Market Research Future (MRFR) asserts that the smart mirror market is estimated to touch a valuation of USD 4.01 billion, garnering a CAGR of 14.15% during the forecast period (2018-2023). The surging adoption of advanced driver assistance system in the automotive sector is predicted to encourage the market’s growth worldwide. Smart mirrors can be referred to as advanced mirrors which are specifically made by integrating sensors, displays, and camera as embedded electronic components. Such next-generation mirrors provide internet connectivity along with touchscreen features and are high in demand owing to their convenience, design, and safety. The smart mirror plays a vital role in the modern-day shopping community and is considered an exception to the traditional mirrors used in automobiles, malls, and homes.
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Market Potential and Pitfalls
The smart mirrors market is experiencing a rapid growth rate with the surging adoption of advanced driver assistance system in the automotive sector. The transition of the retail sector into digital stores is considered another factor is encouraging the marker growth. With road safety taken into prime consideration due to the rising number of accidents, the demand for smart mirrors in the automotive sector has increased globally. In the advertising and retail sector, smart mirrors find its application mainly in the dressing rooms which triggers its sales and offer a better customer experience. These mirrors offer seamless experience by allowing the users to access the information from connected devices like laptops, smartphones, TV, and laptops. It also addresses up-to-date information which is required by the users and offers them better access. Thereby, these mirrors generate new opportunities for the fashion designers as well as the manufacturers in order to come up with new ideas, standout in the competition, and grow their market share. Smart mirrors also have a crucial role to play in the healthcare market. Smart mirror technologies can help to improve patient care, thus minimizing the expenses of healthcare. They also deliver patient-specific information like real-time vital statistics of the patients along with prescription reminders. Such factors are considered to encourage market growth across the globe. Moreover, the presence of start-ups involved in offering innovative features to their smart mirror products is likely to bolster the market growth in the long run.
On the contrary, the high installation cost coupled with the security issues associated with the personal and confidential data is some of the top concerns anticipated to vitiate the market growth in this region. On a brighter note, the rising adoption of a smart home is predicted to create lucrative growth opportunities.
The prominent players in the Smart Mirror Market are Japan Display Inc. (Japan), Samsung Electronics (South Korea), Perseus Mirrors (US), Gentex (US), Magna International Inc. (Canada), Electric Mirror (US) and Seura (US).
Other players in the smart mirror market are Murakami Kaimeido (Japan), Ficosa (Spain), ALKE (Belgium), Ad Notam (Germany), Dension (Hungary) and Keonn (Spain).
Global Smart Mirror Market: Segmental Analysis
The global smart mirror market has been segmented on the basis of component, application, and technology.
By mode of component, the global smart mirror market has been segmented into hardware, software, and services. Among these, the software component market is likely to gain prominence as it is an essential part of any smart mirror used in retail and hospitality. The software helps to display information on the mirror screen.
By mode of application, the global smart mirror market has been segmented into automotive, hospitality& retail, automotive, and others. Among these, the automotive sector is predicted to foster the global smart mirror market as these kinds of mirrors play an important role in offering comfort and a safe driving experience both to the drivers and their customers.
By mode of technology, the global smart mirror market has been segmented into self-diming and others.
Geographically, the smart mirror market span across regions namely, Europe, North America, Asia-Pacific, and the Rest-of-the-World (RoW).
Considering the global scenario, the smart mirror market is estimated to be dominated by the European region and is likely to retain its position in the coming years. As the region is home to major automobile manufacturers like BMW (Germany), Volkswagen (Germany), and Daimler (Germany), this has created significant demand for auto-dimming smart mirrors. The region is also popular for its strict safety mandates and advanced technologies which is further encouraging its growth across the globe.
The North American region is considered to be the fastest expanding region in the smart mirror market. The growth can be ascribed to the wide acceptance of smart mirrors in the retail, automobiles, and the consumer electronics segment. Meanwhile, the Asia Pacific region is considered to expand at a moderate rate in the coming years owing to the emergence of several small start-up enterprises. Moreover, with the exceptional growth in the automobile sector in the Gulf countries, the market is likely to evolve.
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- Smart mirror system integrators and developers
- Hardware providers
- Smart mirror software vendors
- Investor community
- Residential, commercial, and industrial sectors
- Technology standard organizations, forums, alliances, and associations
- Government bodies, venture capitalists, and private equity firms
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