Virtual fitting room or VFR is a technology that helps the shoppers to try various clothes in a virtual manner. VFR is an imitation of trying apparel similar to the video game version of a changing room. VFR enabled shopping is available for offline stores and e-commerce websites & apps. It offers an incredible perspective of knowing the exclusive choices of each customer and presenting them with the correct options based on their buying patterns & sizes.
Referring to the study, “COVID-19 Impact on Global Virtual Fitting Room Market: By Use (Apparel, Accessories, Eye Wear, Jewelry and Watches, Beauty and Cosmetics and Others); By Component (Hardware, Software and Services); By Application (Physical Store and Virtual Store) and Region –Analysis of Market Size, Share and Trends for 2014 – 2019 and Forecasts to 2030” the key companies operating in the global virtual fitting room market are Virtusize AB, True Fit Corporation, Zugara, Inc., Visualook, Total Immersion, Secret Sauce Partners Inc., Sizebay, Reactive Reality Gmbh, Metail, Fitnect Interactive, Fitle, Imaginate Technologies, Inc., Fit Analytics, Dressformer, Coitor IT Tech, ELSE Corp srl, and 3D-A-PORTER LTD.
Based on component, virtual fitting room market is segmented as hardware, software and services. Hardware includes customized and prefabricated. Software includes platform and software tools. Services include support services, integration services and consulting services. Based on application, market is segmented as eyewear, apparel, beauty & cosmetic, accessories, jewelry & watches and others. In addition, based on end-users, market is segmented as virtual store and physical store.
The virtual fitting room market is driven by increase in focus on research & development (R&D) activities, followed by growth in adoption of advanced technologies and rise in trend of online shopping. However, complexities in real-time control may impact the market. Moreover, rise in number of startups to raise funds and increase in number of partnerships are key opportunities for market.
COVID-19 has become worldwide stress both for human lives and industries across the diverse industry verticals. In this pandemic situation, most consumers favor the web based shopping and online business that contributes to the rise in demand for e-commerce platforms. In upcoming years, the adoption of virtual fitting arrangements is projected to propel with the rising trend of online shopping. With businesses & retail stores gradually more focusing on cost savings and low IT venture, however, the adoption of the virtual fitting room solution is estimated to see minimal implementation in the next two years.
The North-American region holds major share in global virtual fitting room market owing to high penetration of advanced technologies along with fairly high penetration of Internet-based services in the region. The Asian-Pacific and European regions are expected to witness substantial growth rate due to rapid digitalization of retail industry over the forecast period. It is predicted that future of the global market will be optimistic on account of rise in e-commerce penetration coupled with increase in number of smart-phone users during the forecast period. In 2019, the worldwide virtual fitting room market size value was US $2.69 billion, and is likely to reach US $17.82 billion by 2030, registering a CAGR of 19.2% from 2020-2030.
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Ankur Gupta, Head Marketing & Communications