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).
Many key players in the market have adopted new product development as their chief organic strategy and have invested generously in their research and development activities to enhance their product capabilities and offer technically advanced products to the end users. Also, the key players focus on various startups in the market and aim at acquiring these to expand their technical expertise, enhance their productivity, and increase their distribution channels in the market. Therefore, mergers & acquisitions, partnerships, joint ventures and collaboration act as primary inorganic strategies for the companies.
- By component, the market is segmented into hardware, software, and services.
- By application, the market is segmented into automotive, hospitality& retail, and others.
- By technology, the market is segmented into self-diming and others(self-cleaning, self-repairing).
- By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The global market for smart mirrors is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smart mirror market is done for North America, Europe, Asia-Pacific, and the rest of the world.
Europe is expected to dominate the smart mirrors market and is followed by North America which is the fastest growing region in the smart mirrors market owing to the wide acceptance of smart mirrors in automobiles, retail, and consumer electronics segments. APAC is expected to grow at a significant rate during the forecast period due to the emergence of various small start-up enterprises. Also, the exceptional growth in the automobile sector will drive the market in the Gulf countries.
April 15, 2019: IBM has been recently working on a technology, “Smart Mirror,” through which they have decided to tie up with their offline retailers. The company has planned to launch the technology in the fashion retail, Vero Moda’s stores, and other retailers as well.
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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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