Covid-19 Impact on Virtual Dressing Room Market Analysis by Size, Share, Future Scope, Emerging Trends and Regional Forecast to 2025
The COVID-19 pandemic disruption is estimated to transform the Virtual Dressing Room Market in the years to come drastically, and its after-effects will be persistently seen in the years ahead.
Pune, India – June 17, 2020 /MarketersMedia/ —
The global virtual dressing room market is expected to cross USD 6.81 billion by 2025 at a CAGR of 15.21%.
The crippling effect of the global COVID-19 pandemic has detained the growth potential of the Virtual Dressing Room Market. This MRFR report on the Virtual Dressing Room Market indicates critical pointers that may emerge as growth hubs in the future. Moreover, in-depth data analysis is estimated to offer a clearer growth perspective to market participants.
Segmentation
By Component: The global virtual dressing room maker is divided into solutions and services by component. Of the two, solutions have the larger market size. Solutions are important within the market since every retailer has a specific requirement for virtual dressing rooms along with different investment potential. Their customer base, the preference of their customer base, the amount of capital retailers are ready to invest along with a host of other factors must be considered before a unique virtual dressing room solution can be created for the retailers.
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Services is the smaller market within this segment but is as critical as solution. Services oversee the maintenance and customization of the offered virtual dressing room solutions. In today’s dynamic commercial landscape, shifting customer preferences, the introduction of new products, and the opening of new markets results in a need to customize existing solutions. This is where services come in.
By End User: The E-commerce virtual dressing room market is the fastest growing within this segment due to its affordable pricing, unique solutions, and extreme utility. Cloth retailers of all sizes can now avail of the benefits of the huge e-commerce market and customer base. The advances in logistics ensure that the retailers can market their products to virtually any corner of the globe. The only drawback to the sale of clothing online was the lack of a mechanism to try the clothes on. This impediment is easily removed by virtual dressing rooms, a fact that retailers across the globe are quick to take note of. The physical store virtual dressing room market must increasingly compete with its e-commerce counterpart. Physical stores offer virtual dressing rooms with many factors that are unavailable to e-retailers. This is due to the customization available in the virtual dressing room machines which can range from simple screen outputs to huge screens that monitor the movements of the customer and offer changes in dress size, shape, and color at the behest of the customers.
Regional Analysis
North America: The North American virtual dressing room market is large due to the presence of an established e-retail industry, retail industry, IT industry and high public awareness of the benefits of integrating modern technological solutions to aid with businesses of all sizes.
US: The US is one of the largest consumers of finished goods in the world. It has one of the most advanced e-commerce industry and the presence of a well-established IT sector drives growth as well as innovation in the virtual dressing room market.
Europe: Europe is a highly digitalized region with all sized enterprises having an online presence. The European logistics sector is extremely well developed ensuring a market for a European retailer throughout the countries of the region. This is driving the market.
Germany: Germany has the largest retail industry within Europe with its retailers looking for ways to directly interact with their customer base without the use of intermediary vendors. It also is the headquarters for some of the most prominent virtual dressing room players in the world.
UK: The UK provides a huge market for clothing apparel with the fashion economy based out of London contributing more than GBP 26 billion to the UK in 2014. This industry is finding a direct outlet to its customers due to the advances in virtual dressing rooms.
Asia-Pacific: The Asia-Pacific virtual dressing room market is the fastest-growing regional market. This is due to the developing economies within the region which are increasingly digitizing their inventory and increasing their customer base due to advances in the global logistics industry.
Japan: Japan is a very technological advanced nation with a penchant for introducing and working with new technologies. Their retail sector has some of the most advanced virtual dressing rooms in the world while most of their cloth retailers offer their services online with the aid of virtual dressing rooms.
Key Players
SenseMi
Zugara, Inc.
Coitor IT Tech
REACTIVE REALITY GMBH
Fit Analytics
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