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.
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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.
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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
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.
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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.
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.