The global virtual fitting room market generated a revenue of $3,128.6 million in 2019 and is predicted to reach a valuation of $19,250.4 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 18.5% between 2020 and 2030. The rising popularity of online shopping, the increasing utilization of smartphones, and the soaring usage of advanced technologies and solutions by retailers for expanding their customer base are the main growth drivers of the market.
The rising penetration of the internet and smartphones is boosting the popularity of online shopping around the world. As per the UNCTAD, which is the United Nation’s trade and development body, online sales generated a revenue of $25.6 trillion in 2018, which was a rise of around 8% from the previous year’s revenue. Furthermore, the total e-commerce sales revenue, that included business-to-business (B2B) and business-to-customer (B2C) sales, was nearly 30% of the worldwide gross domestic product (GDP) in that year.
Additionally, the organization found that in 2018, as many as 1.45 billion persons, that is nearly one-quarter of the global population of people in the age bracket- 15 and older, purchased services/products online, recording around 9% rise from the number of online shoppers in 2017. Out of all the other countries, China had the largest population of e-commerce shoppers (nearly 610 million) in that year. These factors are propelling the advancement of the virtual fitting room market across the globe.
Another major factor driving the progress of the market is the increasing usage of mobile phones across the world. As per the GSM Association, there were nearly 5.2 billion unique smartphone subscribers all over the globe at the end of 2019. This number was almost 67% of the worldwide population. Moreover, this number is predicted to grow to 5.8 billion by 2025 or 70% of the total population of the world in that year.
Depending on application, the virtual fitting room market is classified into beauty and cosmetics, apparel, footwear, eyewear, and jewelry and watches. Out of these, the apparel category recorded the highest market growth in the past. This was because of the existence of a large population of shoppers who purchased apparel through various e-commerce platforms. Because of this reason, virtual fitting rooms were used extensively by retailers as customers usually have doubts regarding the sizes of the apparel bought online.
Geographically, the virtual fitting room market would register the fastest growth in Asia-Pacific (APAC) in the future, as per the estimates of the market research firm, P&S Intelligence. This is credited to the rapid digitization of operations in the retail industry and the subsequent rise in the popularity of digital retailing solutions across the region. Furthermore, in Japan and China, the number of online shoppers is increasing rapidly, which is, in turn, fueling the demand for virtual fitting room solutions.
Hence, it can be said with surety that the market would demonstrate huge expansion across the globe in the upcoming years, mainly because of the rising popularity of online shopping and e-commerce all over the world.
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