Smart Mirror Market

Smart Mirror: Revolutionizing the Way We Look at Ourselves

Smart mirrors are quickly becoming the new trend in the world of technology. These mirrors are not just ordinary mirrors, but they are equipped with a range of technological features that help users to carry out various tasks. Smart mirrors have a built-in screen and a camera that can analyze and provide feedback on the user's appearance. This essay will explore the concept of a smart mirror, its features, benefits, and drawbacks.

A smart mirror is an ordinary mirror that has been integrated with advanced technology. It is essentially a two-way mirror that functions as a reflective surface and a screen. The screen displays various types of information, including time, weather updates, and news headlines. The technology behind the mirror includes voice recognition, facial recognition, and gesture recognition. These features allow users to control the smart mirror using voice commands, hand gestures, or facial expressions.

One of the primary benefits of a smart mirror is that it helps users save time. Users can use the mirror to perform tasks such as checking the weather, reading the news, or catching up on their emails while they get ready for their day. This means that users do not have to juggle multiple devices at once, as everything they need is in one place.

Smart mirrors are also an excellent tool for personal grooming. The facial recognition technology can analyze the user's skin, detect blemishes, and recommend products to use. The mirror can also provide personalized skincare routines, hair care routines, and makeup tutorials. This feature can be especially beneficial for individuals who are not experts in the beauty industry.

Another advantage of a smart mirror is that it can be used as a fitness tool. The mirror can track the user's body movements, calculate the number of calories burned during an exercise, and provide feedback on the user's posture. This can be helpful for individuals who want to stay fit but do not have the time to visit the gym regularly.

However, there are some drawbacks to smart mirrors. One of the primary concerns is privacy. The camera and microphone in the mirror can record the user's activities and conversations, raising concerns about data privacy. Another concern is the cost of a smart mirror, which can be quite high, making it inaccessible for many users.

In conclusion, smart mirrors are an innovative technology that is revolutionizing the way we look at ourselves. With features such as facial recognition, voice recognition, and gesture recognition, smart mirrors can perform a wide range of functions. Although they have some drawbacks such as privacy concerns and cost, smart mirrors are still an excellent tool for personal grooming, fitness tracking, and productivity.

Smart Mirror Market Dynamics

Drivers in Smart Mirror Market

The market for smart mirrors is evolving rapidly, driven by a variety of factors. One of the main drivers is the increasing demand for safety features in automobiles. Smart mirrors are emerging as a viable alternative to convex mirrors, providing enhanced safety features for drivers.

Smart mirrors in high-end vehicles are equipped with electrochromatic auto-dimming mirrors, which improve visibility in low light and reduce eye strain and fatigue in drivers. These mirrors display improved rear-view images, allowing drivers to make better decisions while driving. Additionally, smart mirrors save time by displaying all necessary information for drivers on the mirror screen. They can also automatically correct camera distortion and detect and warn of moving objects.

The increasing focus on improved road safety is driving the demand for new electronic functionalities, including smart mirrors in automobiles. The hardware market is expected to account for the largest share during the forecast period, as hardware components such as displays, cameras, and sensors, along with connectivity and audio components, form a significant share of the cost of the complete smart mirror system.

Smart mirrors are also finding use in retail environments, offering shoppers a platform to try on new clothes, check sizes and varieties of clothes in-store, and share information about tried clothes on social media platforms. In the automotive industry, smart rear-view mirrors are increasingly being utilized to enhance safety and reduce the complexity of camera systems. These mirrors can function normally even in poor weather conditions with minimum obstructions to drivers.

Smart mirrors used in vehicles have the added feature of auto-adjusting their displays under different light intensities, providing better assistance to drivers under all weather conditions. Overall, the market for smart mirrors is expected to continue growing, driven by the demand for safety features and the increasing use of smart mirrors in various industries.

The electro-chromatic smart mirror segment is expected to dominate the market during the forecast period, continuing the trend that started in 2021. The digital rear-view mirrors offer several advantages over conventional mirrors, driving the growth of the electro-chromatic smart mirror market.

Most digital rear-view mirrors comprise a camera mounted at the back of the car and an electro-chromatic rear-view mirror, working together as a unit. The mirror also serves as a screen in most vehicles, while in some, a separate screen broadcasts the camera's image.

Smart mirrors in stores are also gaining popularity as they enhance the customer shopping experience. Recently, companies like Visa and Monse collaborated with Nobal Technologies, a Calgary-based company, to develop an innovative iMirror that enables consumers to examine and purchase products through a touchscreen mirror. The underlying technology of the mirror gathers information about customers' shopping preferences, colors, styles, and trends, helping them make better purchasing decisions. Companies like Magic Mirror are also introducing new ways for retailers to make their products available, creating a hassle-free shopping process for both customers and retailers.

The smart mirror market was dominated by the automotive segment in 2021 and is expected to continue leading through 2027. This can be attributed to the increasing deployment of digital rear-view mirrors in vehicles, which is driving the growth of the market. The trend towards mirrorless vehicles and the adoption of smart camera-based display mirrors is further propelling this growth. At present, approximately 30 percent of high-end vehicles on the roads are equipped with inside mirrors with inbuilt electrochromic technology, while about 10 to 15 percent of outside mirrors have this feature. The penetration of electrochromic mirrors with the auto-dimming feature is expected to significantly rise in the coming years. Smart mirrors with intelligent interior and exterior auto-dimming features provide an enhanced driving experience, increased safety, and driving comfort.

In January 2022, Wellnesys Inc., an Indian company, introduced "ARIA," a smart mirror that combines AR/VR, computer vision, and smart sensing technologies to provide users with immersive digital experiences through smart TVs and smart mirrors. To expand their presence and reinforce their positions in the industry, companies are focusing on strategic acquisitions. Global companies are expected to acquire small- and medium-sized companies in the near future to facilitate regional expansion.

Restraints of the Smart Mirror Market

While the market for smart mirrors is expected to grow, there are certain factors that may impede this growth. One of the major restraining factors is the potential for security breaches and the tracking of personal data.

Smart mirrors deployed in retail stores, for example, can track shoppers' buying experiences and spending habits, as well as access other critical information such as previous purchase history and frequent interactions with retail store representatives. This data can be used by retailers to target appropriate customers for future sales and marketing campaigns based on their previous buying interests.

However, the gathering and use of this data also raises concerns about the security and privacy of customers' personal information. If this information were to be breached, it could lead to serious consequences, such as identity theft or other forms of fraud.

For instance, in June 2020, Lululemon, a manufacturer of women's fitness apparel, acquired the smart mirror manufacturer, Mirror, for USD 500 million. The company provides smart mirrors that allow consumers to view and take part in exercise courses from the comfort of their own homes. While the acquisition was aimed at improving Lululemon's "digital and interactive" offerings, it also highlights the potential for smart mirrors to collect personal data and raises questions about how this data will be protected.

Overall, while smart mirrors offer numerous benefits, the potential for security breaches and the tracking of personal data are important considerations that must be addressed in order to ensure the continued growth and success of the smart mirror market.

Opportunities in Smart Mirror Market

The retail industry is experiencing a significant transformation as digital and physical stores merge to create new business models. Companies are leveraging innovative technologies such as smart carts, smart mirrors, smart shelves, and retail robots to improve customer engagement and increase sales.

There is a rapid shift from traditional retail stores to advanced digital retail stores where technology plays a critical role in enhancing customer experiences. Smart mirrors, in particular, are gaining popularity as they combine mirrors with automation and monitoring features to display information over the mirror's surface. This technology allows for interaction between smart mirrors and people by displaying information for carrying out daily tasks such as running office programs, playing games, and media players, making life more comfortable and convenient for users.

The demand for smart mirrors with built-in advanced technology is growing, and many manufacturers are investing in product development to meet this increasing demand. As the industry continues to evolve, companies must continue to innovate to stay ahead of the competition and meet the changing demands of customers. The integration of technology in the retail industry provides significant opportunities for growth and expansion, making it an exciting time for the industry.

Challenges in Smart Mirror Market

Smart mirrors are a new concept in the display segment and not yet widely known by end-users. However, with increasing use in the automotive and retail industries, smart mirrors are expected to become more popular in the coming years. Major companies worldwide are working on offering more innovative smart mirrors and showcasing their products at various tech events, which is expected to drive growth in the future. However, the high cost of smart mirrors limits adoption to the high-end segment, and the lack of awareness among customers poses a major challenge to the smart mirror market's growth.

In 2021, the wall-mounted smart mirror segment dominated the market and accounted for over 85.50% of the overall revenue. This segment is projected to continue expanding at the fastest growth rate during the forecast period. The growth of this segment can be attributed to the rising consumer preference for wall-mounted mirrors over free-standing smart mirrors. Wall-mounted mirrors reduce the risk of falling compared to free-standing ones. Additionally, smart mirrors are more expensive than ordinary mirrors, which increases consumer preference for wall-mounted installation-type smart mirrors.

The demand for smart housing facilities worldwide is increasing, resulting in a rise in demand for smart bathrooms and personalized kitchen mirrors. To address concerns about the associated risks and space requirements for free-standing mirrors in these areas, manufacturers are creating customized wall-mounted smart mirrors. Kohler, for example, announced its new Verdera Voice smart mirror in January 2019, which is wall-mounted and includes Google Assistant, providing seamless voice control for the bathroom.

The commercial application segment held the largest share of more than 57% of the total revenue in the global industry in 2021, making it the dominant segment. The segment is expected to maintain its dominant position throughout the forecast period and register the fastest growth rate. Furthermore, smart mirrors designed for commercial applications are expected to grow at the fastest CAGR during the forecast period. Prestop company, Electric Mirror, Inc., and ProDisplay all have separate product portfolios of smart mirrors specifically designed for the hospitality and commercial sectors, and key companies are launching new products with innovative designs and sizes for these markets.

The smart mirror market is anticipated to experience significant growth in the residential application segment, owing to the increase in the residential sector in developed countries such as Australia, the United States, and Canada. Governments in these countries have implemented strategies like concessions for first-time buyers, subsidies for veterans, and low-cost affordable housing schemes, among others, to boost the growth of the residential sector. The adoption of advanced smart mirrors in various sectors, especially automotive and retail, is also fueling the growth of the market. Moreover, the rising demand for smart mirrors as a safer alternative to convex mirrors in automobiles, the increasing popularity of smart homes, the presence of numerous startups, and innovative features of smart mirrors are some of the other factors driving the growth of the market.

In 2021, offline channels dominated the global industry and accounted for more than 73.5% of the total revenue. The growth of this segment is driven by the consumers' preference for in-person shopping. A 2020 report by Raydiant showed that 33% of respondents preferred shopping at physical stores to view, touch, and interact with products, while 26% enjoyed the overall shopping experience that physical locations offer. Additionally, 13% appreciated the immediate satisfaction that comes with in-store shopping, as opposed to waiting for delivery.

Top Key Players in Smart Mirror Market

• JAPAN DISPLAY INC.
• FICOSA INTERNATIONAL S.A.
• GENTEX CORPORATION
• SEURA SOLUTIONS
• MAGNA INTERNATIONAL
• ELECTRIC MIRROR
• HARMAN INTERNATIONAL INDUSTRIES (A SAMSUNG SUBSIDIARY)
• MURAKAMI KAIMEIDO
• KEONN TECHNOLOGIES
• DENSION
• ALKE
• AD NOTAM
• MIRROCOOL
• SEYMOURPOWELL
• DIRROR
• PERSEUS MIRROR
• OAKLABS
• SMARTSPOT
• PRO DISPLAY
• GLANCE DISPLAYS
• NEXSTGO COMPANY LIMITED
• METROCLICK
• PINGALA SOFTWARE INDIA PVT. LTD.
• EYYES GMBH
• HILO SMART MIRROR

Recent Developments in Smart Mirror Market

The smart mirror market has been growing rapidly in recent years, thanks to advancements in technology and the increasing demand for connected devices. Smart mirrors are essentially traditional mirrors equipped with sensors, cameras, and displays, enabling them to provide a range of information and services.

One of the recent developments in the smart mirror market is the integration of artificial intelligence (AI) and machine learning (ML) technology. With AI and ML, smart mirrors can learn users' habits and preferences, providing personalized recommendations and suggestions. For example, a smart mirror in a clothing store can suggest outfits based on the user's body type, style, and previous purchases.

Another trend in the smart mirror market is the integration of voice assistants like Alexa or Google Assistant. This allows users to control their smart mirrors with voice commands, making them even more convenient to use. Users can ask their smart mirror to play music, check the weather, or even order food delivery.

Smart mirrors are also being increasingly used in the healthcare industry. These mirrors can monitor patients' vital signs, provide medication reminders, and even detect early signs of disease. For example, a smart mirror in a hospital room can monitor a patient's blood pressure and heart rate, alerting medical staff if there are any concerning changes.

The market for smart mirrors is also expanding into the automotive industry. Many cars now come equipped with smart mirrors that can display a live feed from a rearview or side-view camera, making it easier for drivers to navigate and park their vehicles.

Overall, the smart mirror market is expected to continue growing in the coming years as more people embrace the convenience and functionality of these connected devices. As technology continues to advance, we can expect to see even more exciting developments in this space.

The smart mirror market has witnessed several recent developments from leading companies in the industry. In January 2022, Seura Solutions introduced vanity mirrors that cater to every lifestyle category, offering personalized reflections that are expertly crafted to meet individual needs.

Gentex Corporation, a leading automotive electronics supplier, acquired Guardian Optical Technologies, an Israeli start-up that specializes in multimodal sensor technology for the automotive industry. The acquisition provides Gentex with comprehensive driver and cabin monitoring solutions.

In May 2021, Séura, a technology company based in the US, unveiled its latest range of high-tech lighted mirrors that are suitable for various applications, including residential and hospitality use.

In the same month, Gentex Corporation began supplying Bluetooth-enabled automatic-dimming mirrors with HomeLink integrated buttons to Volkswagen. These mirrors are capable of operating a wide range of radio frequency (RF) and cloud-based smart home devices.

In March 2019, Electric Mirror launched Savvy Smart Mirror, a product designed for high-end hotels and home customers. The smart mirror comes with advanced features that enhance the user experience, making it a popular choice among luxury customers.