Covid-19 Impact on Smart Mirrors Market Research Report- Global Forecast 2023
Market Research Future published a research report on “ Covid-19 Impact on Smart Mirrors Market Research Report- Global Forecast 2023 ” – Market Analysis , Scope , Stake , Progress , Trends and Forecast to 2023 .
Market Scenario
Market Research Future ( MRFR ) asserts that the smart mirror market is estimated to touch a valuation of USD 4.01 billion , garnering a CAGR of 14.15 % during the forecast period ( 2018-2023 ). The surging adoption of advanced driver assistance system in the automotive sector is predicted to encourage the market ’ s growth worldwide . Smart mirrors can be referred to as advanced mirrors which are specifically made by integrating sensors , displays , and camera as embedded electronic components . Such next-generation mirrors provide internet connectivity along with touchscreen features and are high in demand owing to their convenience , design , and safety . The smart mirror plays a vital role in the modern-day shopping community and is considered an exception to the traditional mirrors used in automobiles , malls , and homes .
Market Potential and Pitfalls
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Smart Mirrors Market is experiencing a rapid growth rate with the surging adoption of advanced driver assistance system in the automotive sector . The transition of the retail sector into digital stores is considered another factor is encouraging the marker growth . With road safety taken into prime consideration due to the rising number of accidents , the demand for smart mirrors in the automotive sector has increased globally . In the advertising and retail sector , smart mirrors find its application mainly in the dressing rooms which triggers its sales and offer a better customer experience . These mirrors offer seamless experience by allowing the users to access the information from connected devices like laptops , smartphones , TV , and laptops . It also addresses up-to-date information which is required by the users and offers them better access . Thereby , these mirrors generate new opportunities for the fashion designers as well as the manufacturers in order to come up with new ideas , standout in the competition , and grow their market share . Smart mirrors also have a crucial role to play in the healthcare market . Smart mirror technologies can help to improve patient care , thus minimizing the expenses of healthcare . They also deliver patient-specific information like real-time vital statistics of the patients along with prescription reminders . Such factors are considered to encourage market growth across the globe . Moreover , the presence of start-ups involved in offering innovative features to their smart mirror products is likely to bolster the market growth in the long run .
On the contrary , the high installation cost coupled with the security issues associated with the personal and confidential data is some of the top concerns anticipated to vitiate the market growth