The increasing development of the metaverse, the growing demand for sustainable clothing and the rise of digitalization are driving the growth of the global digital clothing market. region wise North America is expected to show the largest revenue growth during the forecast period.
PORTLAND, Ore., January 20, 2023 /PRNewswire/ — Allied Market Research released a report titled “Digital Clothing Market by Technology (3D Software, Blockchain, Artificial Intelligence, Others), by Transaction (On Chain, Off Chain), by Application Area (Digital Content Creation, Fashion Design and Technology, Gaming, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031” According to the report, the global digital apparel industry generated $498.7 million in 2021 and is expected to be achieved $4.8 billion by 2031, representing a CAGR of 26.4% from 2022 to 2031. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscapes, and competitive scenarios.
Drivers, limitations and opportunities
The increasing development of the metaverse, the growing demand for sustainable clothing and the digitalization push are driving the growth of the global digital clothing market. However, high cost of digital garments is hampering global market growth. On the other hand, the growing trend towards fast fashion and non-fungible tokens (NFTs) and rapid progress in the gaming industry for augmented reality (AR) and virtual reality (VR) offer new growth opportunities for the global market in the coming years.
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Covid-19 scenario
- Before the pandemic, digitization and fashion technology were not completely independent of each other. Designers used digital fashion technology to create intricate and geometric patterns that were difficult to create manually. Some brands and retailers have already had data-integrated supply chains, AI-assisted design, tech-infused brick-and-mortar stores, and more.
- The Covid-19 pandemic has accelerated the trend of digital transformation in the fashion industry tenfold, normalizing and democratizing the idea of digitization even more.
- This is how the Covid-19 pandemic had a positive impact on the digital clothing industry.
The blockchain segment is projected to achieve notable revenue growth during the forecast period
Based on technology, the blockchain segment was the largest market in 2021, contributing a third of the global digital apparel market share and is expected to maintain its leading position during the forecast period. Digital clothing benefits from blockchain technology as the adoption of this technology helps influencers receive instant payments when certain requirements are met thanks to smart contracts and cryptocurrency. On the other hand, the 3D software segment is expected to register the fastest CAGR of 27.29% from 2022 to 2031. Major players like Adidas AG, Nike, Inc. and H&M Group create high quality designs using 3D software like CLO3D, CAD, Browzwear, wonderful designers and others to stay competitive.
The on-chain segment will maintain its dominance over the forecast period
Based on transactions, the on-chain segment held the largest market share of three quarters of the global digital clothing market in 2021 and is expected to maintain its dominance over the forecast period. The same segment is expected to register the largest CAGR of 27.09% from 2022 to 2031. The growth of the segment is attributed to the benefit of saving businesses time and money by speeding up the transaction process. The segment is expected to grow exponentially along with the increasing use of blockchain technology.
The digital content creation segment is projected to maintain its dominance over the forecast period
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 expected to register the largest CAGR of 28.9% from 2022 to 2031. The proliferation of internet services and the increase in web traffic have made content creation an essential tool for B2B communication. Personalization marketing, WEB 3.0 and AI content creation are transforming digital content creation, which has significantly impacted the growing awareness of digital fashion.
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North America Maintain sales leadership through 2031
Based on region, North America was the largest market in 2021, capturing nearly two-fifths of the global digital clothing market share and is expected to lead in sales in 2031. Digital clothing continues to drive the company’s sales growth North America, due to the growth of metaverse, virtual reality and augmented reality technology in the region. The surge in non-fungible asset (NFT) investment and digital penetration are also driving the growth of digital clothing in this region. However, the market is in Asia Pacific is expected to register the fastest CAGR of 27.84% over the forecast period. This is due to rapid urbanization and an increase in digital content creation and adoption in the region.
Leading Market Players
- The manufacturer
- Adidas AG
- Auroboros
- DRESS
- Kering (Gucci)
- LVMH
- H&M group
- Dolce & Gabbana Srl
- Replicant, Inc.
- Nike, Inc.
The report analyzes these major players of the global digital clothing market. These players have applied 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, business segments, product portfolio and developments of each market player.
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