Virtual Fitting Room Market Growth Analysis With Investment Opportunities
Virtual Fitting Room Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, July 10, 2024 /EINPresswire.com/ -- The virtual fitting room market3 is experiencing significant growth, projected to expand from $5.13 billion in 2023 to $6.30 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. By 2028, the market is expected to reach $14.18 billion, growing at a CAGR of 22.5%. This growth is driven by the rising popularity of e-commerce, the need to reduce returns, and the push for enhanced brand engagement and omnichannel retail strategies.
E-commerce Expansion Fuels Market Growth
The rapid expansion of e-commerce is a primary driver of the virtual fitting room market. E-commerce, which involves the buying and selling of goods and services over the internet, has seen substantial growth due to its convenience, accessibility, and alignment with changing consumer behaviors. Virtual fitting rooms enhance the e-commerce experience by allowing shoppers to try on clothing virtually, which boosts customer confidence, reduces returns, and improves conversion rates. According to the United States Census Bureau, e-commerce sales in the third quarter of 2023 increased by 7.6% compared to the fourth quarter of 2022, with 15.4% of all sales in the second quarter of 2023 made through online stores. This expansion of e-commerce is driving the demand for virtual fitting rooms.
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Major Players and Market Innovations
Key players in the virtual fitting room market include Zoovu GmbH, Total Immersion S.A., Fashion Fusion AG, Vue.ai Technologies Inc., WearWell Technologies Inc., True Fit Corporation, Visenze Pte. Ltd., Swivel Technologies Inc., and many others. These companies are focusing on innovative advancements to enhance the virtual shopping experience. For instance, Zalando SE introduced a virtual fitting room pilot in April 2023, allowing customers to create a 3D avatar to virtually try on clothing items, particularly jeans. This technology provides a more personalized and convenient shopping experience, reduces return rates, and offers valuable data for retailers to improve their product offerings and inventory management.
Trends Shaping the Market
Several key trends are shaping the virtual fitting room market. These include virtual wardrobe management, mobile-friendly experiences, integration with social media platforms, and enhanced analytics and insights. The shift towards sustainability and consumer preferences for personalization are also driving the market forward. Mobile shopping trends and a supportive regulatory environment are further contributing to the market's growth.
Segments:
• Type: In-Store Virtual Mirrors, App-Based Body Scanners, Sizing Surveys Backed By 3D Body Data
• Component: Hardware, Software, Services
• Application: Apparel, Eyewear, Cosmetic And Beauty Products, Jewelry And Watches, Other Applications
• End User: Brick And Mortar Stores, Virtual/E-Commerce Stores
Geographical Insights: Asia-Pacific Leading the Market
North America was the largest region in the virtual fitting room market in 2023, while Asia-Pacific is expected to be the fastest-growing region during the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Virtual Fitting Room Global Market Report 20242 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Virtual Fitting Room Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on virtual fitting room market size, virtual fitting room market drivers and trends, virtual fitting room market major players, competitors' revenues, market positioning, and market growth across geographies. The virtual fitting room market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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