LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global smart mirrors market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Chetan Mohan, a lead analyst from Technavio specializing in research on embedded systems sector, says, “A smart mirror will act as a mirror at the center and has functions clustered around it. The mirror can provide an integrated personal schedule or measure a user’s pulse or breathing rate by recording changes in the user’s face color. Smart mirrors will be very beneficial to the medical sector as they will help doctors keep track of their patients. Individuals will be able to make informed decisions about deteriorations and changes in their health.”
The global smart mirrors market was valued at USD 440.25 million in 2016. The market is expected to grow at a CAGR of 12.21% to reach USD 783.26 million by 2021. Smart mirrors can improve individual efficiency by choosing outfits as per weather updates while also offering bus and train schedules (including traffic updates). Smart mirrors in smart homes are designed to be connected to users as well as with different devices in the home. Energy efficiency is one of the major advantages that will drive the adoption of smart home appliances.
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The top three emerging trends driving the global smart mirrors market according to Technavio hardware and semiconductor research analysts are:
Growing adoption of smart mirrors in end-user sectors
An increasing number of sectors are adopting smart mirrors. End-users are testing these mirrors in trial phases in places such as elevators, public restrooms, and hotels. Advertisers can gain significantly from the use of smart mirrors as they can be used for target advertising.
“Smart mirrors can increase sales in the retail sector by improving customer engagement in dressing rooms. Smart mirrors combined with RFID and display technology can provide user-specific suggestions, thus helping to increase sales. More smart mirrors are likely to be installed in various places in the coming years,” according to Chetan.
Use of smart mirrors for advertising in multi-brand retail stores
High-end retailers are looking to implement smart mirrors to get insights into customer purchasing patterns. In the future, multi-brand stores can also implement this technology to get insights into customer buying patterns and to understand their preferences. Multi-brand stores can use smart mirrors for targeted advertising. These retailers can recover the smart mirror installation costs by displaying ads of the brands they house.
Integrating OLED displays in smart mirrors
The integration of OLED displays in smart mirrors could become a major turning point for the smart mirrors market. OLED displays are gaining traction among consumers because of the various advantages they offer compared with LCD displays. A wider viewing angle, better picture clarity, brighter colors, thin panels, and low power consumption are some of the attractive features of OLED displays.
OLED displays are now mass produced for mobile phones, tablets, TVs, and wearables. Leading electronics vendors such as SAMSUNG, LG, and Panasonic use OLED displays in their products. While electronic manufacturers are still developing their smart mirror offerings, given that they have recently launched prototypes in technological seminars and conferences, replacing LCD displays with OLED displays should be rather easy for them.
The key vendors are as follows:
- PERSEUS MIRRORS
- Magna international
- ELECTRIC MIRROR
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