With the rapid rise in the popularity of e-commerce, the demand for virtual fitting rooms is growing rapidly across the world. As per the findings of the trade and development body of the United Nations, the United Nations Conference on Trade and Development (UNCTAD), a revenue of $25.6 trillion was generated by total online sales across the world in 2018. Moreover, the revenue generated by online sales grew by nearly 8% from 2017 to 2018.
Furthermore, as per the UNCTAD, the total revenue generated from e-commerce sales in 2018, including the business-to-business (B2B) and the business-to-customer (B2C) sales, was nearly 30% of the global gross domestic product (GDP) of that year. Additionally, according to the findings of the UNCTAD, in 2018, as many as 1.45 billion customers, which was approximately one-quarter of the global population in the age group— 15 years and older, purchased services/products online.
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| Virtual Fitting Room Market Report 2022-2030 |
Besides the aforementioned factor, the increasing usage of mobile phones in various countries is also propelling the demand for virtual fitting rooms. As per the GSM Association, there were nearly 5.2 billion unique mobile phone subscribers across the world by the end of 2019. This number accounted for around 67% of the worldwide population and is predicted to grow to 5.8 billion by 2025. Most of these subscribers will be from Pakistan, China, Nigeria, and India.
Because of the above-mentioned reasons, the popularity of virtual fitting rooms is rising rapidly throughout the world. This is driving the advancement of the global virtual fitting room market. The market value is predicted to grow from $3,128.6 million in 2019 to $19,250.4 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 18.5% from 2020 to 2030. Depending on application, the market is classified into beauty and cosmetics, footwear, apparel, jewelry and watches, and eyewear.
Hence, it is safe to say that the demand for virtual fitting rooms will shoot-up all over the world in the upcoming years, primarily because of the rising digitization in retail operations and the increasing popularity of e-commerce, on account of the surging penetration of the internet and the growing usage of smartphones.
