New York, USA, May 29, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Smart Mirrors Market Information by Component, Application, and Region - Forecast till 2030”. Smart Mirrors Market could thrive at a rate of 8.51% between 2022 and 2030. The market size will be reaching around USD 8.91 Billion by the end of the year 2030.
Smart Mirrors Market Overview:
Smart mirrors are an innovative technological advancement in the mirror industry that enables users to view information such as weather updates, news, and social media notifications while looking at their reflection. Smart mirrors are integrated with various technologies such as voice recognition, facial recognition, and artificial intelligence to provide a unique and personalized experience to users.
The primary application of smart mirrors is in the retail and hospitality industries, where they are used to enhance the customer experience. In retail, smart mirrors enable customers to virtually try on clothes and accessories, while in hospitality, smart mirrors provide information about nearby tourist attractions, weather updates, and local events.
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Market Competitive Landscape:
The affluent companies in the Smart Mirrors industry include
- Perseus Mirrors
- Samsung Electronics
- Electric Mirror
- Japan Display Inc
- Magna International Inc
- Gentex
- Seura
- Ficosa
- ALKEDension
Industry News- May 2021
LG Electronics announced the launch of its latest smart mirror, LG Objet Collection, in South Korea. The LG Objet Collection is a premium smart mirror that features a high-quality display, voice recognition technology, and a variety of customization options, including different frame designs and colors.
Scope of the Report - Smart Mirrors Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 8.91 Billion |
| CAGR during 2022-2030 | 8.51% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | High development potential, principally determined by solid financial development. |
| Key Market Dynamics | An individual associate with a facial acknowledgment permits clients to prepare by informing a daily schedule for them on screen. |
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Market USP Covered:
Market Drivers:
The increasing adoption of smart mirrors in the retail and hospitality industries is one of the key drivers of the smart mirrors market. Smart mirrors enhance the customer experience by providing personalized recommendations, virtual try-on experiences, and easy access to information, which can ultimately drive sales and customer loyalty. Additionally, the growing trend of smart homes and the increasing demand for connected devices is also fueling the growth of the smart mirrors market.
Market Restraints:
The high cost of smart mirrors and the limited awareness of their benefits among consumers are some of the factors that are hindering the growth of the smart mirrors market. The high cost of smart mirrors makes them unaffordable for many consumers, while the limited awareness of their benefits makes it difficult for retailers and hospitality businesses to justify the investment.
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COVID 19 Analysis:
The COVID-19 pandemic has had a mixed impact on the smart mirrors market. While the closure of physical stores and the decrease in tourism have negatively impacted the market, the increasing adoption of e-commerce and the growing trend of virtual try-ons have created new opportunities for the smart mirrors market. Post-COVID, the demand for smart mirrors is expected to increase as retailers and hospitality businesses look for innovative ways to enhance the customer experience and drive sales.
Market Segmentation
- By Component- The Components in the market include Hardware, Software.
- By Application- By Application, the segment includes Healthcare, Residential, Automotive, Retail & Advertising, Others
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Regional Insights
In North America, the market is expected to be dominated by the increasing adoption of smart homes and the presence of major smart mirror manufacturers in the region. Consumers in North America are increasingly looking for innovative and technologically advanced products to enhance their homes, and smart mirrors are a popular choice due to their ability to offer a range of features such as built-in lighting, voice control, and even health monitoring. In addition, the region has a highly developed retail infrastructure, which provides significant opportunities for smart mirror manufacturers to showcase their products and reach a wide audience.
In Europe, the smart mirrors market is expected to witness significant growth due to the growing trend of smart retail and the increasing adoption of connected devices. The region has a highly developed retail sector, with many businesses looking to incorporate innovative technologies such as smart mirrors to enhance the customer experience and drive sales. Additionally, the European Union's General Data Protection Regulation (GDPR) has led to a greater emphasis on data privacy and security, which has resulted in a growing demand for secure and encrypted smart mirror solutions.
The Asia Pacific region is also expected to witness growth in the smart mirrors market due to the increasing demand for smart homes and the growing retail and hospitality industries in the region. The region has a large and rapidly growing population, which is increasingly embracing new technologies and looking for innovative ways to enhance their lives. In addition, the region has a highly developed retail and hospitality sector, which provides significant opportunities for smart mirror manufacturers to showcase their products and reach a wide audience.
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