Virtual Try-on Technology Market Report 2024

This Virtual Try-on Technology market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The virtual try-on technology market size has grown exponentially in recent years. It will grow from $7.57 billion in 2023 to $9.59 billion in 2024 at a compound annual growth rate (CAGR) of 26.6%. The growth during the historic period can be attributed to the rise of fashion and retail technology firms, the expansion of social media platforms, the increase in research and development institutions, greater investment in VTO startups, and the rise of virtual influencers.

The virtual try-on technology market size is expected to see exponential growth in the next few years. It will grow to $24.72 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%. The growth during the forecast period can be attributed to advancements in hardware, consumer education and acceptance, the increasing use of tablets for online shopping, the global expansion of retailers, and shifts in consumer behavior. Key trends for the forecast period include advancements in graphics technology, improvements in machine learning, enhanced body scanning, cross-platform compatibility, and integration with voice assistants.

The growing adoption of online shopping is expected to fuel the expansion of the virtual try-on technology market in the future. Online shopping refers to the process of purchasing goods or services over the internet. This rising trend is driven by factors such as convenience, a wider variety of products, competitive pricing, and the ability to shop at any time and from anywhere, combined with technological advancements and secure payment options. Virtual try-on technology enhances online shopping by enabling customers to visualize how products such as clothing or accessories will appear before making a purchase, improving decision-making and reducing return rates. For example, in August 2024, a report by the United States Census Bureau, a US-based governmental organization, revealed that e-commerce sales in 2023 reached approximately $1.11 trillion, reflecting a 7.6% increase from 2022 and accounting for 15.4% of total sales, up from 14.7% the previous year. As a result, the increasing adoption of online shopping is driving the virtual try-on technology market.

Major companies in the virtual try-on technology market are concentrating on developing advanced solutions, such as virtual tryout tools, to enhance the online shopping experience. A virtual try-on tool refers to a digital platform that allows users to see how products such as clothing, accessories, or makeup would look on them without physically trying them on. For instance, in November 2022, Walmart Inc., a US-based retail corporation, introduced "Be Your Own Model," enabling online shoppers to visualize clothing on themselves using their own photos. This tool offers unique features, including personalized visualization based on customers' photos, realistic simulations of fabric draping and shadows through advanced algorithms and machine learning, access to over 270,000 items from both private and national brands, and a user-friendly interface with a "try it on" button that lets customers see items on themselves or models with a similar body type.

In October 2023, Fittingbox S.A., a digital eyewear company based in France, acquired Ditto Technologies Inc. for an undisclosed amount. This acquisition allows Fittingbox to strengthen its leadership in the virtual eyewear try-on sector by merging its existing technologies with Ditto's capabilities, offering a more comprehensive product lineup that includes both live and recorded virtual try-on experiences. Ditto Technologies Inc. is a US-based provider of virtual eyewear try-on technology.

Major companies operating in the virtual try-on technology market are Walmart Inc, L'Oreal S.A., Shiseido Company Limited, Coty Inc., Snap Inc., Warby Parker Inc., Grid Dynamics Holdings Inc., Netguru S.A., Perfect Corp Ltd., ModiFace Inc., Bambuser AB, Stylitics Inc., Shopexp Inc., Vue.ai Inc., Banuba Ltd., FittingBox SAS, Queppelin Technologies Pvt. Ltd., Blippar Ltd., Holition Ltd., 3DLook Inc., Webelight Inc., Centaur Media plc, Modern Mirror Inc., Zakeke S.r.l., mirrAR Technologies Inc.

North America was the largest region in the virtual try-on technology market in 2023. The regions covered in the virtual try-on technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the virtual try-on technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Virtual try-on technology allows users to see how products such as clothing, accessories, or cosmetics will appear on them through digital simulations. By using augmented reality (AR) or computer vision, it overlays products onto a user’s live image or 3D model. This technology improves the online shopping experience by making it more interactive and personalized.

The primary categories of virtual try-on technology include apparel, footwear, accessories, makeup, and jewelry. Apparel covers clothing and garments worn on the body, such as shirts, pants, and dresses, and includes various styles and functions. The technology incorporates augmented reality (AR), virtual reality (VR), holographic projection, 3D scanning, and machine learning, delivered via devices such as smartphones, tablets, laptops, head-mounted displays (HMDs), and holographic projectors. These technologies are utilized in e-commerce, retail stores, social media, personal use, and healthcare.

The virtual try-on technology market research report is one of a series of new reports that provides virtual try-on technology market statistics, including the virtual try-on technology industry's global market size, regional shares, competitors with a virtual try-on technology market share, detailed virtual try-on technology market segments, market trends and opportunities, and any further data you may need to thrive in the virtual try-on technology industry. This virtual try-on technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The virtual try-on technology market consists of revenues earned by entities by providing services such as virtual clothing fittings, virtual accessories try-ons, virtual makeup applications, footwear try-ons, and virtual hair color and style. The market value includes the value of related goods sold by the service provider or included within the service offering. The virtual try-on technology market also includes sales of products including clothing, accessories, eyewear, watches, footwear, and home goods and furniture. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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