Westford, USA,, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Europe is projected to continue dominating the virtual fitting room (VFR) market, followed by North America due to its thriving e-commerce sector. This is attributed to the increasing internet penetration and sales of smartphones, along with the growing high-fashion Trend. As a result, apparel merchandisers worldwide are investing significantly in promotional campaigns to increase customer loyalty, gain a competitive advantage, and offer real-time tracking of products. These factors are contributing to the growth of the market. Moreover, the market's growth is driven by the rising demand for virtual try-on solutions across various industries, including fashion, beauty, and home decor.
SkyQuest's research indicates that the global e-commerce industry is expected to grow exponentially, reaching an estimated USD 58.74 trillion by 2028. This clearly indicates the promising outlook for the virtual fitting room (VFR) market. As the e-commerce industry continues to expand, there will be an increasing demand for VFRs to enhance the online shopping experience for customers.
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Browse in-depth TOC on "Virtual Fitting Room (VFR) Market"
- Pages - 242
- Tables - 62
- Figures - 68
Virtual fitting rooms (VFRs) have revolutionized how people shop for accessories, watches, shoes, and clothes. Using a combination of miniature cameras, apps, and login credentials, VFRs allow shoppers to try on different products based on their preferences without leaving the comfort of their homes. Unlike traditional brick-and-mortar outlets, this has resulted in a hassle-free, flexible, engaging, and personalized shopping experience.
Prominent Players in Virtual Fitting Room (VFR) Market
- Else Corp Srl (Italy)
- Fision AG (Switzerland)
- FXGear Inc. (South Korea)
- MemoMi Labs Inc. (US)
- SenseMi ViuBox (Dubai)
- NeXR Technologies SE (Germany)
- My Size Inc. (Israel)
- Magic Mirror LLC (US)
- Zugara Inc. (US)
- Sizebay. (Portugal)
- Shandong Yashe Information Technology Co., Ltd. (Shandong)
- True Fit Corporation (US)
- Reactive Reality AG (Graz, Austria)
Hardware Segment to Garner Tremendous Growth Thanks to Increasing Use of Advanced Hardware Components to Design Advanced Virtual Fitting Room
The virtual fitting room (VFR) market is rapidly growing, and the hardware segment is leading the way in this development. In 2021, the hardware segment had the largest share of the VFR market, and it is projected to continue to dominate the market by 2028. This is because the in-store experience requires high-quality cameras, digital screens, and customized kiosks, as well as the creation of 3D and 2D fashion models. The hardware component of VFR is essential to enhance customers' virtual experiences. The advanced technology used in VFRs allows customers to try on clothes and see how they look without actually wearing them.
The European market has dominated the fashion industry for many years, with several renowned fashion brands based in the region. In 2020, the European virtual fitting room (VFR) market accounted for over 35% of the industry's revenue share, and it is expected to continue in the coming years. In addition to established fashion brands, the European market also benefits from the presence of numerous startups. These smaller, independent companies are encouraged by the region's sizable store base and the availability of a wide range of resources, including skilled labor and advanced technology.
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Virtual Store Segment to Take a Dominant Lead in the Market as It Offers Retailers Scope to Expand Their Operations and Reach Larger Audience
The virtual fitting room (VFR) market has seen remarkable growth recently, with the virtual store segment dominating in 2021. Moreover, this segment is projected to take an even larger lead in the coming years, with experts forecasting significant growth from 2022 to 2028. One of the key factors for the popularity of virtual stores in the VFR market is the appeal of e-commerce websites. Online shopping provides users access to extensive product portfolios, making browsing a wide range of items easy and comparing prices and features. Additionally, e-commerce sites offer simple purchasing processes, which can be completed quickly and conveniently from the comfort of one's home.
The North American market significantly contributed to sales in the virtual fitting room (VFR) market in 2021, with the United States being the primary driving force. The market is poised for even greater growth in the coming years, as the early adoption of simulation technologies is expected to impact regional market growth significantly. Additionally, as more people turn to online shopping as their preferred way of purchasing goods, retailers and fashion companies are increasingly looking to implement cutting-edge technology to stay ahead of the curve.
SkyQuest's report on the virtual fitting room (VFR) market offers a thorough analysis of the industry's landscape, covering various aspects such as key players, market trends, product innovations, and investment strategies. This comprehensive overview allows industry professionals to gain a deeper understanding of the market, enabling them to make informed decisions and stay ahead of the competition.
Key Developments in Virtual Fitting Room (VFR) Market
- Unique Solutions has recently made a strategic acquisition of Intellifit®, a technology company that has revolutionized the apparel industry with its 3D body measurement technology. The acquisition will enable Unique Solutions to expand its capabilities in providing customized fit solutions to its customers. It will also bring strong retail brand partnerships such as Levi's®, Lane Bryant, and Fashion Bug Stores. With the implementation of Intellifit®'s 3D body measurement technology, retail brands have improved offline and online traffic.
- Walmart, one of the world's largest retailers, is set to launch a virtual try-on tool to enhance the online shopping experience for customers. The tool is designed to help shoppers get a more realistic sense of how a clothing item would look on their body without the need to visit a physical store. This innovative tool results from technology developed by Zeekit, a startup that Walmart acquired last year. This technology helps to bridge the gap between online and in-store shopping, providing a more convenient and enjoyable shopping experience for Walmart customers.
- Adobe's Substance 3D solutions, which are designed specifically for the retail and fashion industries, have gained significant momentum in the market with the addition of new high-profile customers such as Amazon, Louis Vuitton, and Burberry. These brands have recognized the potential of Adobe's 3D design ecosystem, which includes five different applications, namely Substance 3D Stager, Sampler, Designer, Painter, and Modeler. As a result, substance 3D solutions have become a game-changer for the creative industries. They enable brands to create hyper-realistic renderings of shoes, accessories, and garments without physically producing samples.
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Key Questions Answered in Virtual Fitting Room (VFR) Market Report
- What segments or sectors are expected to experience significant growth in the coming years, and what factors drive this growth?
- How can companies effectively integrate new technological advancements into their business strategies to maintain a competitive edge in the market?
- What specific economic, social, and political factors drive growth in different regions, and how do they vary between developed and developing countries?
- How do mergers, acquisitions, and partnerships affect competition within the market, and what are some potential risks and benefits for companies involved in these transactions?
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