Beauty tech is one of the growing markets. According to the Korea Health Industry Development Institute, the global beauty tech market is expected to grow at an average annual rate of 18.4% from $39.1 billion in 2018 to around $107.2 billion by 2024. On the global short-form platform TikTok, content related to skincare routines, including the hashtag #SkincareRoutine, receives approximately 16.6 billion views. This indicates a strong interest from consumers in skincare.
As we approach 2024, what should our company focus on in the beauty tech sector? Today, we will introduce five technologies that will diversify consumers' skincare experiences in 2024. By paying attention to these technologies and understanding the evolving trends in the skincare market, we can enhance our skincare business.
1. Smart Beauty Devices:
The emergence of smart technology is impacting various aspects of our lives, and beauty is no exception. In 2024, smart beauty devices will become central to our daily routines. These innovative devices utilize artificial intelligence (AI) and machine learning algorithms to enhance skin and hair care regimens.
For example, anti-aging lasers, LED masks, and devices that supply microcurrents to improve skin elasticity can deliver noticeable results without the need for surgery or spa visits. By integrating smart devices into your beauty routine, you can precisely tailor results to your customers' unique needs.
2. Eco-Friendly Beauty Technology:
Sustainability and environmental protection will be crucial in the beauty industry. Beauty technology and brands emphasizing eco-friendly packaging, recyclable products, and eco-conscious manufacturing processes will gain attention. Additionally, solar-powered technology for eco-friendly beauty devices will become more prevalent.
One of the most critical elements in eco-friendly beauty is the ingredients used in cosmetics. In 2024, plant-based, sustainable, and organic ingredients are expected to be widely used in beauty products. Moreover, environmentally friendly packaging and zero-waste packaging materials are emerging as important trends. Many companies will focus on packaging products in an eco-friendly way and using recyclable materials in 2024.
3. Augmented Reality (AR) Skincare Analysis:
Understanding the skin's requirements is always crucial for maintaining optimal health and radiance. AR skincare analysis involves capturing images of a user's face or skin through a camera and using AR technology to analyze these images. This analysis primarily relies on computer vision and machine learning algorithms.
In 2024, AR skincare analysis will elevate personalized skincare routines to a new level. By scanning the face, sophisticated algorithms can analyze deep skin conditions, including texture, moisture levels, as well as fundamental issues like acne, blackheads, wrinkles, and more.
4. Skin Diagnosis and Monitoring Technology:
Skin diagnosis and monitoring technology precisely evaluates and tracks skin conditions. This technology is used in both the beauty and medical fields and is implemented through various forms of equipment and techniques. Beauty brands will focus on developing and improving technology that accurately diagnoses and monitors skin conditions. This technology helps detect skin issues early and optimize skincare routines.
AI and machine learning technology play a vital role in skin diagnosis and monitoring. These technologies analyze skin images and data to identify specific skin issues and provide recommended skincare routines, thus offering consumers personalized skincare recommendations.
5. AI-Based Skincare:
Artificial intelligence (AI) is used to develop applications and devices that provide personalized skincare product recommendations and routines, considering skin type, issues, age, and environmental factors. These applications offer consumers personalized skincare solutions, contributing to improved skin health.
AI-based skincare is an effective way to follow personalized skincare recommendations. AI takes into account the user's skin condition to provide tailored skincare recommendations, including which products to use and which skincare routines to follow, considering various environmental factors.
Our Product, SkinChat, leverages these 2024 beauty tech trends. Using vision AI chatbots, SkinChat provides personalized skincare recommendations based on skin diagnosis and monitoring technology. Consumers can access SkinChat as follows:
🙆♀️ Meet Sky, a teenage girl with concerns about her acne-prone skin. She has turned to SkinChat to find skincare products that suit her skin.
Sky briefly received product recommendations by sharing her age group and skin concerns. If Sky desires more detailed product recommendations, the following skin analysis is possible.
We can link the last section, 'Product Recommendations,' to My company's products and procedures, allowing customers to envision their actual purchase journey. In the smart and knowledgeable 2024, as AI advances, customers can engage in a journey that transforms beauty tech technology into an unprecedented consumer experience that leads to purchases. Join us on this journey with my company's products and services.