Smart Mirror Market to grow at a CAGR of 9.5%, GloballyDownload Sample Reports Overview
The smart mirror market forecast to grow at a CAGR of 9.5% by generating a revenue of $4,415.4 million by 2026.
A smart mirror is a device that functions like any other mirror but the additional capability of displaying multimedia stuff and many other internets of things make it different from other normal mirrors. It has multiple features like internet connection, touch capabilities, temperature detection, displaying handset notification and many other useful and necessary information on the mirror.
Increasing use of technologies is considered to be the major driver in the smart mirror market. Today’s generation is more inclined towards the technological stuff and smart mirror is one of the most advanced levels of mirror which gives the user to face the mirror with many internets of thing experience. A smart mirror is used in various segments like the hospital, malls, clothing shops, barbershops and several segments which gives the user-experience differently.
The cost of the smart mirror is one of the main restrains. As the cost of the smart mirror is considered to be very high only the premier and top segment can only afford it. The security concern is considered to be the major restrains in smart mirror market. Such mirrors have linked to the customer's personal information, which is shared inadvertently but may result in a breach of security.
The software segment for smart mirror market size is projected to grow at a CAGR of 10.7% by generating a revenue of $1,123.5 million by 2026. Smart mirrors are powered by specific upgraded software’s like magic mirror 2, Raspberry Pi and others which includes application programming interface (API) and operating systems which interpret the data to detect motion control as well as perform facial recognition. Moreover, cloud based software provide remote access to data generated by customer. The hardware segment is mainly divided into sensors, cameras, audio system and others. These hardware are primarily used for voice input, image processing with power saving. It is further anticipated to generate a revenue of $2658.1 million by 2026 with a CAGR of 8.7% in the forecast period.
Automotive is expected to generate revenue of $922.0 million by 2026 with a CAGR of 9.0% in the forecast period. Smart mirror is significantly used in automobile sector. Smart mirrors for automotive are mainly bifurcated into exterior electrochromic automatic-dimming rearview mirrors & interior electrochromic automatic-dimming rearview mirrors. A smart mirror is integrated with various other features to ensure safety and convenience to the drivers while driving. Smart mirrors are featured with temperature display, Bluetooth and hands-free connectivity, navigation, microphone, and automatic garage openers, among others. These features enhance driver convenience and are easy to operate. Due to these features, the demand for smart mirrors are increasing rapidly. The hospitality segment in 2018 was $349.5 million and is further expected to reach $766.2 million by 2026. The smart mirror can be considered as the revenue generators for the resort, hotels and restaurants as it gives the better experience to the customer. Rising acceptance for the high end hotels and recent technological innovations are projected to boost the global market for the smart mirror.
North America is considered to be the one of the best market for the smart mirror market. The most premium class users reside in north America in compared to rest of the world who have high purchasing power and are technology enthusiast. North region was $613.4 million in 2018 and is further anticipated to generate a revenue of $1,279.4 million by 2026. Asia pacific is one of the future market for the smart mirror. The smart mirror is anticipated to have a remarkable growth owing to the increasing purchasing power parity of the customer and the production of vehicle. Asia-pacific smart mirror market size was $495.0 million in 2018 and is projected to reach $1,169 million by 2026.
Smart mirror market players are Seura, Samsung Electronics, Perseus motors, Murakami corporation., Magna international Inc., Japan display Inc., Gentex corporation, Ficosa(Panasonic), Electric motors, Dension Inc. and many others.