Metaverse in the fashion market will register a growth rate of 30.5% per year in 2022, the increasing number of fashion brands entering the Metaverse platform to drive growth

NEW YORK, July 29, 2022 /PRNewswire/ — “Fashion Market Metaverse by Geography (North AmericaAPAC, Europe, South AmericaAND Middle East AND Africa) – Forecast and analysis 2022-2026” The 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 more than 16 years. The Metaverse in fashion market share is expected to grow to 6.61 billion dollars from 2021 to 2026, and the market’s growth momentum will accelerate to a CAGR of 36.47%. Also, the market will register a 30.5% YEAR growth rate in 2022. Technavio categorizes metaverses in the fashion market as part of the global information technology (IT) spending market.. Our research report has extensively covered the external factors influencing the growth potential of the parent market in the coming years, which will determine the growth levels of the metaverse in fashion market during the forecast period.

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Fashion Market Metaverse – Key Market Dynamics:

• Market driver – Tthe main factor driving the growth in the metaverse in the fashion market is the increasing number of fashion brands entering the metaverse platform. Metaverse platforms have the potential to transform the online shopping experience. Fashion brands, especially clothing brands, are largely dependent on attractive labels and brands to sell. Apparel brands are using metaverse platforms to increase brand awareness. IN December 2021, Nike Inc. announced the acquisition of RTFKT Inc. (a company that manufactures digital sneakers) to expand its market base through metaverse during the forecast period. IN April 2022, in a joint collaboration, Nike and RTFKT launched a virtual sneaker called the 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 in the metaverse will drive increased market focus.

• Market challenges – Privacy and security concerns over metaverse will be a major challenge for metaverse in the fashion market during the forecast period. Although companies and organizations are revolutionizing their IT security systems, privacy and data security have been long-term concerns for metaverse users. Metaverse collects and processes large amounts of information about users and their environment. Therefore, privacy concerns are a major challenge for the global metaverse in the fashion market. Metaverse may access users’ personal data 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 concerns related to smart gear, such as metaverse VR and AR devices, including Sony PlayStation VR, HTC Vive Series, HP Reverb G2, Microsoft HoloLens, and Epson Moverio and MagicLeap.

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Metaverse in the Fashion Market – Segmentation Analysis

The Metaverse in Fashion market report is segmented by Geography (North AmericaAPAC, Europe, South AmericaAND Middle East AND Africa) and Platform (computer, mobile and headphones)

• Regional Highlights – 38% of market growth will come from North America during the forecast period. The US is the main market for the fashionable metaverse North America. The market growth in this region will be faster than the market growth in South America and MEA regions. The presence of leading vendors such as Meta Platforms, Inc. and NVIDIA Corp., increasing investments in AR technology by major vendors, an increase in the adoption of applications that are technologically advanced, and strong research activities to increase the application of metaverse will facilitate metaverse in the growth of the fashion market in North America during the forecast period.

• Revenue generating segment – Metaverse growth in the fashion market from computer segment it will be important for income generation. The emergence of metaverses in fashion has provided a highly personalized digital experience. Additionally, with the metaverse, many fashion industries are developing new digitally enabled sales strategies, such as allowing customers to create custom merchandise that they can style to their own 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 the growth of the segment globally during the forecast period.

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Metaverse in Fashion Market – Vendor Analysis:

Metaverse in the fashion market is fragmented and 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 envisaged in Metaverse Fashion Market Report analyzes, evaluates and positions companies based on various performance indicators. Some of the factors considered for this analysis include companies’ financial performance over the past few years, growth strategies, product innovations, new product launches, investments, market share growth, etc. Don’t wait, take a strategic approach and drive your business goals with our Fashionable Metaverse Market Forecast Report – Buy now!

Related reports:

Main topics covered:

1 Executive summary

2 Market landscape

3 Market size

4 Five Forces Analysis

5 Market segmentation by platform

6 Customer landscape

7 Geographical landscape

8 Drivers, Challenges and Trends

9 Seller landscape

10 Seller Analysis

11 Appendix

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