Global Smart Mirror Market Synopsis
According to MRFR, the global Smart Mirror Market is expected to grow from
USD 1.81 billion in 2017 to USD 4.01 billion by 2023 at a CAGR of 14.15% over
the review period.
Increasing the adoption of advanced driver
assistance system ( ADAS) in the automotive sector and the transition from
retail to digital stores are factors driving the smart mirrors market. The
smart digital mirrors are slated to gain prominent market share in healthcare,
residential and professional applications. Smart mirror technology can improve
patient care, in some cases reducing health care expenses. Smart mirrors may
provide patient-specific details such as medication and drug reminders, such as
real-time vital statistics (body temperature, heart rate , and blood pressure).
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Furthermore, due to the involvement of a small
number of start-ups involved in providing their smart mirror products with
groundbreaking features, market growth is driven by this. The smart mirrors
create new prospects for manufacturers as well as fashion designers to come up
with creative designs, grow market share, and perform outstanding. The
automotive industry will drive the market for smart mirrors as these mirrors
will play a crucial role in providing the driver with relaxed and safe driving
experience and enhancing driver convenience. There is broad scope for embedded
mirrors in other sectors like retail , healthcare, and real estate. The implementation of technology is driving
several start-ups to enter the market along with electronic devices
manufacturers. Conversely, high initial cost of installation and security
issues associated with confidential and personal data is anticipated to hamper
the market growth. The rising trend of smart cities and smart homes is
estimated to pave the way for new prospects in the smart mirrors market in the
review period.
Market Segmentation
Based on the component, the global smart mirror
market is segmented into software, hardware, and services.
By application, the market is segmented into
hospitality & retail, automotive, and others.
Based on the technology, the market is divided into
self-diming and others (self-repairing self-cleaning).
Regional Outlook
It is projected that the global demand for smart
mirrors will rise at a significant rate over the 2018-2023 forecast period.
Smart mirror industry geographic research is performed for North America,
Europe , Asia-Pacific and the rest of the world.
Due to the large use of these next-generation
mirrors in various sectors such as automobiles, retail and hospitality,
healthcare, and consumer electronics, the North American region is also
expected to expand at a significant pace.
Europe is expected to dominate the smart mirror
market, followed by North America, the fastest-growing region on the smart
mirror market due to the widespread acceptance of smart mirrors in retail,
automotive, and consumer electronics segments. Europe is the market leader in
smart mirrors, and is expected to see tremendous growth opportunities in the
future.
The Asia-Pacific smart mirrors market is expected to
grow as emerging startups provide advanced features such as integrating
personal assistance to smart mirrors and other AI-based technologies. Also, the
market has a bright prospect of growth in the years to come, due to the
introduction of favorable government regulations in those regions. Due to the
emergence of numerous small startup companies, APAC is slated to expand at a
significant pace during the forecast period. Also, the remarkable growth in the
automobile sector will fuel the market in the Gulf countries.
Competitive Dynamics
The major players in the smart mirror market are
Perseus Mirrors (US), Samsung Electronics (South Korea), Electric Mirror (US),
Japan Display Inc. (Japan), Magna International Inc. (Canada), Gentex (US), and
Seura (US).
Other players in the global smart mirror market are
Ficosa (Spain), ALKE (Belgium), Murakami Kaimeido (Japan), Dension (Hungary),
Ad Notam (Germany), and Keonn (Spain).
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