Market Synopsis
According to MRFR, the global smart mirrors 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.
Market Highlights
Increasing the adoption of advanced driver assistance system (ADAS) in the automotive sector and the transition from retail to digital stores are factors driving the smart mirrors market. The smart digital mirrors are slated to gain prominent market share in healthcare, residential and professional applications. Smart mirror technology can improve patient care, in some cases reducing health care expenses. Smart mirrors may provide patient-specific details such as medication and drug reminders, such as real-time vital statistics (body temperature, heart rate , and blood pressure). Furthermore, due to the involvement of a small number of start-ups involved in providing their smart mirror products with groundbreaking features, market growth is driven by this. The smart mirrors create new prospects for manufacturers as well as fashion designers to come up with creative designs, grow market share, and perform outstanding. The automotive industry will drive the Smart Mirror Market as these mirrors will play a crucial role in providing the driver with relaxed and safe driving experience and enhancing driver convenience. There is broad scope for embedded mirrors in other sectors like retail , healthcare, and real estate. The implementation of technology is driving several start-ups to enter the market along with electronic devices manufacturers. Conversely, high initial cost of installation and security issues associated with confidential and personal data is anticipated to hamper the market growth. The rising trend of smart cities and smart homes is estimated to pave the way for new prospects in the smart mirrors market in the review period.
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Key Players
The prominent players in the Smart Mirror Market are Japan Display Inc. (Japan), Samsung Electronics (South Korea), Perseus Mirrors (US), Gentex (US), Magna International Inc. (Canada), Electric Mirror (US) and Seura (US).
Other players in the smart mirror market are Murakami Kaimeido (Japan), Ficosa (Spain), ALKE (Belgium), Ad Notam (Germany), Dension (Hungary) and Keonn (Spain).
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 Analysis
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.
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Intended Audience
- Smart mirror system integrators and developers
- Hardware providers
- Smart mirror software vendors
- Investor community
- Residential, commercial, and industrial sectors
- Technology standard organizations, forums, alliances, and associations
- Government bodies, venture capitalists, and private equity firms
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