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Virtual Fitting Room Market Size, Share & Industry Analysis, By Component (Hardware, Software and Services), By Application (Apparel, Eyewear, Jewelery and Watches and Others), By End-User (Physical Store and Virtual Store) and Regional Forecast, 2019-2026

Region : Global | Format: PDF | Report ID: FBI100322

 

KEY MARKET INSIGHTS

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A virtual fitting room is a real-time try-on solution that enables customers to experience instant fit visualization on kiosks, online displays, as well as on mobile platforms. It is a robust solution that assists in encouraging brand awareness while reducing the time to try things in a fitting room at a physical store.


Technology-driven innovation, the overarching socio-economic trends, and the shifts in consumer behavior are pushing brands to leverage virtual fitting solutions and create more appealing retail experiences for their customers. Companies are continually developing new and advance varieties of products, including 3D Draper models, mobile virtual fitting and in-store solutions to enhance the shopping experience of the customers and drive retailers' revenue growth. Thus, the virtual fitting room is beneficial for both retailers and their customers as it increases the correlation between them.


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The adoption of virtual fitting rooms also lowers down the cost associated with the staff and extra area required for changing rooms. Thus, the adoption of virtual fitting rooms is increasing rapidly in the retail industry. Furthermore, the growing availability of advance kiosks and the increasing number of online shopping stores are expected to create lucrative opportunities for the growth of the virtual fitting room market during the forecast period.


MARKET DRIVERS


 “Growing Preference for Online Shopping to Boost Growth”


The virtual fitting room is gaining popularity in online shopping, owing to the ample number of reasons. In online shopping, customers are concern about the size and fitting of the products, which refrains them from purchasing online. For instance, it is observed that, in online shopping, customers return more than 25% of purchased products, with approximately 70% being for the wrong size. Thus, to overcome these problems, retailers are adopting a virtual fitting room in their stores to assist their customers.


Additionally, the rising adoption of smartphones and increasing internet penetration supports the growing trend of online shopping. The traditional retailers are focusing on starting their online store to capture a large volume of customers, which increases the demand for the virtual fitting room apps. Additionally, virtual fitting rooms helps owners in growing their online sales by improving customer experience.


Implementation of AR and VR in E-Tailing to Enable Speedy Expansion”


Retailers are implementing augmented reality (AR) and virtual reality (VR) technologies as it reduces their operating costs without compromising the shopping experience of their customers. AR-enabled devices help customers by providing in-store navigation to find the products of their choice effortlessly. Whereas, the VR is taking customer engagement to the next level by providing them with virtual tours of the store to their place. The application of these technologies enables businesses to grow and increase financial prospects by adopting new marketing techniques. Due to the incorporation of such advanced technologies in the virtual fitting room solutions, retailers can provide 3D graphics-rich content instead of a simple 2D banner. Thus, the rising adoption of advanced technologies is fuelling the virtual fitting market growth.


SEGMENTATION


By Component Analysis


“Software segment is expected to augment the virtual fitting room market during the forecast period”


Based on the component, the market is classified into hardware, software, and services. Among these, the software segment holds the largest market share in 2018 and is expected to continue during the forecast period. This increasing growth of the global virtual fitting room market is mainly owing to the growing adoption of software tools and platforms in the market. Moreover, increasing awareness among retailers to invest in virtual dressing room solutions to reduce inefficiency, inventory cost, and time wastage will enhance the virtual fitting market growth.


The service is expected to be the fastest-growing segment during the forecast period. Along with the software and hardware, the key players are also engaged in providing professional services, including integration, support and maintenance, and consulting services. Among these, consulting services hold the largest market share in the forecast period. The growing retailers' inclination towards understanding customer preference regarding various types of virtual fitting solutions is boosting the demand for consultant services.


By Application Analysis


“Apparel Segment to Account for the Largest Market Share During the Forecast Period.”


By application, the virtual fitting room market has been segmented into the apparel, eyewear, jewelery and watches and others. The apparel segment holds the largest share in the global virtual fitting room market owing to the rising preference for trying numerous outfits using the virtual room to reduce the purchasing time. Furthermore, virtual fitting rooms lower downs sunk costs as it reduces the number of damaged garments compared to retail fitting rooms.


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The jewelery and watches segment is expected to exhibit the highest CAGR during the forecast period owing to the growing trend of fashionable ornaments and watches. Additionally, jewelers are adopting advanced virtual fitting solutions to increase customer engagement and retention. Also, growing popularity of smartwatches and increasing adoption of watches in the fitness industry supports market growth.


By End-User Analysis


“Physical Store segment accounts for the largest market share during the forecast period.”


By the end-user, the virtual fitting room market is divided into the physical store and virtual store segments. The physical store segment holds the largest share in the global virtual fitting room market owing to the customer preference to assure the product quality before purchase. Additionally, the rapid adoption of 3D image mirrors in physical stores is accelerating the growth of the global virtual fitting room market.


The virtual store segment to exhibit a high growth rate during the forecast period owing to an increase in the number of smart devices and the growing trend of online shopping. Furthermore, retailers are moving towards virtual stores as it reduces the cost of infrastructure.


REGIONAL ANALYSIS


The virtual fitting room market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. These regions are further categorized into various countries.


North America is projected to augment the market during the forecast period. In 2018, North America generated a revenue of USD 872.2 million and is expected to reach up to USD 3,574.1 million by 2026. The retailers in this region are implementing virtual fitting rooms for reducing operational expenditures and increasing customer’s comfort. In North America, the US holds the largest market share owing to the rapid growth of the e-commerce industry.


North America Virtual fitting room Market Size, 2018 (USD Million)

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Europe holds the second-largest market share and is expected to grow at a remarkable CAGR during the forecast period. Increasing investment by retailers in research and development activities is uplifting the virtual fitting room market share in the region.


Asia Pacific is positioned to be the fastest-growing region in the global virtual fitting room market in terms of CAGR. Increasing initiatives by retailers for the adoption of advanced and smart technology in E-tailing will boost the virtual fitting room market trends. Countries such as Japan and China have a vast range of e-commerce customer data, so the scope for the virtual fitting room is high in this region.


INDUSTRY KEY PLAYERS


“High Investment by Key Players including Zugara, Inc., AstraFit, and  3D-A-PORTER LTD to Strengthen their Market Position.”


Zugara offers virtual fitting room technology, including Webcam Social Shopper (WSS) for web, WSS for kiosk, WSS for instore. The company’s virtual fitting room software works with regular webcams and Kinect. Zugara also offers specialized tablet integration for its Kiosk software. Its virtual dressing room technology helps clients in social sharing and analytics to increase purchase intent.                            


AstraFit provides a fitting technology platform to offer an intelligent and personalized approach to increase business. Along with virtual fitting rooms solution, this platform also offers mass personalization, omnichannel customer experience, and CRM reports. It provides the visual fitting room solution worldwide with offices in the US, Cyprus, Kiev, Europe. The company strives to grow its partnership network by helping other companies to add meaningful revenue streams.


3D-A-PORTER LTD is actively participating in the virtual fitting room market by providing various types of 3D applications, including  3D body scanning, 3D pattern visualization software, 3D virtual try-on, and 3D magic mirrors. The company offers these solutions to fashion brands and uniform manufacturers. 3D-A-PORTER is striving to get funding from large enterprises to broaden its marketing efforts and accelerate growth.


LIST OF KEY COMPANIES COVERED:



  • 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 


REPORT COVERAGE


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The report offers an elaborative analysis of numerous factors affecting the global virtual fitting room market. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as component, application, and end-user. It strategically analyzes several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry.


Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Component



  • Hardware

  • Software

  • Services

    • Integration

    • Support and Maintenance

    • Consulting





By Application



  • Apparel

  • Eyewear

  • Jewelery and watches

  • Others



By End-User



  • Physical Store

  • Virtual Store



By Region



  • North America (The US and Canada)

  • Europe (UK, Germany, France, Italy and Rest of Europe)

  • Asia Pacific (China, Japan, India, Singapore, Russia and Rest of Asia Pacific)

  • The Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)

  • Latin America (Mexico, Brazil and Rest of Latin America)



INDUSTRY DEVELOPMENT



  • February 2019 – NexTech AR Solutions introduced ‘Try-It-On’ AR technology for online retail, which is sentiment-based technology solutions. The company developed ‘Try-It-On’ for its web-enabled AR eCommerce platform and site optimization. The new solution utilizes facial tracking capabilities and AI-assisted computer vision technology to provide a realistic experience to the customers.

  • December 2018 – Biba, Indian online shopping company partnered with AstraFit to utilize its virtual dressing room platform to launch the next-generation solution for fit, size and personalization in  India. This partnership increased Biba's conversion rate and boosted its revenue by 5% within the first two months of integration.


Frequently Asked Questions

As per our (Fortune Business Insights) study, the market is predicted to reach USD 10.75 Billion by 2026 with a CAGR of 22.0% (2019 -2026).

As per our study, retailers are more inclined towards virtual fitting rooms solutions. Currently (in 2019), the market value at USD 2.67 Billion, and it is anticipated to grow at a CAGR of 22.0% (2019 -2026).

Globally, spending on the virtual fitting room is increasing each year. For instance, North America generated a revenue of USD 872.2 million in 2018 and is expected to create a remarkable revenue share by 2026.

In the virtual fitting room market, apparel is the leading application segment owing to the rising preference for trying numerous outfits using the virtual room to reduce the purchasing time.

Some of the driving factors for the virtual fitting room market are the rising adoption of advanced technologies such as AR and VR to provide enhanced customer experience and the growing trend of online shopping.

In the virtual fitting room market, some of the key players 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, and triMirror.

North America is expected to hold the highest market share owing to the growing adoption of virtual dressing solutions among retail vendors to reduce operational expenditures and increasing customer’s comfort.

The apparel segment is likely to generate the highest revenue during the forecast period owing to the growing trend of online shopping.

The physical store segment is expected to lead the virtual fitting room market owing to the growing concept of virtual business as it requires less capital and the increasing popularity of 3D image mirror.

Virtual Fitting Room (VFR) Market Size, Share and Global Industry Trend Forecast till 2026
  • Jan, 2020
  • 2018
  • 2015-2017
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