Smart Mirror Market Will Reach to USD 5.9 billion by 2027

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MarketsandMarkets Presents

Smart Mirror Market Will Reach to USD 5.9 billion
by 2027 Smart Mirror Market by Offering
(Hardware (Displays, Sensors, Cameras), Software,
Services), Application (Automotive (Interior,
Exterior), Hospitality, Retail), Technology,
Installation Type, Sales Channel and Region -
Global Forecast to 2027 https//www.marketsandmar
kets.com/Market-Reports/smart-mirror-market-716223
95.html
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The Smart Mirror Market size is estimated to
be USD 2.7 billion in 2022 and is projected to
reach USD 5.9 billion by 2027, at a CAGR of 16.8
during the forecast period, according to a new
report by MarketsandMarkets. Some of the Key
factors propelling the market growth includes
increasing adoption of advanced mirror
technologies in smart retail, rising demand
electric vehicles, and surging adoption of IoT
devices for home automation. Browse 150 market
data Tables and 64 Figures spread through 201
Pages and in-depth TOC on "Smart Mirror Market by
Offering (Hardware (Displays, Sensors, Cameras),
Software, Services), Application (Automotive
(Interior, Exterior), Hospitality, Retail),
Technology, Installation Type, Sales Channel and
Region - Global Forecast to 2027"
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Display to account for largest market share
within hardware smart mirror market between 2022
and 2027 The market for displays is expected to
account for the largest share between 2022 and
2027. Displays are core parts of smart mirrors
and are available at the highest prices among all
other hardware components. Two major types of
displays are used in smart mirrors with features
such as touchscreen and non-touchscreen displays.
Touchscreen interactive displays are utilized in
retail stores and changing rooms. These
multi-touch mirrors offer a variety of features
such as choosing the product for trial, and
checking its features, price, and availability.
Touchscreen displays also help in adjusting
lighting requirements as per the surrounding
conditions in retail showrooms. Non-touchscreen
displays of smart mirrors only show widgets such
as weather updates, clocks, e-mails, etc.
Non-touchscreen smart mirrors are only utilized
for the display of products in retail stores in
hotels, they are utilized to display information
to guests. Ask PDF Brochure https//www.marketsa
ndmarkets.com/pdfdownloadNew.asp?id71622395 Smar
t mirror market for retail application likely to
witness higher growth rate between 2022 and
2027. The retail segment is projected to grow at
the highest CAGR during the forecast period. The
segment is expected to witness a significant
surge in the adoption of smart mirrors during the
post-pandemic period as the trend in virtual
trials has become the new norm among customers.
Smart mirrors use augmented reality and
artificial intelligence to enable a virtual
shopping experience in person or online. Smart
mirrors, found in various retail stores across
outlets, enable customers to virtually try on
apparel, makeup, and accessories. The rise in
online shopping and the tendency to limit product
contact is fueling growth in virtual dressing
rooms and makeup mirrors. Companies such as Keonn
Technologies, MemoMi, ModiFace, and WANNA are
expanding their digital mirror and virtual
product application offerings to present
consumers with more options and enable higher
sales for retailers.
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The indirect sales channel likely to dominate
smart mirror market by 2027. The indirect sales
channel dominates the smart mirror market and is
expected to continue to hold its dominance by
2027 as most smart mirror manufacturers from
different application segments generate major
sales revenue from the indirect sales channel.
The indirect sales channel comprises a strong
distribution and sales network of smart mirror
manufacturers. Smart mirror manufacturers
operating in the automotive vertical account for
the major share, as players operating in this
market have a high dependency on their sales and
distribution partners. Many offline distribution
channels offer warranties for a longer duration
than online dealers. Besides, offline dealers are
physically present to attend to every minor
complaint of a customer. These brands are happy
to replace the product if the need arises, and
they are always easier to reach. Due to this
reason, the indirect sales channel strategy is
still the most dominant and is likely to witness
a similar trend during the forecast period in
terms of market share. Request Free Sample
Pages https//www.marketsandmarkets.com/requestsa
mpleNew.asp?id71622395 Some of the key players
operating in the smart mirror market include
Gentex Corporation (US), Ficosa (Spain), Seura
Solutions (US), Magna International (Canada),
Japan Display Inc. ("JDI") (Japan), Murakami
Kaimeido (Japan), Harman International Industries
(US), ad notam (Germany), Dension (Hungary), and
Keonn Technologies (Spain) are among the major
players in the smart mirror market.
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Smart mirror market in Asia Pacific is expected
to grow at the highest CAGR during the forecast
period. The market in the Asia Pacific is
expected to grow at the highest CAGR during the
forecast period, which can be attributed to the
increasing demand for the safety of passengers in
automobiles and smart appliances in homes and
retail outlets. Some of the major smart mirror
providers in this region are Japan Display Inc.
(Japan) and Murakami Kaimeido (Japan). Other
factors contributing to the growth of the smart
mirror market in Asia Pacific region include the
falling prices of camera technology and
increasing demand for advanced features in
mirrors for vehicles. The Asia Pacific is a
cost-sensitive market as compared to that in
other regions. Currently, auto/self-dimming
mirrors are majorly used in passenger cars.
However, they are gradually becoming popular in
the lightweight combat vehicle (LCV) market as
well.  Opportunities Transition from
traditional stores to digital stores in retail
industry The retail industry is undergoing a
transformation with digital retailers merging
with physical stores. Companies are embracing new
ways of managing businesses and re-engineering
their ways of connecting with customers. The
retailers are integrating various technologies
such as smart carts, smart mirrors, smart
shelves, and retail robots. This industry is
currently experiencing a rapid transition from
traditional retail stores to advanced digital
retail stores where technology plays a crucial
role in customer engagement and increasing sales
for retailers. Challenges Lack of awareness
about smart mirrors Smart mirrors are a new
concept in the display segment and to the end
users. With the increase in the use of these
mirrors in the automobile and retail industries,
the mirror providers are likely to witness a
surge in popularity in the upcoming years. With
the major companies worldwide working on offering
more innovative smart mirrors and showcasing
their products in a variety of tech events, these
products are likely to witness growth in the
future. Currently, the adoption of smart mirrors
is limited to the high-end segment due to their
high cost.
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