Pune, India, August 19, 2021 (GLOBE NEWSWIRE) – The global virtual equipment market is gaining momentum thanks to the growing integration of augmented reality (AR) technology from leading clothing brands such as Gucci, Louis Vuitton, Burberry, Ralph Lauren, Bloomingdales and Levi’s, to improve their virtual fit solutions. Shopify, for example, mentioned that it is estimated that RA integration will feature a 94% conversion rate. This information is provided by Fortune Business Insights ™ in a report entitled “Virtual Room Market, 2021-2028According to the report, the market size stood at $ 2.979 billion in 2020. It is projected to go from $ 3.50 million in 2021 to $ 12.977 billion in 2028 with a CAGR of 20.6% by 2021 -2028.
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A list of prestigious virtual salon suppliers present in the global market:
- AstraFit (Kiev, Ukraine)
- Else Corp Srl (Milan, Italy)
- FXGear Inc. (Seoul, South Korea)
- Fit Analytics (Snapchat) (Berlin, Germany)
- Fision AG (Zurich, Switzerland)
- Magic Mirror LLC (New York, United States)
- MemoMi Labs Inc. (California, United States)
- Zugara Inc. (California, United States)
- NeXR Technologies SE (Berlin, Germany)
- Sizebay (Coimbra, Portugal)
- My Size Inc. (Israel)
- SenseMi ViuBox (Dubai)
- Shandong Yashe Information Technology Co., Ltd. (Shandong)
- Reactive Reality AG (Graz, Austria)
- True Fit Corporation (Boston, United States)
SCOPE AND SEGMENTATION OF THE REPORT:
|Forecast period||2021 to 2028|
|Forecast period 2021 to 2028 CAGR||20.6%|
|Value projection 2028||$ 12.97 billion|
|Market size in 2020||$ 2.97 million|
|Historical data of||2017 to 2019|
|Number of pages||140|
|Tables, graphs and figures||85|
|Covered segments||Component; Application; End use; and Region|
|Growth drivers||Rapid expansion of online shopping to drive market growth|
|Growing online purchases amid the COVID-19 pandemic will drive market growth|
|Integration of augmented reality to redefine market opportunities|
|Traps and challenges||The inability to physically touch and feel the products can hinder market growth|
COVID-19 pandemic: The temporary shutdown of stores has caused a dramatic demand
The outbreak of the COVID-19 pandemic has increased the application of VR and AR technologies. Government bodies have implemented rules of social distancing and blocking to prevent transmission. This, in turn, has increased the adoption of remote buying and tactless buying techniques. NielsenIQ, for example, mentioned that many companies have improved their online infrastructure to increase transparency and trust amid the pandemic. In addition, the temporary shutdown of brick and mortar stores has forced customers to opt for online shopping to buy clothing. These factors are expected to propel this industry in the midst of the pandemic.
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Garment segment maintained 34.8% To share in 2020: Fortune Business Insights ™
Depending on the applications, the market is divided into clothing, glasses, cosmetics and beauty products, jewelry and watches, among others. Of these, the clothing segment has been maintained 34.8% in terms of virtual equipment room market share in 2020 and will remain at the forefront for years to come. This growth is attributed to the growing focus of several fashion brands, such as Bloomingdales, Adidas and ASOS, to expand their sales in the clothing section.
Our detailed research reports offer comprehensive coverage of the virtual equipment industry, ensuring a deep and holistic understanding of the market. It also provides granular and actionable data. We strive to ensure that you receive the best strategies to increase sales of your products. Our key mission is service orientation. We also conduct extensive primary and secondary research to help you keep up with the latest innovations, regulatory developments, and competitive landscape.
Drivers and restrictions-
Expanding the e-commerce and e-commerce industries to accelerate growth
Online shopping is currently considered an effective alternative to conventional shopping. The expansion of the e-commerce and e-commerce industries is expected to drive the growth of the virtual room equipment market in the coming years. In addition, online retailers are also introducing cutting-edge features such as aspect comparison, screen sharing, and video chat to attract more customers. However, during online shopping, customers cannot touch or feel the product. It can hinder the demand for virtual type equipment.
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North America will dominate supported by the presence of retailers and Players in the fashion industry
Geographically, North America earned $ 1.18 billion in revenue by 2020. Its dominance will be maintained in the near future due to the presence of a large number of e-commerce companies, agents of the fashion industry and retailers in the region. Europe, on the other hand, is likely to generate the second position due to the increase in online shopping in the main countries, such as Italy, France and the United Kingdom. artificial intelligence would help the demand for virtual equipment.
Key players focus on introducing innovative solutions to provide customer satisfaction
The market contains several reputable companies that currently aim to improve customer satisfaction to increase their sales. To do this, they present state-of-the-art solutions so that customers can choose various products without problems of size and others similar. The following are the latest two developments in the industry:
- May 2021: Walmart acquired Zeekit to eliminate important issues, such as unfulfilled expectations and adaptation that customers face while buying clothes online. The latter will help the company to practically test the clothes before buying them, either by selecting from various models or uploading their photos to the platform.
- January 2021: Third Love released The Fitting Room, their latest interactive online editing quiz. It would allow customers to find the best fit for carefully selected underwear and bra.
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Main table of contents for the virtual salons market:
- Definition, by segment
- Research methodology / approach
- Data sources
- Key points
- Market dynamics
- Macro and microeconomic indicators
- Drivers, restrictions, opportunities and trends
- Impact of COVID-19
- Short-term impact
- Long-term impact
- Competition landscape
- Business strategies adopted by major players
- Consolidated SWOT analysis of key players
- Statistics and market share analysis of key players in the global learning management system, 2020
- Key market insights and strategic recommendations
- Company profile (only for 10 key players)
- Key management
- Headquarters, etc.
- Offers / business segments
- Key details (subject to the availability of data in the public domain and / or in payment databases)
- Employee size
- Main financial data
- Past and present income
- Geographical quota
- Share of the business segment
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