Metaverse in Fashion Market Booms with Personalized Digital Experience
The global metaverse in fashion market is set to grow by USD 6.61 billion from 2021 to 2026, with a CAGR of 36.47%, according to Technavio. As fashion brands become increasingly reliant on branding for sales, a growing number of them are entering the metaverse platform to enhance brand awareness. Virtual product launches and personalized digital experiences are expected to boost the market’s growth momentum.
Segmentation Assessment
Based on platform, the market is segmented into computer, mobile, and headset. The computer segment is expected to drive significant growth during the forecast period, with fashion brands developing digital selling strategies that allow customers to create customized goods. Large e-commerce companies are also making products more accessible to customers, further driving the segment’s growth.
Technavio has announced its latest market research report titled Global Metaverse in Fashion Market 2022-2026
Geography Overview
The global market is segmented into North America, APAC, Europe, South America, and the Middle East and Africa. North America will account for 38% of the market’s growth during the forecast period, with the US as a key contributor to the market’s growth in the region. The presence of key vendors, growing investments in AR technology, and significant research activities will drive the metaverse in fashion market growth in North America.
Market Dynamics
Leading trends influencing the market include a highly personalized digital experience, allowing shoppers to engage with clothing apparel in real-time using their own virtual avatars. Many brands are developing digital selling strategies, and customers can create customized goods. However, privacy and security concerns over metaverse technology may hinder market growth, as metaverse collects and processes large amounts of data about users and their environment.
Source: Technavio Research
