DRIVERS
HIGH RATE ADOPTION OF SMART MIRRORS IN AUTOMOTIVE INDUSTRY:
Smart mirror is embedded with electronic display placed on back side of the glass. The electronic display shows different type of information such as weather, time, date, news updates and others. It has been observed that automotive industry has started adopting smart mirror due its application such as it can show unobstructed view of what's behind and what's in the blind spots, showing multimedia data like text, videos pictures, and shows smart rear-view which also act as a safety feature for automotive. Hence many automotive manufacturers have installed smart mirror in their vehicles.
For instance,
- In 2019, Toyota Kirloskar Motor has launched hybrid electric vehicle in India. Most of the hybrid electric vehicles are embedded with smart mirror
- In 2018, Ficosa has developed digital rear view system (smart mirror) that replaces the traditional mirror
- In 2014, Nissan offers smart rearview mirror in the U.S., has and is featured with LCD monitor, high-resolution, 1.3-megapixel which shows view from a camera mounted on vehicle's back window.
Automotive industry is the one the highest growing industries in the world. Hence, high adoption rate of smart mirrors in automotive industry due to its application is responsible for driving the smart mirror market.
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ADVENT OF DIGITAL STORES IN RETAIL AND MARKETING SECTORS:
The digital stores are the stores who sells their products using digital technology such as virtual mannequins, NFC-compatible supermarket, Tesco scan as you shop, smart mirror and others. In addition, smart mirror has wide range of applications in retail stores such as it can replace traditional changing room by putting smart mirror, tracks inventory and consumer behavior, interacts with customers, enables shoppers to pay from the smart mirror and others. Many store retail companies have installed smart mirror in their shops because of the wide application of smart mirror.
For instance,
- In 2018, H&M (clothing-retail company) had launched voice activated mirror; the mirror speaks and displays all categories present on the H&M website.
- In 2019, Coty (multinational beauty company) has installed smart mirror to give better hair color experience in salons by live AR (Augmented reality) hair color try.
- In 2018, Ombori has announced launch of smart mirror in Max Fashion Store
- In 2018, Amazon’s smart mirror applied patent application has granted
The above information shows the retail and marketing companies are using the smart mirror to give better treatment to the customer. This further acts as driver for smart mirror market hence advent of digital stores in retail and marketing sectors supplementing the growth of smart mirror market.
INNOVATIVE AND ADVANCED FEATURES OF SMART MIRRORS:
It has been observed that the demand for smart mirror has increased in various industries such as automotive industry and retail industry. For instance, according to an article published by Smart Lite Technologies Ltd, it has been estimated that about 60.0% truck accidents are caused due to front-end blind spot of commercial trucks. This further raises the concern on road safety and this leads adoption of innovative and technological advancement to reduce the road accidents. The smart mirror can show unobstructed view of what's behind and what's in the blind spots which act as major safety features for automotive industry. Hence many smart mirror companies have announced new launches for the smart mirror.
For instance,
- In 2018, TomTom International and Toyota has announced launch of navigation application for smart mirror
- In 2019, Kohler has launched verdera voice lighted smart mirror. The mirror can control home appliances, and plays live music.
- In 2018, Audi has announced launch of new feature 2020 Audi E-Tron (virtual exterior mirrors)
- In 2018, Naked Labs has increased USD 14.0 Million to develop body scanning smart mirror.
- In 2018, Mastercard has developed digital smart mirror which enable shoppers to pay from mirror itself
The above data shows the new advancement of the smart mirror which further lead to increase the applications of the smart mirror. Hence, innovative and advanced features of smart mirrors are driving the smart mirror market.
RESTRAINT
SECURITY THREATS:
Smart mirror is connected through the internet and it uses hidden display technology for different purposes such as trying cloths in a different color without changing the cloths, health monitoring, manage busy lives and others. For processing these features, smart mirror collects the sensitive personal data such as genetic and biometric data. In retail shops, smart mirror can track each item taken into the dressing room. This personal data are being shared on internet as smart mirror has internet connectivity and any data on internet is hackable which results into misleading of personal data. There are many examples where internet data is misused
For instance,
- In 2016, police officers misuse state driver’s license database to track their , family, friends, or others without any authorization
- In 2014, employee of Uber (the world fasted growing company in transportation) disrupted the company’s policy by using ‘god view’ tool to track a journalist.
Thus, data privacy is one the major factor which is restraining the overall growth of smart mirror market.
OPPORTUNITIES
RISING DEMAND FOR SMART HOMES:
In smart home, home appliances like air conditioning, TVs, computers, lighting, heating, entertainment audio & video systems, camera and security systems can able to communicated with each other and can be remotely controllable. The smart mirror also plays an important role to make home smart. Hence many smart mirror manufacturers have developed various smart mirrors for the smart homes.
For instance,
- In 2019, Mirror announced the launch of in-home fitness solution, using this user can track and monitor own sweat.
- In 2019, Capstone Connected Home has announced the launch of google-enabled smart mirror
- In 2014, Michael Teeuw build magic mirror for home, the mirror shows date and time, has pre-installed radio, and play live music. In 2015, Polo Ralph Lauren has launched interactive fitting rooms by using smart mirrors
The above data shows the recent development of the smart mirror particularly for smart homes. Increasing demand of smart homes can cause the need of smart mirror in smart homes. Hence, rising demand for smart homes will be act as opportunity for the smart mirror market.
ENTRANCE OF START-UPS:
A startup is a beginning of the company and most of the startup comes with the new idea or new feature. It has been observed that there are many startups in smart mirror market.
- For instance, Evervue USA Inc is California based technology startup has recently entered in the smart mirror market. The company came up with various range of smart mirrors named as Qaio. The company’s smart mirror has alexa digital assistant and made by five-millimeter-thick glass is synonymous with the screen. The smart mirror can transforms into regular mirror by using single button.
- Mirror is another startup and has designed smart mirror to monitor fitness. The mirror company made smart mirror which actually act as a fitness trainer and takes the training sessions by using microphone and camera built into the hardware.
These startups came with the new idea which further responsible for creating new applications of the smart mirror. Hence, entrance of start-ups will become opportunity for the smart mirror market as it creates new applications for the smart mirror market
CHALLENGE
HIGH COSTING INVOLVED:
The smart mirror equipped with many sensor and electronic components such as microcontroller, raspberry Pi, hardware pack, gesture sensor, wall adaptor 5v, and many others sensors. In addition to this, companies such as Modiface charges at least USD 200,000 to USD 500,000 per year to brands in order to integrate the technology. Furthermore, in Oaklab, the cost of one mirror is approximately USD 25,000.00 and apart from that users are required to pay licensing fee for the software. The data shows high costing involved in smart mirror. Hence high cost of the smart mirror is one of the factors that act as a major challenge for the overall growth of the smart mirror market.
Market Trends
- On the basis of component, the market is segmented into hardware, software and services.
- On the basis of technology, the market is segmented into smart material and embedded technologies
- On the basis of type, the market is segmented into exterior mirrors and interior mirrors.
- On the basis of functionality, the market is segmented into connected and non-connected.
- On the basis of augmented reality feature, the market is segmented into AR smart mirror and non-AR smart mirror
- On the basis of application, the market is segmented into automotive, healthcare, retail and marketing consumer, others
Major Players: North America Smart Mirror Market
Some of the prominent participants operating in this market are ELECTRIC MIRROR, INC, Séura, Murakami Corporation, Ficosa Internacional SA, S.L., Mirrocool, Memomi, PERSEUS MIRRORS, actiMirror, GLANCE DISPLAYS, On The Wall, Inc, ad notam AG, DENSION LTD, Embrace, Gentex Corporation and MAGNA INTERNATIONAL INC.
