growing number of fashion brands entering metaverse platform is driving the Metaverse in Fashion Market
Technavio analyzes that the Metaverse in Fashion Market is expected to grow at a CAGR of 36.72% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 12654.99 million.There are various factors that contribute to the growth of the market. The metaverse fashion market is witnessing an influx of fashion brands, marking a significant trend in virtual retail. Brands are recognizing the potential of this immersive platform to engage with consumers in innovative ways. By creating virtual stores and hosting events, they are expanding their reach and offering unique shopping experiences. This shift towards metaverse fashion is set to redefine the industry landscape.
In the global metaverse fashion market, smart glasses, helmets, and digital technology devices, including natural user interfaces and fitness computers, held the largest market share in 2023. This growth can be attributed to the increasing internet penetration and the preference for immersive gaming experiences. Despite the widespread mobile usage, desktop and PCs continue to dominate the time spent online, with 53.3% in the US and 46.4% globally, as per 2021 data. These devices are indispensable tools for fashion professionals, enabling them to design prototypes, sketches, and other essential tasks.
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Metaverse in Fashion Market Segmentation
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In the Metaverse, a new lifestyle emerges as clothing takes on a digital form through NFTs. VR and MR technologies, including VR headsets, MR headsets, HUDs, smart glasses, and smart helmets, offer immersive experiences in this geographic landscape. Start-ups and industry influencers leverage data synthesis to create unique digital experiences. Natural user interfaces enhance the gaming experience. Digital technology players explore virtual wellness, offering fitness, mental health, and doctor-patient interaction in the medical sector. Blockchain ensures security and transparency.
The Metaverse in Fashion market is a significant segment of the global technology hardware, storage, and peripherals market, which is part of the larger global information technology market, according to Technavio. This market encompasses the manufacturers of various hardware devices, equipment, and components related to virtual reality (VR) fashion experiences, including non-fungible tokens (NFTs) for clothing and accessories. The parent technology hardware, storage, and peripherals market also includes manufacturers of cellular phones, personal computers, servers, electronic components, data storage components, and various peripherals. The market's growth is driven by the increasing demand for advanced digital experiences in fashion, particularly due to the shift towards remote work and virtual interactions brought about by the COVID-19 pandemic. The expanding geographic landscape for VR fashion and the integration of NFTs into the fashion industry are also key growth factors. Technavio's market analysis calculates the market size based on the revenue generated from sales of these hardware devices, equipment, and components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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