Global Beauty Tech market to reach USD 225.45 billion by 2028

Global Beauty Tech market was valued at USD 52.23 billion in 2021, and the market size is estimated to reach USD 225.45 billion by 2028, at a CAGR of 19% over the forecast period (2022-2028).

Beauty Tech is the deployment of emerging modern technology such as Artificial Intelligence (AI), Augmented Reality (AR), or Big Data technologies in conjunction with beauty brands or retailers to maximize return on investment (ROI).

AR technologies, such as Perfect Corp.'s virtual try-on solutions, are becoming increasingly important for entertaining and engaging beauty consumers during their purchasing trip. More than ever before, consumers are turning to digital channels for beauty product guidance and inspiration. In 2021 alone, billions of virtual beauty styles were digitally experimented on in Perfect Corp.'s YouCam Makeup app. Try-before-you-buy experiences are critical for providing personalized and engaging retail experiences that drive purchasing confidence as the world recovers from the pandemic. AR virtual try-on technology has advanced significantly over the years, allowing beauty brands to provide interactive and hyper-realistic digital experiences across the entire spectrum of color cosmetics products, including lipstick, eye shadow, eyebrow, eyeliner, mascara, blush, highlighter, and foundation.

North America is anticipated to dominate the Global Beauty Tech Market in 2021 and is expected to maintain this dominance throughout the forecast period owing to the availability of advanced devices and the large number of an aging population. Also, growing awareness of Beauty Tech is one of the major factors driving the growth of the Beauty Tech Market in this region. Furthermore, Asia-Pacific is expected to grow at a significant rate, owing to increase in the geriatric population. Over the last few years, globalization has increased purchasing power in nations such as China, India, South Korea, and Malaysia. Rapid urbanization, robust economic growth, and rising use of Beauty Tech are some of the primary drivers driving growth in the region's Beauty Tech Market. The intense competition is expected to create opportunities for future market growth. Moreover, advantageous trends related with cosmetics and medical industries would enhance the market sales within this region.

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Big tech looking to bring beauty into the smart home
Voice assistants such as Amazon's Alexa and Apple's Siri present prospects for collaboration between big tech and beauty. Amazon, Apple, and Google all sell voice-enabled smart speakers and intend to integrate their virtual assistants into people's daily lives. At the same time, cosmetic companies are attempting to perfect voice-based buying in order to keep their brands at the forefront of consumers' minds. Sephora, for example, collaborated with Google to create its own Google Assistant app, which allows users to order products, get beauty advice, and watch Sephora's YouTube videos.

With smart home concepts gaining hold, beauty firms will need to evaluate how voice technology and collaborations with big tech may be utilized to address shopper pain points, such as personalized suggestions and easy reservation scheduling. Along with speech technology, expect to see major tech invest in firms that offer professional beauty services into the house. Alibaba made an investment in Helijia, an on-demand beauty app that brings manicure services to consumers' homes. In January 2021, the Amazon Alexa Fund invested in a Series C fundraising round for at-home nail machine Preemadonna.

Read the market research report, "Global Beauty Tech Market by type (Acne Devices, Hair Removal Devices, Hair Growth Devices, Cleansing Devices, Oxygen and Steamer Devices, Rejuvenation Devices, Others), By application (Salon, Spa, Home, Others), By portability (Pocket-Sized/Handheld Device, Fixed), By mode of operation (Electric and Battery, Operated and Manual), By distribution channel (Direct Sales, Retail, Online) & By Region-Forecast and Analysis 2022-2028" by SkyQuest

Competitive Landscape
The Global Beauty Tech market research report will provide valuable insight into the global market, with an emphasis on some of the major players such as L'Oréal SA, Panasonic Corporation, Home Skinovations Ltd, Photomedax Inc., Carol Cole Company, Lumenis Ltd., The Proctor & Gamble Company, Syneron Medical, TRIA Beauty, Inc., and Koninklijke Philips N.V.

The report published by SkyQuest Technology Consulting on global Beauty Tech market provides in-depth qualitative insights, historical data, and verifiable projections. The projections featured in the report have been derived using proven research methodologies and assumptions.

Key Dynamics in Global Beauty Tech market
Driver:
A rise in the global elderly population, an increase in the prevalence of skin-related disorders, and a rising lifestyle quotient are likely to boost the Beauty Tech Market over the forecast years.
Restraint:
Lack of regulation within the beauty industry is hampering Beauty Tech market growth.

What does this Report Deliver?
Market Estimation for 20+ Countries
Global Beauty Tech market demand by Region, Sub-Region, and Country
Customization on Segments, Regions, and Company Profiles
100+ tables, 150+ Figures
Global, Regional, and Country specific Global Beauty Tech Market Trends
Comprehensive Mapping of ready to drink beverages Industry Parameters
Attractive Investment Proposition in the Global ready to drink beverages Industry
Competitive Strategies Adopted by Global Beauty Tech Market Key Players
Drivers, Restraints, Opportunities, Challenges, and the impact on the Global Beauty Tech Market Size
Market growth rate till 2028
Regulatory scenario, regional dynamics, and Global Beauty Tech market insights of leading countries in each region
In-depth Market insights by Region and Country
Market Segmentation Trend Analysis, Opportunities, and Growth
Porter's five force analysis to know the market's condition
Pricing Analysis and Global Beauty Tech market Sales
Parent market analysis
Product portfolio benchmarking

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SkyQuest has segmented the Global Beauty Tech Market based on Type, Application, Portability, Mode of Operation, Distribution Channel and Region:

Global Beauty Tech market by Type (Revenue, USD Billion, 2022-2028)
Acne Devices
Hair Removal Devices
Hair Growth Devices
Cleansing Devices
Oxygen and Steamer Devices
Rejuvenation Devices
Others
Global Beauty Tech market by Application (Revenue, USD Billion, 2022-2028)
Salon
Spa
Home
Others
Global Beauty Tech market by Portability (Revenue, USD Billion, 2022-2028)
Pocket-Sized/Handheld Device
Fixed
Global Beauty Tech market by Mode of Operation (Revenue, USD Billion, 2022-2028)
Electric and Battery
Operated and Manual
Global Beauty Tech market by Distribution Channel (Revenue, USD Billion, 2022-2028)
Direct Sales
Retail
Online
Global Beauty Tech market by Region (Revenue, USD Billion, 2022-2028)
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia Pacific
Central & South America
Brazil
Rest of CSA
Middle East & Africa
GCC Countries
South Africa
Rest of MEA

Key Players in the Global Beauty Tech market
Nu Skin (US)
Candela Corporation (US)
Silkn (US)
Tria Beauty (US)
Curallux LLC. (US)
Termosalud (Spain)
Foreo (Sweden)
Tech4beauty (Germany)
Koninklijke Philips N.V. (Netherlands)
Conair Corporation (US)
Lumenis (Israel)
Cynosure (US)
Sciton Inc. (US)
Fotona (Slovenia)
Procter & Gamble (US)
Colgate-Palmolive Company (US)
Lutronic (South Korea)
Strata Skin Sciences (US)
Nuface (US)
Spectrum Brands Inc. (US)
Cutera (US)
Merz North America Inc. (US)
El. En. S.P.A. (Italy)
Ya-Man Ltd. (Japan)
Panasonic Corporation (Japan)
Alma Lasers (Israel)
Bausch Health Companies Inc. (Canada)

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This release was published on openPR.