Global Metaverse in Fashion Market Size to Grow by USD 6.61 Bn, Growing Number of Fashion Brands Entering the Metaverse Platform to Drive Growth - Technavio
NEW YORK, Nov. 14, 2022 /PRNewswire/ -- The global metaverse in fashion market size is expected to grow by USD 6.61 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 36.47% during the forecast period. The growing number of fashion brands entering the metaverse platform, the rising popularity of virtual tokens and NFTs, and the growing importance of AR and VR are some of the major factors propelling the market growth. However, factors such as privacy and security concerns over metaverse, legal and regulatory challenges associated with the metaverse, and limited market penetration in adult consumers. Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. View a FREE Sample Report
Global Metaverse In Fashion Market: Key Drivers, Trends, and Challenges
The growing number of fashion brands entering the metaverse platform is driving the market growth. Clothing brands are using metaverse to enhance brand awareness. For instance, in December 2021, Nike Inc. announced its acquisition of RTFKT Inc. to expand its market base. In April 2022, Nike and RTFKT launched a virtual sneaker named RTFKT x Nike Dunk Genesis CRYPTOKICKS collection. Such launches will help improve brand awareness and consumer interaction.
The highly personalized digital experience is a key trend. In the e-commerce industry, metaverse enables consumers to explore, enter, and check out items as well as communicate with other users. Brands will be able to provide shoppers with a highly personalized digital experience. Digitally enabled selling strategies, such as allowing clients to create customized goods, are being adopted by many companies. Hence, metaverse digital stores will positively impact the growth of the global metaverse in fashion market.
The privacy and security concerns over metaverse will challenge the metaverse in fashion market during the forecast period. Metaverse collects and processes large amounts of information about users. There are many privacy-related concerns associated with smart gear such as VR and AR metaverse devices, including HTC Vive Series, Sony PlayStation VR, Microsoft HoloLens, HP Reverb G2, Epson Moverio, and MagicLeap. These glasses automatically screen and process the user's environment, which can violate their privacy. Such developments may hinder the growth of the market in focus during the forecast period.
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Global Metaverse In Fashion Market: Platform Landscape
By product, the market has been segmented into computer, mobile, and headset. The computer segment will be a significant contributor to market growth during the forecast period. Metaverse provides a highly personalized digital experience. Many industries are developing digitally enabled selling strategies, such as allowing clients to create customized goods. This has compelled large e-commerce companies to make their products more accessible to customers. Such factors are expected to contribute to segment growth globally during the forecast period.
Global Metaverse In Fashion Market: Geographic Landscape
By geography, the market has been segmented into North America, APAC, Europe, South America, and Middle East and Africa. North America will account for 38% of the market's growth during the forecast period. This growth is attributed to factors such as the presence of key vendors, growing investments in AR technology, a rise in the adoption of technologically advanced applications, and strong research activities to increase the application of the metaverse. Moreover, market growth in this region will be faster than the growth of the market in South America and MEA. The US is a key country for the metaverse in fashion market in North America.
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Global Metaverse In Fashion Market: Companies Covered
Global Metaverse In Fashion Market: What our Reports Offer
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Metaverse in Entertainment Market by End-user and Geography - Forecast and Analysis 2022-2026: The rising consumer spending across virtual concerts, events, and others is driving the market growth. The significant increase in demand for virtual events as well as an increase in the number of people attending concerts and events will further propel the industry forward.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Platform
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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