The global smart mirror market is expected to observe remarkable growth during the forecast period owing to the rising use of smart technology among the population all across the globe. Based on the component, the software sub-segment is expected to be the most productive. Regionally, the Europe region is expected to be dominant.
New York, USA, Feb. 23, 2023 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global smart mirror market is predicted to generate a revenue of $4,415.4 million and rise at a CAGR of 9.5% during the estimated period from 2019 to 2026.
As per our analysts, with the increased use of smart technologies among the global population, the global smart mirror market is expected to experience striking growth during the analysis period. Moreover, the increasing use of smart mirrors in the automobile segment to provide a better experience to users while riding is further predicted to fortify the growth of the market over the forecast period. However, the high cost of the smart mirror and the confidentiality of private information may hinder the growth of the market throughout the estimated timeframe.
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Segments of the Smart Mirror Market
The report has divided the market into segments based on component, end-use, and region.
Component: Software Sub-Segment to be Most Productive
The software sub-segment is expected to grow at a healthy CAGR of 10.7% during the analysis timeframe. The increasing implementation of software to perform a wide range of activities in the smart mirror is expected to upsurge the growth of the market over the estimated period.
End-Use: Automobile Sub-Segment to be Most Profitable
The automobile sub-segment is expected to generate a revenue of $922.0 million during the forecast period. This increasing demand for smart mirrors in providing drivers with a clear view of all objects moving aside from vehicles is expected to augment the growth of the market throughout the analysis period.
Europe Region to Hold the Maximum Share of the Market
The Europe region of the smart mirror market is predicted to garner $1,558.0 million in revenue during the forecast timeframe. The increasing adoption of the latest technologies in automobiles in this region to offer a 360-degree view, smart vision, and give alerts from potentially dangerous situations is expected to drive the regional growth of the market over the estimated period.
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Key Players of the Market
The major players of the smart mirror market include
- Japan Display Inc.
- Murakami corporation.
- Magna International Inc.
- Gentex Corporation
- Perseus motors
- Samsung Electronics
- Electric motor
- Dension Inc.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in January 2022, MySize, Inc., a leading provider of AI-driven measurement solutions for the fashion industry, launched its new product named “MySize Smart Mirror”. This product is designed to provide proprietary AI-driven sizing tech to scale up the virtual try-on process and eliminate the sizing issue for customers when they would decide to buy a garment.
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In addition, the report also presents other important aspects, including the product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic development.
More about Smart Mirror Market:
- Smart Mirror: Start Your Day with a Bunch of Useful Information and Entertainment
- The Impact of Covid-19 and Survival Strategies of the Smart Mirror Market
- What Makes the Smart Mirror Industry A Worthy Market for Investment?
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