The virtual try-on technology market size has surged exponentially in recent years, projected to grow from $7.57 billion in 2023 to $9.59 billion in 2024, at a remarkable compound annual growth rate (CAGR) of 26.6%. This historical growth can be linked to the rise of fashion and retail technology firms, increasing social media platforms, expanded research and development initiatives, increased investment in virtual try-on startups, and the emergence of virtual influencers. Looking ahead, the virtual try-on technology market size is expected to see even more significant growth, reaching $24.72 billion in 2028 with a CAGR of 26.7%. This growth in the forecast period is driven by the evolution of hardware, consumer education and acceptance, increased use of tablets for online shopping, the global expansion of retailers, and shifting consumer behavior. Major trends anticipated during this time include advancements in graphics technology, enhancements in machine learning, improved body scanning capabilities, cross-platform compatibility, and integration with voice assistants.
Global Virtual Try-On Technology Market Key Driver
The rising trend of online shopping is expected to enhance the growth of the virtual try-on technology market. This trend is driven by the convenience of online shopping, the vast selection of products, competitive pricing, and the ability to shop from anywhere at any time. Virtual try-on technology allows customers to visualize products like clothing before purchasing, improving decision-making and reducing return rates. According to the United States Census Bureau, total e-commerce sales reached approximately $1,118.7 billion in 2023, marking a 7.6% increase from 2022, representing 15.4% of total sales. Therefore, the increasing adoption of online shopping is fueling growth in the virtual try-on technology market.
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Global Virtual Try-On Technology Market Segments
The virtual try-on technology market covered in this report is segmented –
1) By Type: Apparel, Footwear, Accessories, Makeup, Jewelry
2) By Technology: Augmented Reality (AR), Virtual Reality (VR), Holographic Projection, 3D Scanning, Machine Learning
3) By Device: Smartphones, Tablets, Laptops, Head-Mounted Displays (HMDs), Holographic Projectors
4) By Application: E-Commerce, Retail Stores, Social Media, Personal Use, Healthcare
By Geography:The regions covered in the virtual try-on technology market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the virtual try-on technology market in 2023.
Major Virtual Try-On Technology Industry Players
Walmart Inc., L'Oreal S.A., Shiseido Company Limited, Coty Inc., Snap Inc., Warby Parker Inc., Grid Dynamics Holdings Inc., Netguru S.A., Perfect Corp Ltd., ModiFace Inc., Bambuser AB, Stylitics Inc., Shopexp Inc., Vue.ai Inc., Banuba Ltd., FittingBox SAS, Queppelin Technologies Pvt. Ltd., Blippar Ltd., Holition Ltd., 3DLook Inc., Webelight Inc., Centaur Media plc, Modern Mirror Inc., Zakeke S.r.l., mirrAR Technologies Inc.
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Virtual Try-On Technology Market Overview
Virtual try-on technology allows users to visualize how products such as clothing, accessories, or cosmetics will look on them through digital simulations. Using augmented reality (AR) or computer vision, it overlays products onto a user's live image or 3D model. This technology enhances online shopping by providing a more interactive and personalized experience.
Virtual Try-On Technology Global Market Report 2023 provides data on the global virtual try-on technology market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The virtual try-on technology market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
