Virtual Dressing Room Market to Surpass USD 6.81 Billion at a CAGR of 15.21% by 2025 - Report by Market Research Future (MRFR)
New York, Pune, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Virtual Dressing Room Market information by Components, by End User, and Region – forecast to 2027” market size to reach USD 6.81 billion, growing at a compound annual growth rate of 15.21% by 2025.
Virtual dressing rooms are increasingly being used in place of conventional dressing rooms due to their speed and efficiency. The advantages they have are so convincing that dressing rooms will inevitably be replaced by technology. An increasing number of retailers are using digital dressing room technology, which is invaluable for e-commerce because it allows customers to purchase clothes digitally without thinking about fit or appearance. The most significant disadvantage that e-retailers of clothing faced was that customers could not actively judge how the clothes looked on them; however, the advent of virtual dressing rooms is changing that. Vendors can also reduce the repetition of cloth items in their visible inventory, which can now be packed with a variety of items and products. Increasing digitalization is also broadening the customer base, as customers can now digitally try on clothing, increasing sales.
Dominant Key Players on Virtual Dressing Room Market Covered are:
Coitor IT Tech
REACTIVE REALITY GMBH
ELSE Corp srl
True Fit Corporation
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Segmentation of Market Covered in the Research:
The global virtual dressing room market has been segmented into component and end-user.
By component, the global virtual dressing room market has been segmented into solutions and services. The solution segment is leading the market. Virtual dressing rooms must meet the needs of retailers, which can be supermarkets, hypermarkets, stores, or common vendors. Each of them has various needs that can only be met by developing innovative solutions to their problems. The amount of investment they can afford varies as well. It is the most important market in this segment. Services provide customization as well as maintenance for the provided virtual dressing room solutions. This market is dependent on the retailer dynamically adjusting to the changing commercial environment as well as knowing the wants of the customer base.
By end-user, the global virtual dressing room market has been segmented into e-commerce and physical stores. E-commerce is the fastest-growing market within this segment, and it is on its way to being the largest market for clothing sales. The disadvantage has always been the lack of a method for the customer to try on the clothing. This barrier has been fully removed with the introduction of virtual dressing rooms, a reality that e-tailers are well aware of. Physical stores continue to be the largest sellers of clothing items, and in response to growing e-commerce sales of clothing items, they are gradually turning to virtual dressing rooms to compete. Virtual dressing rooms in physical stores are much more elaborate than those available online. This, in turn, is fueling innovation in the industry.
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Region-wise, the global virtual dressing room market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
North America is a very wide market for virtual dressing rooms, with a highly digitalized landscape and a highly competitive retail industry. This region's developed IT industries provide a ready infrastructure for the creation and innovation of virtual dressing rooms.
Europe has a well-developed e-commerce industry as well as a population that is well-versed in key technological innovations. These are the driving forces in the region's virtual dressing room industry.
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COVID-19 Impact on the Global Virtual Dressing Room Market
The COVID-19 pandemic and subsequent stay-at-home regulations have restructured the capabilities of virtual dressing room technology in recent months as a way of restricting mass gatherings to minimize the spread of the virus. During the initial phase, the demand for virtual dressing rooms experienced a dramatic drop as brick-and-mortar stores around the world were temporarily closed down, and online deliveries of non-essential goods were also banned. However, the market is gradually reviving, and physical stores are reopening with the requisite precautions. Brick-and-mortar stores are slowly shifting to online services, as web and mobile apps are more suitable in the present environment because they require little human interaction. As a result, the use of virtual changing rooms is expected to increase as the demand for online purchases rises.
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