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Digital Clothing Market
The digital clothing market is expected to witness notable growth during the forecast period due to the rise in metaverse and sustainable clothing.
PORTLAND, PORTLAND, OR, UNITED STATES, October 5, 2023 /EINPresswire / -- As the metaverse continues to develop and the demand for sustainable consumption grows, the intrigue surrounding digital clothing is surging ahead, with a new report stating that the sector is set to become a highly lucrative market in the near future.
According to the report, the global digital clothing
industry generated $498.7 million in 2021, and is estimated to reach $4.8 billion by 2031, witnessing a CAGR of 26.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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The report combines extensive quantitative analysis and exhaustive qualitative analysis, ranges from a macro overview of the total market size, industry chain, and market dynamics to micro details of segment markets by type, application and region, and, as a result, provides a holistic view of, as well as a deep insight into the Digital Fashion market covering all its essential aspects.
Rise in the development of the metaverse, the growing demand for sustainable clothing, and the surge in digitalization drive the growth of the global digital clothing market . However, high cost of digital garments hinders the global market growth. On the other hand, the growing trend of fast fashion and non-fungible tokens (NFTs) and a rapid advancement in augmented reality (AR) and virtual reality (VR) gaming industry present new growth opportunities for the global market in the coming years.
Market Dynamics and Transformations
.Economic Downturn Analysis: Impact of Recession in 2023
.Pandemic's Influence: Impact of Covid-19 Pandemic
.Market Evolution: Recent Developments in the Market with Key Players Announcements
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The digital clothing market is segmented into technology, transaction, application area and region.
Based on transactions, the on-chain segment held the largest market share of three-fourths of the global digital clothing market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the largest CAGR of 27.09% from 2022 to 2031. The growth of the segment is owed to its benefit of saving time and money of businesses by expediting the transaction process. The segment is expected to develop exponentially along with the increase in usage of blockchain technology.
Based on application area, the digital content creation segment held the largest market share of nearly two-fifths of the global digital clothing market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the largest CAGR of 28.9% from 2022 to 2031. The proliferation of internet services and the increase in web traffic made content creation an essential tool for B2B communication. Personalization marketing, WEB 3.0, and AI content creation are transforming digital content creation that has significantly impacted the growing awareness of digital fashion.
Based on technology, the blockchain segment was the largest market in 2021, contributing to one-third of the global digital clothing market share, and is expected to maintain its leadership status during the forecast period. Digital clothing take benefit from blockchain technology, as the adoption of this technology help influencers to receive prompt payments whenever specific requirements are satisfied, owing to smart contracts and cryptocurrency. On the other hand, the 3D software segment is projected to witness the fastest CAGR of 27.29% from 2022 to 2031. Key players such as Adidas AG, Nike, Inc., and H&M Group create great quality designs using 3D software, such as CLO3D, CAD, browzwear, marvellous designer, and others to remain competitive.
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Who is the largest manufacturer of the Digital Clothing Market worldwide?
.The Dematerialised
.DressX
.Tribute
.XR couture
.The Fabricant
.Digitalax
.Carlings
.Rtfkt
.Auroboros
.Nike, Inc.,
.Adidas AG,
.dolce & gabbana s.r.l.,
.H&M Group,
.LVMH,
.Replicant, Inc.,
.Kerings (Gucci),
.More Dash, Inc
.Dolce & Gabbana S.r.l.,
.Replicant, Inc.
The report analyzes these key players of the global digital clothing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
The Global Digital Fashion market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2030. In 2022, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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