June 12, 2024
Smart Mirror Market

The Smart Mirror Market Is Projected To Driven By Rising Adoption Of AI Technologies

Smart mirrors are interactive, intelligent mirrors that connect to the internet and various smart home systems. They offer functionalities far beyond basic reflections by integrating sensors, cameras, touchscreens, displays and artificial intelligence capabilities. Smart mirrors find applications in residential as well as commercial sectors for their convenience, monitoring and personalization features. Incorporating AI technologies, smart mirrors can identify individuals, recognize speech, respond to voice commands and provide useful information to users. They can display weather updates, news headlines, calendar events, traffic and transit times. Some advanced smart mirror systems come equipped with smart home controls to operate lights, locks, thermostats and other devices using touch or voice commands. The global smart mirror market offers immense growth opportunities with increasing consumer preference for convenient, connected home experiences.

The global Smart Mirror Market is estimated to be valued at US$ 988.6 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends driving the growth of smart mirror market is the increasing demand for interactive consumer experience in homes and commercial spaces. Consumers want seamless connectivity between various smart appliances and digital interfaces for comfort and efficiency. Smart mirrors deliver an engaging experience through their responsive voice assistants, touch displays and personalized recommendations. Another key trend is the integration of advanced sensors in smart mirrors. Companies are investing in biometric sensors, facial recognition and ambient light sensors to offer customized services based on detection of individuals. Rising focus on smart home automation and control capabilities through a central interface like smart mirrors is also fueling market expansion. Constant technology advancements in artificial intelligence, connectivity and displays are further augmenting the applications of smart mirrors.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as a significant amount of capital is required to enter the smart mirror market and build a customer base. However, new companies can leverage latest technologies to disrupt the market.

Bargaining power of buyers: The bargaining power of buyers is high as smart mirrors are not considered essential products and buyers have numerous options available from different manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is low since components used in smart mirrors such as display panels, sensors and connectivity modules have numerous global suppliers.

Threat of new substitutes: The threat of substitutes is low as there are limited substitutes available for smart mirrors. However, smart displays can act as potential substitutes.

Competitive rivalry: The competitive rivalry is high due to presence of numerous global as well as regional players offering a variety of smart mirror offerings to customers.

Key Takeaways

The Global Smart Mirror Market Demand is expected to witness high growth. The global Smart Mirror Market is estimated to be valued at US$ 988.6 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.

North America is expected to dominate the global smart mirror market during the forecast period owing to growing adoption of smart home technologies in the region. Europe and Asia Pacific are also expected to offer lucrative opportunities for players operating in the smart mirror market. Growing adoption of smart mirrors for automotive and consumer applications is driving the North America market. Government initiatives to develop smart cities also contributed to its growth.

Key players related content comprises: Key players operating in the smart mirror market are ad notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd. ad notam AG develops augmented mirror displays for retail, cosmetics and automotive industry.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it