Virtual Fitting Room Market To Generate Over $18,000.0 Million Revenue by 2030
The global virtual fitting room market revenue stood at $3,128.6 million in 2019, and it is predicted to rise to $19,250.4 million by 2030. Furthermore, the market will progress at a CAGR of 18.5% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the growing popularity of online shopping, increasing penetration of smartphones, and soaring use of advanced technologies by retailers to expand their customer pool.
With the rising penetration of the internet, the e-commerce industry is exhibiting huge expansion. As per the World Bank, around 49.0% of the total population across the world had access to the internet in 2017. Furthermore, as per the observations of the United Nations Conference on Trade and Development (UNCTAD), in 2018, online sales generated a revenue of $25.6 trillion, which was 8% higher than the number reported in 2017.
The organization also reported that that the revenue generated by e-commerce sales, including business-to-business (B2 and business-to-consumer (B2C) sales, was around 30% of the year’s global gross domestic product (GDP). Additionally, 1.45 billion customers, which accounted for nearly one-quarter of the global population aged 15 and older, bought services/products online in 2018, registering an increment of around 9% from the total number of online shoppers in 2017. Out of all countries, the highest number of these shoppers (610 million) resided in China.
Apart from the increasing internet penetration, the mushrooming population of smartphone users across the world is also responsible for the expansion of the e-commerce industry, which is, in turn, fueling the growth of the virtual fitting room market. Depending on application, the market is divided into eyewear, beauty and cosmetics, apparel, jewelry and watches, and footwear. Out of these, the apparel category dominated the market in 2019. This is ascribed to the fact that there are numerous shoppers who buy apparel via e-commerce platforms. However, the product return rate is quite high, on account of the unavailability of product trials and size issues.
Owing to this reason, retailers are increasingly adopting virtual fitting room solutions, as these solutions enable them to provide an improved shopping experience to customers and reduce the return rate of products. Geographically, North America contributed the highest revenue to the virtual fitting room market in 2019. This is credited to the large-scale use of advanced technologies, such as virtual reality (VR) and augmented reality (AR), in the U.S. Currently, AR solutions are offering in-store navigation, which is assisting customers in finding products easily via apps.
On the other hand, the Asia-Pacific (APAC) region is predicted to be the fastest growing region in the virtual fitting room market during the forecast period. This is attributed to the increasing digitization rate in the retail industry and the growing adoption of digital retailing solutions by customers in the region. Additionally, regional countries, such as Japan and China are home to a large online shopper base. Hence, the increasing penetration of e-commerce and mushrooming number of smartphone users are boosting the need for virtual fitting rooms in the region.
Hence, it is safe to say that the market will register considerable growth in the coming years, primarily because of the surge in the e-commerce industry, owing to the rising penetration of the internet, increasing number of smartphone users, and soaring popularity of online shopping all over the world.
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