In 2018 and 2023, the total smart mirror market is predicted to grow at a CAGR of 9.41 percent, from USD 1,955.6 million in 2017 to USD 4,420.8 million in 2023. The hotel and retail smart mirror category is predicted to develop at the fastest rate across application segments over the projection period. Smart mirrors are commonly utilised in the retail industry to pique the interest of potential customers and urge them to return on a regular basis. They can also display relevant information, such as pricing and size availability, as well as the cloth used. Shoppers can share their shopping experiences on social media using smart mirrors.
The interior mirror sector is likely to be the most lucrative. The interior smart mirror market in the automotive industry was worth USD 1,249.7 million in 2017 and is predicted to grow at a CAGR of 6.05 percent to USD 2,432.1 million by 2023. Interior auto/self-dimming mirrors are becoming more common in cars and light commercial vehicles.
During the projection period, APAC is predicted to have the highest market growth in the smart mirror market, followed by the APAC region. The increased production of luxury and premium cars in the Indian and Chinese automotive industries is expected to accelerate the use of innovative technology such as smart mirrors. Falling camera technology prices and rising demand for enhanced features in car mirrors are two more reasons driving the growth of the automotive smart mirror market. In comparison to other regions, APAC is a cost-conscious market. Auto/self-dimming mirrors are currently only seen in passenger cars.
A vast number of start-ups are creating smart mirrors for a variety of uses in the smart mirror sector. These businesses are creating products with the goal of improving consumer experiences. The majority of the items are aimed towards specific sectors. HiMirror (US), for example, offers a smart mirror, which is a smart beauty device that also serves as a beauty and health advisor. This mirror has a built-in system and data protection solution, as well as a strong network security system with third-party certification to ensure the user's identity is kept private.
These new businesses are tailoring their products to meet market demands. Memomi Labs (US) manufactures smart mirrors for the fashion, beauty, and eyewear industries. These start-ups serve a variety of industries and are also involved in adding value to client experiences. This driver has a significant impact and is predicted to continue to do so over the projected period.
Users' personal data can be tracked by smart mirrors. These mirrors can track each item taken to the dressing room and keep track of customer experiences in the retail industry. Customers may bring an item to the fitting room for a trial but it may not make it to the point of sale, indicating that the look is popular but the fit is not appropriate for them. Smart mirrors can track more than simply clothing movements around dressing rooms; they can also access other consumer data, such as their whole purchase history, lighting preferences, and interactions with prior sales associates, among hundreds of other things.
This personal information is at danger of being sent to inappropriate recipients, perhaps resulting in a security breach. Rogue devices attempting to engage with an organization's IT infrastructure must be detected. In this data-driven age, where a significant number of linked devices are connected through cloud-based software, misuse of personal data is a major concern. This constraint has a moderate influence right now and will continue to do so in the coming years.
The smart mirror market in APAC has a lot of room for expansion, because to the region's strong economic growth, expanding population, and rapid urbanisation. Smart mirror manufacturers in APAC have a vast consumer base and are seeing a growing trend of smart homes in both developed and developing nations. Smart mirror usage has been boosted by technological developments in the retail industry in Japan and South Korea. As the smart home sector grows in China and Japan, there is a tremendous demand for smart mirror technology for domestic use. Smart mirrors are available from actiMirror (Hong Kong), which uses a Big Data analytics platform.
The price of smart mirrors is now rather high. With the addition of features like augmented reality (AR) and RFID to these mirrors, the expenses rise. A basic smart mirror costs USD 1,000 and can display information on the screen. There are a few firms that can offer smart mirrors for a greater price, but the price is determined by the features; hence, the cost rises as the number of embedded features increases. Smart mirrors are a relatively new notion to audiences from various areas, as well as to end users. Because of the increased use of these mirrors in the automotive and retail industries, mirror manufacturers are anticipated to see a boom in demand.
These products may appear to have a bright future, with big companies around the world working on increasingly inventive smart mirrors and displaying their goods at a number of tech events. It is still an idea for most people. Their application in a variety of industries may contribute to their global popularity. As a result, the lack of user awareness and high costs of smart mirrors offer a significant impediment to the smart mirror market's growth.
Comments
Post a Comment