Metaverse in Fashion Market to grow by USD 6.61 billion from 2021 to 2026 | Growth Driven by the growing number of fashion brands entering the metaverse platform – Technavio

NEW YORK, Oct. 19, 2023 /PRNewswire/ — The metaverse in fashion market by platform (computer, mobile, and headset) and geography (North America, APAC, Europe, South America, and Middle East and Africa) – Forecast and Analysis 2022-2026″ report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the metaverse in fashion market between 2022 and 2026 is USD 6.61 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

The growing number of fashion brands entering the metaverse platform is a key factor driving market growth. The possibility of transforming an online shopping experience is possible using metaverse platforms. Fashion brands, especially clothing brands, largely depend on attractive branding and branding for sales. Clothing brands use the metaverse platform to enhance their reputation. For example, in April 2022, Nike and RTFKT jointly launched a virtual shoe called the RTFKT x Nike Dunk Genesis CRYPTOKICKS collection. Learn about additional key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now

Market Challenge

Privacy and security concerns over metaverse are significant challenges restricting market growth. Though companies and organizations innovate in the field of information security, data privacy and protection concerns remain for metaverse users even if they do not change their IT systems. The Metaverse services collect, process, and store a large amount of data on users and their environment. Consequently, privacy concerns are an important challenge for the metaverse in the fashion market. Metaverse can access users’ private data and may pose a danger to their privacy. 

The metaverse in fashion market has been segmented by platform (computer, mobile, and headset), and geography (North America, APAC, Europe, South America, and Middle East and Africa). 

• The metaverse in fashion market share growth by the computer segment will be significant during the forecast period. A high degree of personalized digital experience has emerged from the emergence of metaverses in fashion. Additionally, with the metaverse, many fashion industries are developing new digital merchandising strategies, such as allowing customers to create personalized products that they can style according to their preferences. Consequently, big e-commerce companies have been forced to compete and enhance the availability of their products for customers.

• 38% of the market’s growth will originate from North America during the forecast period. 

View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Metaverse in Fashion Market:

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.

Related Reports:

The metaverse in e-commerce market is estimated to grow at a CAGR of 39.65% between 2022 and 2027. The size of the market is forecast to increase by USD 85,885.22 million. 

The metaverse market in finance is estimated to grow at a CAGR of 21.33% between 2022 and 2027. The size of the market is forecast to increase by USD 107.06 billion

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Platform 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio