Global markets for virtual fitting rooms growing, says report
By Retail4Growth Bureau | July 24, 2023
A report by Research and Markets on the global market for Virtual Fitting Rooms was estimated at US$7.9 billion in the year 2022 and is projected to reach a revised size of US$26.1 billion by 2030, with the US market valued at $2.3 billion and China trailing with an impressive 15.4% over the analysis period 2022 to 2030.
The global market for Virtual Fitting Rooms estimated at US$7.9 Billion in the year 2022, is projected to reach a revised size of US$26.1 Billion by 2030, growing at a CAGR of 16.1% over the analysis period 2022-2030, according to a research report by Research and Markets.
It says, Software, one of the segments analyzed in the report, is projected to record 18.9% CAGR and reach US$13.5 Billion by the end of the analysis period.Taking into account the ongoing post pandemic recovery, growth in the Hardware segment is readjusted to a revised 12.4% CAGR for the next 8-year period.
The U.S. market is estimated at $2.3 billion, while China is forecast to grow at 15.4% CAGR
The Virtual Fitting Rooms market in the U.S. is estimated at US$2.3 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$4.5 Billion by the year 2030 trailing a CAGR of 15.4% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.3% and 12.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 8.3% CAGR.