Smart Mirror Market Size, Share, Opportunities, And Trends By Type (Wall-Mounted (Fixed), Free-Standing), By Application (Automotive, Hospitality And Retail, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Mar 2023
- Report Code : KSI061614487
- Pages : 145
A smart mirror refers to a virtual device that operates using advanced artificial intelligence software and has the ability to customize and display any information. Smart mirrors are often accompanied by an inbuilt display board. The first smart mirror prototype was developed in 2016 by an engineer at Google and within a few years of its invention, smart mirrors underwent massive development to be applied to the retail and automotive sectors. Smart mirrors are used in retail stores to enhance customer service and experience whereas, in the automotive sector, they are used to offer a switching option between a mirror and a screen to the drivers. Smart mirrors can be manufactured in varying sizes with different customized applications to meet the requirements of the customers. Considering that the smart mirror market is in the initial phase of its business cycle and the speed of its evolution, it can be anticipated that the smart mirror market will experience a boom due to its untapped potential over the forecasted period.
- The adoption of smart rearview mirrors in the automotive industry
The automotive industry is quickly adopting smart mirrors in its products by using them as rearview mirrors. As compared to normal rearview mirrors, smart rearview mirrors have the potential of offering a wider and more panoramic camera angle. This allows the driver to have a better understanding of the car's surroundings and helps ensure the safety of the passengers. Ford, an international automobile company, has already adopted the use of smart mirrors in its van manufacture. In addition to this, other leading like Land Rover have also announced their plan to inculcate smart mirrors in their future products. In some cases, the presence of a rear wheel and the length of a car could obstruct the view of the rear mirror. In situations like this, smart mirrors help provide clearer live footage of the rear side of the car's surroundings. Apart from the benefit of the better view offered by the smart rearview mirrors, they also allow the user to connect and display their phones onto the mirror by prior connection.
The increasing adoption of smart technology in everyday gadgets and the rapid advancements in AI technology are key factors driving demand for the smart mirror market.
Machine learning algorithms and artificial intelligence software are progressing at exponential speed to facilitate the adoption of smart devices. This has encouraged the development and expansion of the smart mirror market. Smart devices are gaining importance due to their convenience and time-saving nature. Therefore, considering progressions in the technological aspect of gadgets, it can be expected that the market forces will stimulate the smart mirror market to swiftly expand its market over the forecasted years.
The higher cost and power consumption rates of smart mirrors could potentially slow down the growth of the smart mirror market.
As smart mirrors were recently introduced to the global markets, they require high levels of investment and power consumption for operation. With reference to the consumption side of the smart mirror market, companies operating with higher profit margins can easily adopt these latest technological advancements to derive better profits; however small and medium-sized companies cannot afford to invest such large amounts into smart mirrors. After the initial investment, they might have to incur additional expenses to match its high electricity consumption and maintenance issues related to the smart mirrors. Since the smart mirror technology is in its initial stage, there might be performance and connectivity issues with the smart mirrors which could add on to the expenses. However, further research and innovations in the smart mirror market have the potential to overcome these limitations and draw the smart mirror market into further expansion.
- In January 2023, Vestel Electronics Company manufactured a hybrid smart mirror named Hangout which has the combined features and functions of both a smart mirror and smart TV.
- Vyking Company, a start-up specializing in virtual reality, has inaugurated a new VR smart mirror which allows customers to try footwear products virtually either at the store or its advertisement window or billboard displays on 15 February 2023.
- In May 2022, H&M group, a clothing retail store installed smart mirrors in their Cos US stores to enhance the in-store experience of the customers by using technologically advanced shopping features.
North America is expected a prominent market share in the smart mirror market due to the presence of technological core in the USA.
A large proportion of technology-based enterprises in the USA, in particular, Gentex Corporation, Aegis Technologies, Harman International, MetroClick, and Mirrocool have contributed to the market share in the North American smart mirror market. In addition to this, a large segment of the AI market comes from giant corporations such as IBM, Microsoft, and Google which could be a driving factor of new software developments to be applied in smart mirrors. The abundance of technological expertise in the USA will promote the North American smart mirror market. Therefore, considering these factors, it can be expected that the North American geographic segment of the smart mirror market will play a major role in shaping and expanding the global smart mirror market.
Key Market Segments:
- By Type
- Wall-Mounted (Fixed)
- By Application
- Hospitality and Retail
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- South Africa
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL SMART MIRROR MARKET, BY TYPE
5.2. Wall-Mounted (Fixed)
6. GLOBAL SMART MIRROR MARKET, BY APPLICATION
6.3. Hospitality and Retail
7. GLOBAL SMART MIRROR MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East And Africa
7.5.1. Saudi Arabia
7.5.3. South Africa
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Gentex Corporation
9.2. Ficosa Internacional SA
9.3. Aegis Technologies
9.4. HILO Solutions, Inc.
9.5. Ad notam (SMART MIRROR)
9.7. HARMAN International
Ficosa Internacional SA
HILO Solutions, Inc.
Ad notam (SMART MIRROR)
|Report Name||Published Month||Get Sample PDF|
|Electrochromic Glass Market Size: Industry Report, 2021-2026||Dec 2021|
|Smart Lighting Market Share & Trends: Industry Report, 2021-2026||Nov 2021|
|Iris Recognition Market Size & Share: Industry Report, 2021 - 2026||Sep 2021|
|Anti Jamming GPS Market Size & Share: Report, 2022 - 2027||Jan 2023|
|Mirrorless Cameras Market Size & Share: Industry Report, 2021-2026||Sep 2021|