pune, Aug. 13, 2020 (GLOBE NEWSWIRE) — The global virtual fitting room (VFR) 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 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”.
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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.
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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.
Market Driver
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.
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Regional Insights
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.
Competitive Landscape
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.
Industry Developments:
- 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.
List of Key Players Covered in the Virtual Fitting Room Market Report:
- WearFits (Poland, Europe)
- Shandong Yashe Information Technology Co., Ltd.
- liateR. (Netherlands)
- Virtusize (Tokyo, Japan)
- Secret Sauce Partners (Hungary, Europe)
- Coitor It Tech (Tamil Nadu, India)
- AstraFit. (Kiev, Europe)
- Visualook (Murcia, Spain)
- 3D-A-PORTER.(United Kingdom)
- triMirror.( 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)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Virtual Fitting Room Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Hardware
- Software
- Services
- Integration
- Support and Maintenance
- Consulting
- By Application (Value)
- Apparel
- Eyewear
- Jewellery and Watches
- Others (Cosmetics, Accessories etc.)
- By End User (Value)
- Physical Store
- Virtual Store
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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