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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

·15 min read

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

Technavio has announced its latest market research report titled Global Metaverse in Fashion Market 2022-2026
Technavio has announced its latest market research report titled Global Metaverse in Fashion Market 2022-2026

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.

Technavio has identified key trends, drivers, and challenges in the market, which will help vendors improve their strategies to stay ahead of their competitors. Buy Now for detailed information about market dynamics

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.

Learn about the contribution of each region summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

Global Metaverse In Fashion Market: Companies Covered

  • Accenture Plc

  • Active Theory LLC

  • adidas AG

  • Alibaba Group Holding Ltd.

  • Animoca Brands Corp. Ltd

  • ByteDance Ltd.

  • Gap Inc.

  • Globant SA

  • Infosys Ltd.

  • Kering SA

  • Magic Leap Inc.

  • Meta Platforms Inc.

  • Microsoft Corp.

  • Mobiloitte Technologies

  • NetEase Inc.

  • NexTech AR Solutions Corp.

  • Nike Inc.

  • NVIDIA Corp.

  • Queppelin

  • Roblox Corp.

  • Tencent Holdings Ltd.

Global Metaverse In Fashion Market: What our Reports Offer

  • Market share assessments for the regional and country-level segments

  • Strategic recommendations for the new entrants

  • Covers market data from 2021 to 2026

  • Market trends (threats, challenges, drivers, investment opportunities, and recommendations)

  • Strategic recommendations in key business segments based on the market estimations

  • Competitive landscaping mapping the key common trends

  • Company profiling with detailed strategies, financials, and recent developments

  • Supply chain trends mapping the latest technological advancements

Get lifetime access to our Technavio Insights! Subscribe to our Basic Plan billed annually at USD 5000

Related Reports

Metaverse Market in Finance by Component and Geography - Forecast and Analysis 2023-2027: The innovative features and user interfaces are notably driving the metaverse market in finance growth. Banks are considering strategies to expand their presence in the metaverse and offer better services to consumers. For example, using VR glasses, customers will be able to handle all their banking and financial activities from anywhere and in a more immersive way.

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.

Metaverse In Fashion Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 36.47%

Market growth 2022-2026

USD 6.61 billion

Market structure

Fragmented

YoY growth (%)

30.5

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 38%

Key consumer countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Accenture Plc, Active Theory LLC, adidas AG, Alibaba Group Holding Ltd., Animoca Brands Corp. Ltd, ByteDance Ltd., Gap Inc., Globant SA, Infosys Ltd., Kering SA, Magic Leap Inc., Meta Platforms Inc., Microsoft Corp., Mobiloitte Technologies, NetEase Inc., NexTech AR Solutions Corp., Nike Inc., NVIDIA Corp., Queppelin, Roblox Corp., and Tencent Holdings Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse Information Technology Market Reports

Table of Contents

1 Executive Summary

  • 1.1 Market overview

2 Market Landscape

  • 2.1 Market ecosystem

3 Market Sizing

  • 3.1 Market definition

  • 3.2 Market segment analysis

  • 3.3 Market size 2021

  • 3.4 Market outlook: Forecast for 2021-2026

4 Five Forces Analysis

  • 4.1 Five forces summary

  • 4.2 Bargaining power of buyers

  • 4.3 Bargaining power of suppliers

  • 4.4 Threat of new entrants

  • 4.5 Threat of substitutes

  • 4.6 Threat of rivalry

  • 4.7 Market condition

5 Market Segmentation by Platform

  • 5.1 Market segments

  • 5.2 Comparison by Platform

  • 5.3 Computer - Market size and forecast 2021-2026

  • 5.4 Mobile - Market size and forecast 2021-2026

  • 5.5 Headset - Market size and forecast 2021-2026

  • 5.6 Market opportunity by Platform

6 Customer Landscape

  • 6.1 Customer landscape overview

7 Geographic Landscape

  • 7.1 Geographic segmentation

  • 7.2 Geographic comparison

  • 7.3 North America - Market size and forecast 2021-2026

  • 7.4 APAC - Market size and forecast 2021-2026

  • 7.5 Europe - Market size and forecast 2021-2026

  • 7.6 South America - Market size and forecast 2021-2026

  • 7.7 Middle East and Africa - Market size and forecast 2021-2026

  • 7.8 US - Market size and forecast 2021-2026

  • 7.9 China - Market size and forecast 2021-2026

  • 7.10 Germany - Market size and forecast 2021-2026

  • 7.11 UK - Market size and forecast 2021-2026

  • 7.12 Japan - Market size and forecast 2021-2026

  • 7.13 Market opportunity by geography

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers

  • 8.2 Market challenges

  • 8.3 Impact of drivers and challenges

  • 8.4 Market trends

9 Vendor Landscape

  • 9.1 Overview

  • 9.2 Vendor landscape

  • 9.3 Landscape disruption

  • 9.4 Industry risks

10 Vendor Analysis

  • 10.1 Vendors covered

  • 10.2 Market positioning of vendors

  • 10.3 adidas AG

  • 10.4 Globant SA

  • 10.5 Kering SA

  • 10.6 Meta Platforms Inc.

  • 10.7 Microsoft Corp.

  • 10.8 Nike Inc.

  • 10.9 NVIDIA Corp.

  • 10.10 Queppelin

  • 10.11 Roblox Corp.

  • 10.12 Tencent Holdings Ltd.

11 Appendix

  • 11.1 Scope of the report

  • 11.2 Inclusions and exclusions checklist

  • 11.3 Currency conversion rates for US$

  • 11.4 Research methodology

  • 11.5 List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Global Metaverse in Fashion Market 2022-2026
Global Metaverse in Fashion Market 2022-2026
Cision
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SOURCE Technavio

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