The main objective of this report is to define, describe, and forecast the global “Smart Mirror” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to the report, the global smart mirror is projected to grow at a CAGR of 9% over the forecast period of 2018-2024.
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Adoption of advanced driver assistance system (ADAS) promotes growth in Smart Mirror market.
The major factors of the smart mirror market are driven by the surge in adoption of advanced driver assistance system (ADAS). Here the smart mirror plays a major role in providing comfortable driving assistance and safety to the driver. Moreover, the different modes of mirror offer complete rear-view and control over the reflections. Moreover, the rise in demand for connected devices is promoting the growth in this market. Some of the factors such as concerns regarding the confidentiality of private information and the high cost of smart mirrors are restraining the growth of the smart mirror market. On the contrary, the upsurge in the adoption of the smart home is expected to create lucrative growth opportunities for this market. Moreover, the factors boosting the smart mirror market is the growing investment in R&D activities.
Seafolly has launched a ‘Magic Mirror’.
In October 2018 Seafolly has claimed an Australian first: the launch of an interactive smart change room mirror. Known as the ‘Magic Mirror’, it was debut at the brand’s Westfield Bondi Junction on October 17.At the touch of a button, customers can tap into a virtual shopping experience with the interactive mirror. It provided on-screen sizing, color options and a concierge service enabling them to send messages to store staff from the changing room. The technology offered a non-invasive approach to size options, color choices and styling recommendations. Proving popular in Europe and North America amongst millennials, the Solos designed mirror also eliminates the need for manual stock takes, reduces shrinkage of up to 45%, and offers a new 100% stock accuracy in ‘real time’.
The Europe region to contribute the growth of Smart Mirror Market.
Among the geographies, Europe holds the majority of the market share in the smart mirror market followed by the North America region. The wide acceptance of smart mirror in retail, automobiles, and consumer sectors is the major driver for the growth of the smart mirrors market in these regions. This technology is still in the developing stage and at present, it is mostly adopted in the developed regions. Emerging countries like India, China, Brazil, and GCC are expected to be the potential market for the smart mirror market over the years to come.
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The major key players in Smart Mirror Market are Alke, Evervue, Gentex Corp., Magna International Inc., Panasonic, Pro Display, Samsung Electronics Co. Ltd., Seura, Tech2o, and Toshiba Corp.
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