The Latin America, Middle East and Africa Virtual Fitting Room Market would witness market growth of 26.8% CAGR during the forecast period (2023-2030).
Customers have recently been significantly influenced by the growing number of fashion retailers and brands, which will drive the industry. These companies provide their consumers with various features and qualities via virtual fitting rooms that set their offerings apart from those of other market rivals. Few e-retailers provide size suggestion services, which use automated algorithms to propose or recommend the size based on the information clients supply or past preferences. Body scanners help specific online merchants stand out from the crowd of competing designer labels. These body scanning technologies use built-in cameras or webcams, and users must stand at particular distances from the gadgets so that the cameras may scan the body and obtain a reference measurement.
Virtual fitting room solutions are already being used by several well-known fashion firms. For instance, in 2020, the upscale clothing company Gucci released an augmented reality (AR) virtual dressing lens for Snapchat that allowed users to view how the brand's shoes would appear on their feet. To enhance the functionality of its virtual fitting solution, Walmart also purchased the virtual fitting room platform Zeekit and the AR virtual dressing firm Memomi. In collaboration with shops such as ASOS and Adidas, Zeekit has created technology that enables customers to virtually try on clothing before making a purchase. Based on a customer's photographs and measurements, Zeekit builds a virtual body model they may subsequently outfit. The market is expected to increase due to this technology adoption by well-known brands, which is also likely to affect other shops in the industry.
The e-commerce market in Saudi Arabia is poised for further expansion. Saudi Arabians are predicted to have 33.6 million internet users for e-commerce (buying and selling) by 2024, up 42% from 2019. Saudi Arabia has one of the highest rates of smartphone penetration (97%) in the world, more mobile broadband internet subscribers than the majority of developed markets, the tenth-fastest internet speed in the world, and a relatively high proportion of people (72%) who are over the age of 15 and have a bank account. According to estimates, the area's market will expand due to the rising e-commerce business, high smartphone and internet penetration rates across the region, and the increase in the adoption of cutting-edge technology.
The Brazil market dominated the LAMEA Virtual Fitting Room Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $358.7 million by 2030. The Argentina market is exhibiting a CAGR of 27.5% during (2023 - 2030). Additionally, The UAE market would showcase a CAGR of 26.5% during (2023 - 2030).
Based on End-use, the market is segmented into Virtual Store and Physical Store. Based on Component, the market is segmented into Software (Cloud and On-premise), Hardware and Services. Based on Application, the market is segmented into Apparel, Eyewear, Footwear, Beauty & Cosmetic and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Virtual Fitting Room Market is Projected to reach USD 19.1 Billion by 2030, at a CAGR of 23.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Zugara Inc., Sizebay (Bossanova Investimentos), Magic Mirror, Zalando SE (Fision AG), MemoMi Labs Inc. (Walmart Inc.), SenseMI Smart Solutions (Viubox), Else Corp Srl, FXGear Inc., Metail Limited (TAL Apparel), and Snap, Inc. (Fit Analytics).
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