Smart Mirror Market: Overview
Any highly functional mirror can be a smart mirror. Smart mirror technologies include self-dimming capability, as well as self-cleaning and self-repairing ability with the layers of different smart materials. Embedded electronics including cameras, displays and sensors are also the parts of smart mirror technologies as they help in converting a simple mirror into an electronic device. Smart mirrors can be used in various applications such as advertising, healthcare, consumer, and automotive. Digital smart mirrors are significantly gaining momentum due to various factors such as design/style, comfort/convenience and safety.
The focus on enhanced road safety drives the demand for incorporating new electronic functionalities to the automotive mirrors. Activated light sensors, and electrochromic self-dimming smart mirrors have significantly improved road safety by increasing response times as well as reducing driver fatigue.
However, through the use of other electronic functionalities such as integrated sensor systems, displays, touch capability, Wi-Fi connectivity, and GPS, the road safety can be further enhanced in a significant manner. Automotive smart mirror vendors are now focused on marketing mirrors having customizable capabilities.
Smart Mirror Market: Trends
Smart mirrors are also anticipated to have a potential market in retail and advertising sectors. The use of these mirrors is in trial stage in certain places such as in elevators, public restrooms, hotels or office lobbies, and so on. For instance, in January 2011, Clear Channel Airports (CCA) and Mirrus Corporation collaborated on a pilot program of deploying 150 smart mirrors with advertising displays in all restrooms at the Chicago O'Hare airport. Moreover, smart mirrors have the capability to increase sales in retail sector, mainly in dressing rooms. The combination of mirrors with RFID and display technology can be helpful in displaying vital information and user-specific suggestions hence increasing the sales.
The smart digital mirrors are anticipated to gain a considerable market share in healthcare applications, in both residential and professional settings. Smart mirror technologies can improve patient care and compliance, thus reducing healthcare expenses in certain cases. Smart mirrors can deliver patient-specific information such as real-time human body statistics (heart rate, body temperature, and blood pressure) and prescription reminders. The information which is provided by the camera in form of an image can be used for diagnostic purposes as well as for determining appropriate treatment.
Smart Mirror Market: Drivers
Growing investment in R&D activities on smart mirrors and new technology penetration are the major factors driving the smart mirror market globally. Various companies are coming up with smart mirror technologies with additional features further aiding the growth of global smart mirror market. For example, in November 2015, Polo Ralph Lauren Corporation launched new smart mirrors in the fitting rooms of its flagship New York store. The mirror enables its customers at the store to tap for assistance for the items to try on.
Each clothing item brought in the fitting room is detected by the mirror through RFID chips, and it shows up a display about the garment details. In October 2015, Panasonic Corporation introduced 'Interactive Mirror', having multi-functional features which was anticipated to lure customers from retail, beauty as well as lifestyle industry. This mirror was capable of enhancing the lifestyle similar to a professional health or beauty advisor. In December 2014, Gentex Corporation launched its all new ‘Full Display Mirror’ which was an intelligent rear vision system that used an outside mounted camera and mirror-integrated video display for improving a vehicle's rearward view.
Smart Mirror Market: Key Players
The key players in smart mirror market are Gentex Corporation, Magna International Inc., ACEP France SA, Panasonic Corporation, Seura Solutions, Samsung Electronics, Dension, Keonn Technologies, S.L. and Mirrus Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.