iCrowd Newswire – Aug 4, 2020
Due to the rising integration of advanced technologies, increasing usage of smartphones, and the growing popularity of online shopping, the global virtual fitting room market is expected to generate a revenue of $19,250.4 million in 2030, demonstrating a CAGR of 18.5% between 2020 and 2030. The coronavirus pandemic has caused a massive revenue loss of the virtual fitting room market, on account of the lockdown implemented in many countries to contain the spread of the disease.
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The shutting down of retail stores and shopping malls have halted the progress of the market in 2020. However, despite these setbacks, the growth rate of the market is predicted to pick up in the near future. The rising requirement of safe and secure solutions, especially at the time of the pandemic, is one of the biggest factors driving the advancement of the market. This is due to the fact that these solutions provide the option of trying the products virtually, without visiting the outlets. Additionally, these solutions provide accurate size recommendations so that the customer can get the perfect fit.
The objective of this research includes;
- Historical and the present size of the virtual fitting room market
- Future potential of the market through its forecast for the period 2020– 2030
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the gene therapy market and their service offerings
- Recent strategic developments by the major players in the market
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Beauty and cosmetics, apparel, eyewear, jewelry and watches, and footwear are the main categories under the application segment of the virtual fitting room market. Out of these categories, the apparel one registered the highest growth in the market in 2019. This is ascribed to the rising deployment of virtual fitting rooms by the retailers to reduce the return rates of products, which is generally quite high in e-commerce apparel purchases because of the size issues that occur due to the lack of proper product trials. Moreover, these virtual fitting rooms enhance the overall shopping experience of customers. These are the major factors bolstering the growth of the category.
The research includes detailed analysis of;
Based on Component
Based on Application
- Beauty and Cosmetics
- Jewelry and Watches
Based on End User
- Physical Stores
- E-Commerce Platforms
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