The Impact of Covid-19 and Survival Strategies of the Smart Mirror Market
The global emergence of coronavirus has drastically impacted the smart mirror market. With the shutdown across the nations, the smart mirror market is experiencing a slight decline in its graph chart. Research has confirmed its further growth post the pandemic.
Smart Mirror is basically a mirror related to the Internet of Things, built to enhance the decorum of a smart home. Often referred to as Magic Mirror, Smart Mirror is a two-way mirror. A smart mirror has a display inbuilt behind the glass. With the display behind the glass, anything can be displayed on the surface of the mirror. Smart mirrors are available in different sizes ranging from small-size table mirrors to full-size mirrors for bathroom. Smart mirrors can display the weather forecast, current time, upcoming appointments, news feed, and more according to the schedule of the owner.
Impact of Coronavirus on the Market
An increase has been witnessed in the adoption and usage of smart mirrors in luxurious houses in recent times. These two-way mirrors are extremely helpful for multi-tasking businessmen. Besides, various businesses across the world, such as beauty salons, clothing stores, shopping malls, are also installing smart mirrors in order to showcase the digital sophistication.
The impact of the global pandemic has become inevitable for almost all industries without any exception. Due to the emergence of coronavirus across the world, the market of smart mirror is also predicted to experience a little decline during the upcoming years. The market is expected to recover from the current downfall by Q3/Q4 2022.
This unprecedented global health crisis has compelled almost all the developing and developed countries to implement nationwide shutdown leading to another great depression. The business processes have gone through tremendous loss and decline because of this shutdown.
Designing the Escape
The leading companies of the smart mirror market are focusing and concentrating on designing sustainable business strategies to mitigate the COVID-19 crisis to a decent level.
A great example is the launch of a new series of televisions by Samsung, the multinational conglomerate company in March 2020. The company claims that the new TV sets are coming with enhanced picture quality, excellent visual experience, and contrast levels.
Another development that India has recorded, Pink Tech Design, a tech-firm based out of New Delhi, has launched a smart mirror, also known for Miaza mirror (health mirror), during the COVID-19 crisis when the nation is going through a complete shutdown. This mirror detects human presence with the help of a dynamic sensor, and it shows the multi-step hand-washing technique recommended by the World Health Organization (WHO) in the 35-second animated video. Another amazing feature of the Miaza smart mirror is that it comes with multiple applications that can be used for breast self-examination and even set a reminder to take medication by the user.
It has been estimated that in the post-pandemic world, lifestyle will change in a great way. People will prefer staying at home or performing the day to day activities from the safe atmosphere of the home. A company named Fuse Project has recently developed an innovative AI-powered smart mirror that displays workouts and fitness classes. These 6-feet smart mirrors (forme) are equipped with a camera, microphone, and speakers. The station is also equipped with pullies, high-quality cast aluminum arms so that the user can attend classes of boxing, guided meditation, and yoga.
As per a recent report published by Research Dive, the global market for the smart mirror will witness a slight decline post-COVID-19 pandemic. The report says that the global smart mirror industry is anticipated to garner a revenue of $4,028.3 million by 2026, at a CAGR of 8.8%. Although Covid-19 has impacted the smart mirror drastically, it will survive the pandemic and grow during the forecast period.
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