[139 Pages Report] The smart mirror
market was valued at USD 1.96 billion in 2017 and projected to reach USD 4.42
billion by 2023, at a CAGR of 9.41% during the forecast period. The base year considered
for the study is 2017, and the forecast period is 2018–2023.
Major
drivers for the growth of smart
mirror market are 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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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.
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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Analyst:
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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Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
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