Global Metaverse in E-commerce Market share predicted to Hit $60.47 Bln by 2026, $6.61 Bln in Fashion Market

PersonOutlineIconUPYO.comCalendarTodayIcon November 16, 2022AccessTimeIcon 4 Mins Read
PersonOutlineIconUPYO.comCalendarTodayIcon November 16, 2022AccessTimeIcon Mins Read
Metaverse in Fashion Market

Metaverse in Fashion Market

The global metaverse in the e-commerce market share is predicted to jump to $60.47 billion by 2026 at an accelerating compound annual growth rate of 36.47%.

A report published by TechNavio, a pioneering market research company, said the market share is fragmented by several players occupying the market share.

The e-commerce market’s key players are Adobe Inc., Alibaba Group Holding Ltd., Amazon.com Inc., Autodesk Inc., Block Inc., Dealskart Online Services Pvt. Ltd., Epic Games Inc., Matterport Inc., Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., Roblox Corp, and others.

Computers will be the most significant contributor to the e-commerce market in the metaverse by 2026 because of their functionality, which is better than mobile phones and headsets, being multi-purpose, and having better internet connection.

According to the report, North America will make up 38% of the market’s growth in the mentioned period.

The report attributed the growth in the e-commerce market to the increasing popularity of the AR technology that allows consumers to check the quality of products they want to purchase, in addition to benefitting the traders by reducing returns and expanding their consumer base. It pointed to the rising virtual purchasing experiences, which can boost consumers’ confidence by using near-reality tryouts.

However, TechNavio referred to challenges that the metaverse growth faces, topped by privacy and security concerns. The massive volume of information the metaverse requires about the users and their environment threatens their privacy. The report also mentioned privacy-related concerns linked with the users’ social networking accounts, a matter which curbs the market growth.

In another report, TechNavio also expected that the global metaverse in the fashion market share will record $6.61 billion by 2026 at an accelerating compound annual growth rate of 36.47%.

The fashion market will be driven by the increasing number of fashion brands entering the metaverse, the popularity of NFTs, and the rising importance of VR and AR technologies.

North America will make up 38% of the market’s growth in the mentioned period. However, the report also shared the same concerns about privacy and security.

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