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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%.
This metaverse in fashion market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers metaverse in fashion market segmentation by platform (computer, mobile, and headset) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The metaverse in fashion market report also offers information on several market vendors, including 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. among others.
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The growing number of fashion brands entering the metaverse platform is notably driving the metaverse in fashion market growth, although factors such as the privacy and security concerns over metaverse may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the metaverse in fashion industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Metaverse in Fashion Market Driver
One of the key factors driving growth in the metaverse in 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 in focus.
Key Metaverse in Fashion Market Trend
The highly personalized digital experience is a metaverse in fashion market trend that is expected to have a positive impact in the coming years. In the field of e-commerce, metaverse has delivered a completely advanced virtual reality. In fact, online shoppers will be able to engage with the clothing apparel of their choice in real-time using their own virtual avatar. If an e-commerce company uses metaverse to build a digital shop, customers will be able to enter, explore, and check out the items they want to buy. They will also be able to communicate with other users. With metaverse technology, brands will be able to provide shoppers with a highly personalized digital experience. Many clothing industries are developing new digitally-enabled selling strategies, such as allowing clients to create customized goods by styling themselves according to their tastes. As a result, metaverse digital stores will become a massive hit in the e-commerce industry, which will positively impact the growth of the global metaverse in fashion market.
Key Metaverse in Fashion Market Challenge
The privacy and security concerns over metaverse will be a major challenge for the metaverse in 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 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, Epson Moverio, and MagicLeap. These glasses automatically screen and process the user's environment, which violates the privacy of the user and those around them. Such developments may hamper the growth of the market in focus during the forecast period.
This metaverse in fashion market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global metaverse in 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 fashion market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the metaverse in fashion market encompasses successful business strategies deployed by the key vendors. The metaverse in 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 make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The metaverse in fashion market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the metaverse in fashion market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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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, 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. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The rapid spread of COVID-19 adversely impacted the economy of North America, especially the US, in 2020. Several commercial enterprises, industries, and institutions partially shut down their operations due to the imposition of lockdowns. In 2021, the time spent on digital media increased by 42.87% in the US when compared with that in 2020. This further increased the demand for VR/AR platforms since H2 2020, which accelerated the growth of the regional metaverse in fashion market.
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The metaverse in fashion market share growth by the computer segment will be significant during the forecast period. The emergence of 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.
This report provides an accurate prediction of the contribution of all the segments to the growth of the metaverse in fashion market size and actionable market insights on post COVID-19 impact on each segment.
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Metaverse in Fashion Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 36.47% |
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Market growth 2022-2026 |
$ 6.61 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
30.5 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 38% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key 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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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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. |
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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
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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