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Smart Mirror Market Report Overview
Smart Mirror Market size is analyzed to grow
at a CAGR of 9.8% during the forecast period 2022-2027 to reach $5.5 billion by 2027. A
smart mirror is a two-way digital mirror that incorporates modern sensors,
cameras, electronic displays, and communication systems. It offers internet,
Bluetooth, and Wi-Fi connectivity, as well as touchscreen capabilities for
receiving phone calls, accessing smartphone applications, and providing an
interactive experience to the user. Smart mirrors also have built-in light emitting
diode (LED) lights with adjustable hue and warmth functions to give appropriate
lighting as needed by the user. On the mirror surface, the display unit can
show the date, time, weather forecast, news feed, and upcoming events and
appointments. The surge in adoption of advanced driver assistance systems
(ADAS) in the automotive sector, rise in demand for connect devices, and
transition to digital stores in the retail industry are the primary driving
drivers of the smart mirror market. Virtual reality, machine learning, and
voice and touch recognition are among the technologies used in these mirrors. Smart
mirrors are driven by improved software such as Magic Mirror 2, Raspberry Pi,
and others, which contain application programming interfaces (API) and
operating systems that interpret data to detect motion control and facial
recognition. Various trade exhibitions and expos have helped smart mirror
manufacturers extend their consumer base, consequently significantly
contributing to the growth of the smart mirror market. The smart rear-view
mirror was introduced to the market to improve the safety of the driver and
passengers. Smart mirrors are now rather expensive. The integration of
technologies like as augmented reality (AR) and RFID with these mirrors raises
the expenses.
Smart Mirror Market Report
Coverage
The report: “Smart Mirror Industry Outlook – Forecast (2022-2027)”, by
IndustryARC covers an in-depth analysis of the following segments of the Smart
Mirror industry.
By Component: Hardware, Software, Services.
By Technology: Self-dimming,
Self-cleaning, Self-repairing.
By Functionality: Connected Mirror, Non-Connected
Mirror.
By End-User: Automotive, Healthcare, Retail and Marketing, Others.
By
Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
- In 2021, Software Segment accounted for the largest share in the Smart Mirror market. Smart mirrors are driven by improved software such as Magic Mirror 2, Raspberry Pi, and others, which contain application programming interface (API) and operating systems that interpret data to detect motion control and facial recognition.
- During the forecast period 2022-2027, Europe is expected to grow at the fastest CAGR of 11.3%. The widespread acceptance of smart mirrors in autos, retail, and consumer segments is the primary driver of market growth in these regions.
- A number of start-ups are creating smart mirrors for a variety of uses in the smart mirror sector. These companies are developing products based on concepts to improve consumer experiences. The majority of the items are aimed at specialized industries.
- The surge in the use of advanced driver assistance systems (ADAS)
in the automotive sector, as well as the rise in demand for connect
devices and the retail industry's move to digital storefronts, are driving
the smart mirror market.
Smart Mirror Market Segment Analysis – By Component
By Component, the Smart Mirror Market has been segmented into Hardware, Software, Services. In 2021, Software accounted
for the largest segment in the Smart Mirror market. Smart mirrors are driven by
improved software such as Magic Mirror 2, Raspberry Pi, and others, which
contain application programming interface (API) and operating systems that
interpret data to detect motion control and facial recognition. Furthermore,
cloud-based software allows for remote access to customer-generated data.
Sensors, cameras, audio systems, and other components comprise the hardware
sector. These pieces of hardware are mostly utilised for voice input and
picture processing while conserving power. The increasing use of technologies
is thought to be the primary driver of the smart mirror market. Today's
generation is more interested in technical items, and smart mirror is one of
the most advanced levels of mirror, allowing the user to face the mirror with
numerous internets of things experience. A smart mirror is utilised in a
variety of settings, including hospitals, malls, retail stores, barbershops,
and others, to provide a unique user experience.
Smart Mirror Market Segment Analysis – By End User
By End-User, the Smart Mirror Market has been segmented
into Automotive,
Healthcare, Retail and Marketing, Others. The Automotive segment is expected to grow at
the fastest CAGR of 15.2% during the forecast period 2022-2027. The most
important aspects driving the smart mirror industry are comfort and safety. It
ensures safety by tracking the vehicle as necessary. The most significant
advantage of smart mirrors in the automobile industry is a lower risk of road
accidents as a result of a safer driving environment. This smart mirror
technology has functions such as self-dimming, self-cleaning, self-repairing,
and so on. The main limitations of this technology are its technical
difficulties, such as memory loss and defective sensors, among others. The
assembly of smart mirrors, such as sensors, display, camera, and audio systems,
which are more expensive than products offered in the software or services
divisions, and with the increasing growth of these hardware components, the
growth of smart mirrors will also increase. The demand for smart mirrors in the
automotive industry will rise as energy consumption standards tighten. Its
variable light transmission property, as well as its ability to modify voltage,
heat, and light, has made it more profitable in the automobile business. This
feature also aids in meeting government energy-saving standards by lowering
heating, lighting, and air-conditioning expenditures. For example, in June
2019, the Council on Fuel Efficiency Requirements for Passenger Vehicles
established new energy standards and targets for passenger vehicles, requiring
them to improve fuel efficiency by 32.4 percent above the fiscal year 2016
sales performance. As a result of this, the automotive industry is undergoing a
paradigm change away from traditional glasses and toward smart mirrors and
glasses. ?
Smart Mirror Market Segment Analysis – By Geography
By Geography, Smart Mirror Market has been segmented into North America, Europe, APAC, South America, and RoW. During the forecast period, Europe is expected to grow at the fastest CAGR of 11.3%. The widespread acceptance of smart mirrors in autos, retail, and consumer segments is the primary driver of market growth in these regions. One of the primary factors driving the growth of the smart mirror market in this area is the increased emphasis on providing delightful and smooth shopping experiences to customers in the retail sector in order to boost customer retention. However, the ongoing dynamic rise of online retail may impede the growth of brick and mortar retail businesses, so severely impacting the smart mirror industry. The rising availability of numerous voice assistants, the incorporation of AI in multiple smart home products, and the fast-increasing demand for IoT-enabled smart appliances are likely to fuel the growth of the market. When it comes to appliances such as smart mirrors, companies in the region are focused on providing customer-centric goods by inventing and embedding these mirrors with technologies such as augmented reality, machine learning, and voice and touch recognition. This will enable smart mirror vendors to serve a broader range of consumers with diverse needs.
Smart Mirror Market Drivers
The presence of a large number of start-ups in the smart mirror market is expected to drive the market growth:
A vast number of
start-ups are creating smart mirrors for a variety of uses in the smart mirror
sector. These companies are developing products based on concepts to improve
consumer experiences. The majority of the items are aimed at specialized industries.
HiMirror, offers a smart mirror, which is a smart beauty device that also
functions as a beauty and health adviser. This mirror contains a built-in
system and data protection solution, as well as a comprehensive network
security system with third-party certification to ensure the user's identity is
fully confidential. MirroCool created a smart mirror and a personal assistant
with facial recognition technology that allows users to organise their day
ahead of time by reminding them of a to-do list on the screen. These new
companies are tailoring their products to meet market demands. Memomi Labs (US)
makes smart mirrors for fashion, beauty, and eyewear. These start-ups serve a
variety of industries while also adding value to the client experience. This
driver has a significant impact and is predicted to continue during the
forecast period.
The growing demand for smart mirrors for major shopping outlets, malls and as a beauty tip advisor is projected to drive market growth:
Many high-end apparel accessories
stores and outlets are rapidly replacing traditional mirrors in trial rooms
with smart mirrors. As a result, shoppers will be able to practically see
themselves wearing the goods they want to sample without physically doing so.
These mirrors are outfitted with high-quality sensors that properly detect the
buyer's physical qualities before reproducing the same dimensions onscreen in a
virtual reflection, along with the chosen garment or accessory. Manufacturers
of smart mirrors are focusing on the worldwide consumer electronics market,
with an emphasis on the upper-middle-class demographic. Furthermore, several
smart mirror makers are adding beauty-advising capabilities that advise users
on the ideal look that suits them, such as hairstyle, beard, moustache,
make-up, and so on, as well as other intriguing ideas. For example, In November
2021, Panasonic Corporation, is preparing to debut its professional health and
makeup expert in the near future. This mirror will be able to provide a virtual
preview of the user's appearance.
Smart Mirror Market Challenges
Smart mirrors are pretty expensive. The integration of1 technologies like augmented reality (AR) and RFID with these mirrors raises the expenses, which is limiting the growth of the market:
At the moment, smart mirrors are
quite expensive. The integration of elements like as augmented reality (AR) and
RFID with these mirrors raises the cost. A basic smart mirror that can display
information on the screen costs USD 1,000. There are a few firms that can offer
smart mirrors at higher prices, but the price is determined by the features;
hence, as the number of embedded features increases, so does the cost. Smart
mirrors are a relatively new notion to audiences from various areas, as well as
end users. With the increased use of these mirrors in the automotive and retail
industries, mirror providers are anticipated to see a boom in popularity in the
future years. With big firms around the world working on increasingly inventive
smart mirrors and showing their products at a number of tech events, these
devices appear to have a promising future. It is still an idea for most people.
Their application in various industries has the potential to increase their global
popularity. As a result, the lack of customer awareness and the high cost of
smart mirrors offer a significant impediment to the growth of the smart mirror
industry.
Smart Mirror Industry Outlook
Technology launches, acquisitions,
Partnerships and R&D activities are key strategies adopted by players in the Smart Mirror market. In 2021, the market of Smart
Mirror Market share has been fragmented by several companies. Smart
Mirror top 10 companies include
- Gentex Corporation.
- Magna International
Inc.
- Pro Display.
- Evervue.
- Seura.
- Alke.
- ad notam AG.
- Tech2o.
- Samsung Electronics
Co., Ltd.
- Perseus Mirror.
Recent Developments
- In December 2021, Baidu introduced the Smart Fitness Mirror, which features a 43-inch IPS screen and an Octa-core AI SoC.
- In February 2020, Samsung Electronics has published a design patent that was submitted with the United States Patent and Trademark Office in October 2018. (USPTO). The patent plainly states that Samsung is developing a smart mirror. Taking a different approach, Samsung's recent patented proposal depicts a TV that can be converted into a smart mirror.
- In January 2020, Gentex Corporation introduced the Full Display Mirror (FDM) with intelligent rear-vision technology, which employs a customer camera and mirror-integrated video display to improve the rearward perspective of a vehicle.
Relevant Report Titles:
Report Code: AM 38641
Report Code: CMR
1249
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