New York, United States , March 07, 2023 (GLOBE NEWSWIRE) -- The Global Smart Mirror Market Size to grow from USD 6.50 billion in 2021 to USD 15.10 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 11.20% during the forecast period. The growing adoption of advanced smart mirrors in various verticals, especially automotive and retail, is driving the growth of market. Some of the other key factors fueling the growth of smart mirror market include rising adoption of smart mirrors as alternative to convex mirrors for enhanced safety features in automobiles, increasing demand of smart homes, presence of large number of startups, and innovative features of smart mirrors.
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The growing adoption of advanced smart mirrors in various verticals, especially automotive and retail, is driving the growth of market. Some of the other key factors fueling the growth of smart mirror market include rising adoption of smart mirrors as alternative to convex mirrors for enhanced safety features in automobiles, increasing demand of smart homes, presence of large number of startups, and innovative features of smart mirrors.
Overview Market:
A "smart mirror" is a two-way mirror with an embedded smart display that is concealed behind the glass. The user has access to important data like the time, date, day, weather conditions (including humidity, temperature, wind, and others), the calendar, and adding events, among other things, thanks to the built-in smart display. These mirrors also provide current news updates and other information. Standard smart mirrors show information on a smart display, but more advanced versions also have touchscreens, cameras, microphones, speakers, and a variety of sensors. Utilizing microphones, smart mirrors offer voice assistance to improve interaction between users and information sources. Customers can benefit from using a smart mirror since it combines a variety of components, such as the Raspberry Pi 3, or an older Raspberry Pi with a Wi-Fi adapter, a display with HDMI input, a Micro SD card (32GB), an HDMI cable, and the HC-SRO4 ultrasonic distance sensors. A user-friendly interface provided by Smart Mirror makes communication quick and easy. It is a highly developed technological tool that makes rapid and easy image replacement possible. Due to the many benefits, they offer for vehicles with smart features, the demand for smart mirrors is likely to rise during the anticipated period across the automotive industry. Smart mirrors in automotive rearview mirrors offer intelligent solutions. It incorporates a lot of clever features, such as a highly detailed camera. A digital or high-resolution camera helps with traffic updates by assessing the conditions of the back traffic. An LCD monitor that is built inside the device shows pictures taken by the camera. The LCD monitor and mirror are synchronised flawlessly, giving drivers access to real-time information to avoid accidents while driving. Due to a variety of factors, such as environmental concerns, the depletion of fossil fuels, their rising cost, safety concerns, user-friendliness, and others, the market for electric vehicles is growing. Battery electric vehicles (BEVs) are more popular than plug-in electric automobiles. Thus, during the predicted period, the growing electric vehicle industry will boost demand for smart mirrors. Additionally, vanity is becoming more and more important for both corporate and fashion industry professionals, which is why the global fashion and cosmetics sectors are thriving. Each client's personal information can be tracked using brilliant mirrors. These mirrors can monitor customer interactions in a retail environment and monitor everything that is brought into the changing room. Customers routinely bringing products to fitting rooms for early alterations before bringing them to retail outlets may not necessarily mean that the style is well-known among customers, but rather because the fit isn't appropriate for them, according to the Smart Mirror Market. The next capability of astute mirrors goes beyond the clothing-related activities around changing areas; these mirrors can also access other customer data, including their entire purchase history, lighting preferences, and connections with previous business partners, among many other information, focuses.
Browse key industry insights spread across 200 pages with 116 market data tables and figures & charts from the report “Global Smart Mirror Market Size, Share, and COVID-19 Impact Analysis, By Product (Hardware, Software, Services), By Application (Automotive, Healthcare, Residential, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030“ in detail along with the table of contents.
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The Software segment is anticipated to hold the highest CAGR over the forecast period.
On the basis of product, the global smart mirror market is segmented into Hardware, Software, Services. Among these, the software segment is anticipated to hold the highest CAGR over the forecast period. A smart mirror powered by technology has a variety of benefits since it employs software to carry out intelligent operations. By offering the necessary important and up-to-date information, the user can use it as a personal assistant. It also makes use of facial and voice recognition technologies, which can deliver a useful user interface to the fashion and cosmetics sectors.
The Automotive segment to hold the highest market share over the forecast period.
Based on application, the global smart mirror market is segmented into Automotive, Healthcare, Residential, and Others. Among these, the automotive segment to hold the highest market share over the forecast period. The demand for smart mirrors in the worldwide automotive industry is rising as a result of the possible applications of such mirrors in many different types of vehicles. With the aid of a high-resolution digital camera and an LCD Monitor built inside the vehicle, drivers can see traffic from both sides. Roadside disasters can therefore be easily controlled and avoided.
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North America dominates the market with the highest market share over the forecast period.
North America is the main region in the Global Smart Mirror Market. In this sector, early technological adoption makes it simpler to penetrate new markets. The industrial economy recovers along with it. The potential for massive technology-based firms to have a large footprint is another factor propelling the industry. North America is the most developed region in the world in almost every sector, including communication, transportation, healthcare, life sciences, infrastructure, manufacturing, and technology.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Smart Mirror Market include Japan Display, Gentex Corporation, Magna International, Samsung Electronics, Murakami Kaimeido, Perseus Mirrors, Ficosa, Dension, Electric Mirror, and SEURA and Others.
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