NEW YORK, July 29, 2022 /PRNewswire/ -- The "Metaverse In Fashion Market by Geography (North America, APAC, Europe, South America, and the Middle East and Africa) - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The metaverse in fashion market share is expected to increase to USD 6.61 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 36.47%. Also, the market will record a 30.5% Y-O-Y growth rate in 2022. Technavio categorizes the metaverse in the fashion market as a part of the global information technology (IT) spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the metaverse in the fashion market during the forecast period.
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Metaverse in Fashion Market - Key Market Dynamics:
Market Driver - The key factor driving growth in the metaverse in the fashion market is the growing number of fashion brands entering the metaverse platform. Metaverse platforms have the potential to transform the online shopping experience. Fashion brands, especially clothing apparel brands, are largely dependent on attractive labels and branding for sales. Clothing apparel brands are using metaverse platforms to enhance brand awareness. in December 2021, Nike Inc. announced its acquisition of RTFKT Inc. (a company that makes digital sneakers) to expand its market base through metaverse during the forecast period. In April 2022, with a joint collaboration, Nike and RTFKT launched a virtual sneaker named RTFKT x Nike Dunk Genesis CRYPTOKICKS collection. These virtual product launches will help improve brand awareness and consumer interaction. The growing presence of fashion brands on metaverse will drive the growth of the market focus.
Market Challenges - The privacy and security concerns over metaverse will be a major challenge for the metaverse in the fashion market during the forecast period. Even though companies and organizations are revolutionizing their IT security systems, data privacy and security have been long-running concerns for the users of the metaverse. Metaverse collects and processes vast amounts of information about users and their environment. Privacy concerns, therefore, are a major challenge to the global metaverse in the fashion market. Metaverse can access the personal data of users and may pose a threat to their privacy. User privacy can also be threatened if hackers gain access to the user's device. There are many privacy-related concerns associated with smart gears, such as VR and AR metaverse devices, including Sony PlayStation VR, HTC Vive Series, HP Reverb G2, Microsoft HoloLens, and Epson Moverio, and MagicLeap.
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Metaverse in Fashion Market - Segmentation Analysis
The metaverse in the fashion market report is segmented by Geography (North America, APAC, Europe, South America, and the Middle East and Africa) and Platform (computer, mobile, and headset)
Regional Highlights - 38% of the market's growth will originate from North America during the forecast period. The US is the key market for metaverse in fashion in North America. Market growth in this region will be faster than the growth of the market in the South American and MEA regions. The presence of key vendors such as Meta Platforms, Inc. and NVIDIA Corp., growing investments in AR technology from key vendors, a rise in the adoption of applications that are technologically advanced, and strong research activities to increase the application of metaverse will facilitate the metaverse in fashion market growth in North America over the forecast period.
Revenue Generating Segment - The metaverse in fashion market share growth by the computer segment will be significant for revenue generation. The emergence of the metaverse in fashion has provided a highly personalized digital experience. Furthermore, with metaverse, many fashion industries are developing new digitally-enabled selling strategies, such as allowing clients to create customized goods that they can style as per their tastes. This has forced large e-commerce companies to compete and make their products more accessible to customers. Such factors are expected to contribute to segment growth globally during the forecast period.
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Metaverse in Fashion Market - Vendor Analysis:
The metaverse in the fashion market is fragmented and the vendors are deploying growth strategies such as focusing on acquiring smaller brands to increase their market presence to compete in the market.
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The competitive scenario provided in the Metaverse in Fashion Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.Don't wait, Make a strategic approach & boost your business goals with our Metaverse in Fashion Market Forecast Report - Buy Now!
The predicted growth of the metaverse in e-commerce market share from 2021 to 2026 is USD 60.47 billion at a progressing CAGR of 36.47%.
The metaverse market size in the travel and tourism industry is expected to be valued at USD 188.24 billion in 2026 with a progressing CAGR of 26.01%.
Metaverse in Fashion Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 36.47%
Market growth 2022-2026
USD 6.61 billion
YoY growth (%)
North America, APAC, Europe, South America, Middle East, and Africa
Performing market contribution
North America at 38%
Key consumer countries
US, China, Japan, Germany, and the UK
Leading companies, competitive strategies, consumer engagement scope
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.
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.
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.
Key Topics Covered:
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
9.2 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.
10.11 Roblox Corp.
10.12 Tencent Holdings Ltd.
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
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