According to the Market Statsville Group (MSG), the global smart mirror market size was USD 2.3 billion in 2021 and is estimated to reach USD 6.2 billion by 2030, at a CAGR of 11.2% from 2022 to 2030. An increase in the adoption of smart mirrors in the automotive sector majorly drives the growth of the global smart mirror market. Additionally, the rise in demand for connected devices and the transition to digital stores in the retail industry boost the market growth. However, the high initial cost and security concerns of private information impede the growth of this market. In contrast, an increase in the adoption of smart homes coupled with advances in industry 4.0 is likely to create a lucrative opportunities for the major players in the smart mirror market.
Global Smart Mirror Market Definition
A smart mirror is an advanced mirror that comes with technologies such as cameras, displays, sensors, and connectivity equipment. These mirrors are mainly used in various industry verticals such as retail, residential, healthcare, automotive, etc. The smart mirror's function can differ depending on its utility.
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Global Smart Mirror Market Dynamics
Drivers: Transition to digital stores in the retail industry
In recent years, connected devices, such as smart televisions at home, connected car dashboards & infotainment systems, and devices in hospital rooms, have increased considerably. For instance, erstwhile, people had access to either PC or laptop. However, consumers can opt for all connected devices such as laptops, smartphones, smartwatches, or tablets due to the improved interconnectivity of devices. This has significantly increased the number of active users. Thus, the majority of smart mirrors are connected via various connectivity technologies and can be utilized with the growing demand for autonomous vehicles and smart homes. All these factors considerably cont