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Metaverse in Fashion Market to Record a 30.5% Y-O-Y Growth Rate in 2022, Growing Number of Fashion Brands Entering the Metaverse Platform to Boost Growth - Technavio

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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.

Technavio has announced its latest market research report titled Metaverse in Fashion Market by Platform and Geography - Forecast and Analysis 2022-2026
Technavio has announced its latest market research report titled Metaverse in Fashion Market by Platform and Geography - Forecast and Analysis 2022-2026

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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.

To learn about additional key drivers, trends, and challenges - Request a Sample Report right now!

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.

Grab a sample report for additional insights into the contribution of all the segments & regional opportunities 

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.

  • To gain access to more vendor profiles with their key offerings available with Technavio, Click Here

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!

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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, Middle East, and Africa

Performing market contribution

North America at 38%

Key consumer countries

US, China, Japan, Germany, and the 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 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

  • 9.1 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, covering 800 technologies, spanning 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.

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