Global Smart Mirror Market
The global smart mirrors market, according to Market Research Future (MRFR) is slated to register a substantial market valuation of USD 4.01 billion by 2023 at a moderate CAGR of 14.15% during the review period.
Drivers and Restraints
the smart digital mirrors are touted to gain a lucrative market share in healthcare applications, residential as well as professional settings. Smart mirror technologies can enhance patient care, thus plummeting healthcare expenses in some instances. Smart mirrors are likely to deliver patient-specific information such as real-time vital statistics (heart rate, body temperature, and blood pressure) of the patient and prescription reminders. Also, due to the presence of a considerable number of start-ups involved in providing innovative features to their smart mirror products is spurring the market growth. On the other hand, the high preliminary cost of installation and security issues related to confidential and personal data is poised to hamper market growth. The rising trend of smart cities and smart homes is estimated to pave the way for potential opportunities in the smart mirrors market across the globe, in the review period.
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The global smart mirror market is segmented on the basis of component, technology, application, and region.
On the basis of the component, the smart mirror market has been segmented into hardware, software, and services.
Based on the applications of smart mirrors, the market has been divided into hospitality, automotive, retail, and others.
By technology, the market is segmented into self-dimming and others (self-repairing, self-cleaning).
the global smart mirror market, on the basis of region, is segmented into Europe, North America, Asia-Pacific, and the rest of the world.
Europe is one of the major regions in the smart mirrors market across the globe, and is assessed as the dominating region in the smart mirrors market. It is poised to display incredible growth opportunities in the foreseeable future. The market in Europe is driven by the presence of major market players, and technological advancements. The market is also fueled by the growth in developed countries such as Germany, France, the UK, Netherlands, among others. The North American region is one of the major markets for smart mirrors, and is also slated to grow at a significant rate, owing to the wide usage of the next-generation mirrors in several segments such as retail and hospitality, automotive, healthcare, and consumer sectors. The larger concentration of leading market players in the region, early adoption of smart mirrors, and the constant availability of funding for research and development activities is expected to fuel the smart mirrors market in North America over the review period. The Asia Pacific is the fastest growing region in the smart mirrors market over the review period. The smart mirrors market in Asia-Pacific is estimated to acquire a substantial market share owing to the emerging startups offering advanced features such as incorporation of personal assistance to the smart mirrors systems and other AI-based technologies. The smart mirrors market of Asia Pacific is leading in emerging economies such as India, China, Japan, Taiwan, South Korea, among others, where the adoption of advanced technolgoies is higher. Also, driven by the introduction of supportive government regulations in these regions, the market has a bright prospect of growth in the years to come.
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The major market players in the smart mirror market are Samsung Electronics (South Korea), Japan Display Inc. (Japan), Gentex (US), Perseus Mirrors (US), Electric Mirror (US), Magna International Inc. (Canada), and Seura (US).
Other important players in the smart mirror market are Ficosa (Spain), Murakami Kaimeido (Japan), ALKE (Belgium), Dension (Hungary), Ad Notam (Germany), and Keonn (Spain).
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