SMART MIRROR MARKET ANALYSIS

Market Challenges And Opportunities

Global Smart Mirror Market - Driver

• Favorable government regulatory policies are expected to drive growth of the global smart mirror market during the forecast period: Governments of many countries have become more vigilant towards road accidents caused up by backing up of vehicles. Thus, they are taking actions regarding the installation of the smart rear vision system for vehicles. For instance, the U.S. issued a rule requiring rear visibility technology in all new vehicles weighing under one ton manufactured on or after March 31, 2018. Furthermore, the Russian government is curiously mandating that all new cars to be equipped with rear cameras as drivers can back up easily. Thus, these factors are expected to drive the growth of the market during the forecast period.
• Growing focus on consumer demands is expected to propel the global smart mirror market growth over the forecast period: Manufacturers in the market are focused on fulfilling the consumer demand since today’s demand is to be socially active and updated at the same time. Thus, smart mirrors are integrated with social media platforms and provide an update about daily news, weather forecasting, and traffic reports. Hence, these factors are expected to propel the global smart mirror market growth over the forecast period.

Global Smart Mirror Market - Opportunity

• Growing demand for smart mirrors for major shopping outlets and malls can provide lucrative opportunities: Many high-end apparel accessory stores and outlets are increasingly replacing conventional mirrors with smart mirrors in trial rooms. This, in turn, will facilitate buyers to virtually view themselves wearing the product they wish to try without physically doing it so. These mirrors are installed with high-quality sensors with accurately scanning the buyer’s physical attributes and then replicating same dimensions onscreen in a virtual reflection, along with the selected apparel or accessory.

• Product development can provide major business opportunities for market players: Many key players in the market are focused on enhancing their respective portfolios. These players are involved in research and development activities, in order to innovate novel products with additional features for use across a wide range of application areas.

Global Smart Mirror Market- Restraint

• High initial implementation cost is expected to restrain growth of the global smart mirror market during the forecast period: Initial implementation cost of smart mirrors is significantly high. Various scanners and HD cameras used in smart mirrors are relatively expensive. As a result of this, many small retail stores and small-scale businesses cannot afford smart mirrors. Thus, these factors are expected to restrain the growth of the global smart mirror market during the forecast period.
• Low awareness among end users is expected to hinder the global smart mirror market growth over the forecast period: There is a lack of awareness regarding benefits of smart mirrors among end users. Furthermore, this technology is currently at a nascent stage in many countries across the globe, typically in emerging and underdeveloped countries. Thus, these factors are expected to restrain growth of the global smart mirror market growth over the forecast period.