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(IT-NEWSWIRE.COM, September 03, 2019 ) According to the new market research report "Smart Mirror Market by Application (Automotive, Hospitality & Retail), Automotive Smart Mirror (Type and Functionality), Hospitality & Retail Smart Mirror (Component, Technology, and Augmented Reality), and Region - Global Forecast to 2023", The smart mirror market is expected to grow from USD 2.82 billion by 2018 to USD 4.42 billion by 2023, at a CAGR of 9.41% from 2018 to 2023. The growth of the smart mirror market can be attributed to the increasing demand for smart mirrors in the automotive industry, the transition from traditional stores to digital stores in the retail industry, the presence of a large number of start-ups in the smart mirror market, and new and innovative features of smart mirrors.
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This report covers the smart mirror market based on application—automotive (subsegmented by type and functionality), hospitality and retail (subsegmented by technology, augmented reality feature, and component), and others (subsegmented by component) and region. The market for hospitality and retail is expected to grow at the highest CAGR from 2018 to 2023. Smart mirrors are often used in the retail sector wherein retailers try to catch the interest of potential clients and encourage them for frequent or regular visits. Additionally, they can display useful information, ranging from price and size availability to the fabric used. Smart mirrors allow shoppers to share their shopping experiences on social media. The increasing adoption rate of smart mirrors in North America and Europe for the hospitality and retail sectors is also driving the smart mirror market.
The market for the automotive connected mirrors is expected to grow at a higher CAGR from 2018 to 2023. A connected smart mirror is integrated with various other features to ensure safety and convenience to the drivers while driving. Connected mirrors feature temperature display, Bluetooth and hands-free connectivity, navigation, microphone, and automatic garage openers, among others. These features enhance driver convenience and are easy to operate. Due to these features, the demand for connected mirrors is increasing rapidly.
Browse and in-depth TOC on "Smart Mirror Market"
65 - Tables
43 - Figures
139 - Pages
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Europe is a leading the automotive smart mirror market in terms of market share. The automotive smart mirror market in APAC is expected to grow at the highest CAGR from 2018 to 2023. The projected growth of the market in APAC can be attributed to the increasing adoption of smart mirrors due to the rise in the production of luxury and premium cars in the Indian and Chinese automotive markets. Other the factors contributing to the growth of the automotive smart mirror market include the falling prices of camera technology and increasing demand for advanced features in mirrors for vehicles.
The security concerns associated with the confidentiality of personal data is restraining the growth of the smart mirror market. The tracking function of smart mirrors is not just restricted to the clothing activities around dressing rooms; these mirrors also access other customer information, including their entire purchase history, lighting preferences, and interactions with previous sales associates, along with hundreds of other data points. This personal information is at the risk of being transmitted to unintended receivers, which might eventually cause a security breach.
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Major players in the smart mirror market are Gentex (US), Magna (Canada), Electric Mirror (US), Seura (US), Murakami Kaimeido (Japan), Ficosa (Spain), ALKE (Belgium), ad Notam (Germany), Dension (Hungary), and Keonn (Spain). These players have adopted strategies such as product launch, product developments, collaborations, agreements, and acquisitions to cater to the needs of customers.
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