According to the Market Statsville Group (MSG), the global smart mirror market size was USD 2.3 billion in 2021 and is estimated to reach USD 6.2 billion by 2030, at a CAGR of 11.2% from 2022 to 2030. An increase in the adoption of smart mirrors in the automotive sector majorly drives the growth of the global smart mirror market. Additionally, the rise in demand for connected devices and the transition to digital stores in the retail industry boost the market growth. However, the high initial cost and security concerns of private information impede the growth of this market. In contrast, an increase in the adoption of smart homes coupled with advances in industry 4.0 is likely to create a lucrative opportunities for the major players in the smart mirror market.
A smart mirror is an advanced mirror that comes with technologies such as cameras, displays, sensors, and connectivity equipment. These mirrors are mainly used in various industry verticals such as retail, residential, healthcare, automotive, etc. The smart mirror's function can differ depending on its utility.
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In recent years, connected devices, such as smart televisions at home, connected car dashboards & infotainment systems, and devices in hospital rooms, have increased considerably. For instance, erstwhile, people had access to either PC or laptop. However, consumers can opt for all connected devices such as laptops, smartphones, smartwatches, or tablets due to the improved interconnectivity of devices. This has significantly increased the number of active users. Thus, the majority of smart mirrors are connected via various connectivity technologies and can be utilized with the growing demand for autonomous vehicles and smart homes. All these factors considerably contribute toward the growth of the smart mirror market.
Smart mirror devices can store personal user information. For instance, customers in retail stores provide with personal details such as name and contact information, which the retailer can use for unethical purposes.
This will lead to breach in the confidentiality of personal data. Hence, security of private information impedes the growth of the smart mirror market.
The study categorizes the smart mirror market based on component and end-users at the regional and global levels.
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Based on component, the global smart mirror market is divided into software, services, and hardware. In 2021, the hardware segment had the largest market share of 61.0% in the global smart mirror market. Based on component, the hardware segment is categorized into sensors, displays cameras, audio systems, and connectivity. Each of them may differ according to the end-users they are used in. For instance, a smart mirror used in automotive sector may not necessarily have audio system incorporated, whereas a smart mirror in a residential sector contains an audio system. Sensors include RFID sensors, touch sensors, facial recognition sensors, voice recognition sensors, and others. Connectivity solutions consist of Wi-Fi, Bluetooth, and other connectivity components.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global smart mirror market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 12.1% in the global smart mirror market during the forecast period. Countries such as China, India, and Japan are majorly influencing the smart mirror market in the Asia-Pacific region. The transition of traditional stores into digital stores in the retail industry and concepts such as smart clothing, which includes smart shelf, smart mirrors, and smart hangers create lucrative growth opportunities for the smart mirror market in this region.
Artificial intelligence is playing a critical role in revolutionizing the shopping experience with the help of algorithms used for tracking, analyzing, and satisfying customer needs. For instance, shoppers in Guangdong province in China are among the first group to experience smart clothing with the help of intelligent fitting room in fashion outlets such as Jack & Jones and Vero Moda. The intelligent fitting room uses facial recognition and allows customers to view themselves in the clothes they pick.
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Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the global market are: