Dallas, Feb. 08, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global smart mirror market is expected to grow from USD 2.20 billion in 2020 to USD 7.42 billion by 2028, at a CAGR of 17.2% during the forecast period 2021-2028.
The smart mirror technology can transform the retail industry by enhancing the customer experience to the next level. The smart mirror uses the combination of a variety of advanced technologies such as artificial intelligence, gesture recognition, and augmented reality. By combining these technologies in the smart mirror, smart mirrors can superpose clothing on the image. The smart mirror can allow to change and try the cloth in a matter of seconds. In addition to this, these mirrors also help the owner to understand customer behaviour. Thus, increasing demand for smart mirrors in the retail industry to enhance the customer experience driving the growth of the market.
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The smart mirror refers to the two-way glass mirror with an electronic display behind the glass. This display is used to show the different kinds of information, including news updates, weather, date, and time. These mirrors are generally suitable for busy individuals who want multitask while staying up-to-date. The two-way glass is used for the design of the smart mirror, which enables the graphics on display visible and clear. Smart mirrors at the commercial places can help the owners to know the customers better by analyzing consumer behaviour. Some of the high-end smart mirrors can also be able to interact and feature a touch screen display.
Global smart mirror market is witnessing a rapid growth owing to increasing demand for smart mirrors at the commercial places and offices. Rising adoption of the smart mirrors in the retail industry to enhance the consumer experience, boosting the growth of the market. In addition to this, increasing trend to integrate smart mirrors in the automobile to enhance the safety and security, further propelling the growth of the global smart mirror market. However, increasing security and data privacy concern as the smart mirrors track the personal information, could limit the growth of the market. Moreover, high prices of these smart mirror are too high, also hamper the market growth over the forecast period.
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Major players in the global smart mirror market are Japan Display Inc., Samsung Electronics, Perseus Mirrors, Gentex, Magna International Inc., Electric Mirror, Seura, Ficosa, ALKE, Ad Notam, Dension, and Keonn among others. The key players of global smart mirror market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry.
• In July 2018, Japan Display Inc. announced the launch of IoT mirror which can change to full size or the partial size and can control via voice command to provide the updates such time, date, weather condition, schedule etc.
• In March 2019, Ficosa announced the partnership with the Panasonic to develop the smart rear-view mirror with electronic toll collection for new BMW X5 in Japan.
The software segment is anticipated to grow at the highest CAGR of 17.5% over the forecast period
The technology segment is divided into hardware, software, and services. The software segment is anticipated to grow at the highest CAGR of 17.5% over the forecast period. Increasing integration of additional features in the smart mirror is likely to drive the growth of the software segment over the forecast period. In addition to this, rising customization in the smart mirror technology also boosting the market growth.
The automotive segment dominated the global smart mirror market and valued at USD 1.43 billion in the year 2020
The application segment is classified into automotive, hospitality & retail, smart homes, healthcare, and others. The automotive segment dominated the global smart mirror market and valued at USD 1.43 billion in the year 2020. The growth is mainly due to the rising adoption of the smart mirror in the automotive industry. Increasing concern over the safety and security in the vehicle, boosting the adoption of smart mirrors in the automotive sector. Furthermore, rising demand for enhancement of overall driving experience in the vehicle also propelling the growth of the market over the forecast period.
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Regional Segment Analysis of the Smart Mirror Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Europe region dominated the global smart mirror market and valued at USD 856.20 million in the year 2020. The rising adoption of smart mirror technology in the automotive sector is one of the key contributing factors for the growth of the market in the European region. In addition to this, increasing trend to install smart mirrors in commercial places such as malls, shopping centres, beauty salons, and hotels across Europe, further boosting the growth of the market. Germany, Italy, and the UK are some of the important countries for the growth of the market in the European region. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR of 17.5% over the forecast period. The rising awareness about the smart technologies among the consumers is one of the key factor propelling the growth of the market in the Asia Pacific region.
About the report:
The global smart mirror market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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