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.
The global smart mirror market is growing rapidly. The market growth attributes to the increasing adoption of advanced driver assistance systems (ADAS) in the automotive sector and transition in the retail industry into digital stores. A smart mirror system consists of a system, cameras, and displays and renders a dynamic augmented reality in real-time, handling object recognition, machine vision, and classification.
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Together, these technologies enable fast and power-efficient real-time operation of the smart mirror to detect and classify objects such as pedestrians, cars, and bikes, rendering augmented reality helper, alert, and warning graphics. In retail stores, smart mirrors offer dynamic features, offering a built-in camera to see and interact with others to build a community and enhance digital and interactive capabilities.
The smart mirror is at the nascent stage, but looking at the growing functionalities, such as signal indicator and power controlled mirrors, garners customer attention. The automotive sector is making a dash and change in the whole perspective of automobiles. Moreover, the explosive demand and subsequent growth of automobiles escalate market growth.
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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