Global Digital Fashion Professional Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Digital Fashion Professional Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Digital Fashion comprehensively refers to fashion design using computers and software. Digital fashion makes apparel/clothing, accessories, and footwear-but none of it is tangible. Instead, customers wear digital clothing through augmented reality and digitally altered photos. Digital Fashion will continuously develop and become more influential as it converges with digital media.

Market Overview:

The latest research study on the global Digital Fashion Professional market finds that the global Digital Fashion Professional market reached a value of USD 232.96 million in 2022. It’s expected that the market will achieve USD 13347.43 million by 2028, exhibiting a CAGR of 96.34% during the forecast period.

Influence of COVID-19 Outbreak on Digital Fashion Industry Development

Since the beginning of the pandemic in 2020, the fashion industry has suffered huge economic losses, with sales plummeting and job losses, but COVID-19 has accelerated the development of the digital fashion industry. Amidst the COVID-19 pandemic, fashion is among the industries that have been forced to adapt their commercial and creative strategies to better suit the social distancing measures. Therefore, the United States' rate of digital channels has increased. Catwalks and showrooms have become more accessible through live streaming and virtual fashion shows. Therefore, they make it easier for the public to get high fashion. Milan Fashion Week was renamed Milan Digital Fashion Week. The British Fashion Council also seized the opportunity to display this year's designs online. In 2021, large-scale virtual fashion activities become more and more common. An example of this is International Digital Fashion Week. With this event, there is the largest virtual fashion show being held with over 100 designers in the fashion industry being represented.

Now, digital fashion has the opportunity to flourish in the industry where new technology and fashion merge. The importance of fashion movies is also emphasized as a medium for creatively displaying the upcoming series of designers. Therefore, the 3D experience gained momentum. Other popular formats include avatar video games, such as Zepeto, with which Louboutin cooperated to show their SS21 series. In this way, attendees can create personalized avatars and view the latest design of the brand. In addition, in their SS21 show, GCDS, an Italian street clothing brand, used cutting-edge technology and virtual images to rebuild a 3D runway, displaying digitally rendered clothes. COVID-19 accelerates the development of digital fashion.

The covid-19 blockade has changed the way people live, shop and relax. Whether in movies, social media, advertising, or shopping, consumers are used to almost seamless integration between the real world and the virtual world. Brands that don't adapt quickly are losing market share.

The result of this is that more products need to be brought to market faster and with less overhead and attract consumers who are used to interacting (and paying) with digital products. This is the perfect environment for virtual products to flourish. In addition, in COVID-19, when people did not go out often but used social media more, digital clothing was very important. Digital clothing accelerated during the pandemic. Brands have to turn to virtual showrooms and online activities to show their latest fashion designs.

Market Drivers

Digital fashion emerges, which directly subverts the expression of the fashion industry and people's consumption patterns. The direct cause of subversion is the introduction of Metauniverse and NFT (Non-Fundable Token), one of which establishes a new space for linking the virtual world and the real world, while the other provides a value realization system, which enables digital fashion products to have value-added space and collection value. As we all know, blockchain technology, interactive technology, electronic game technology, artificial intelligence technology, network and computing technology, and Internet of Things technology are the six supporting technologies of Metauniverse. NFT is an important technology to support the meta-cosmic economic system. It generates unique digital vouchers for specific products and realizes real and feasible digital distribution, purchase, collection, and use. Therefore, consumers become an important form of participating in the metaverse by purchasing NFT.
As a high condensation of material creation and cultural power, the fashion industry has strong penetration and extensive radiation. Making digital fashion more diverse, especially under the influence of epidemic situations, can break the limitation of space, make fashion, culture, and technology perfectly fit, and form unprecedented consumption experiences and visual presentations with great impact. From March 24th to March 27th this year, the Metauniverse platform Decentraland held the world's first Metauniverse Fashion Week, in which dozens of brands such as Selfridges, Jacob&Co, Franck Muller, Garrett Leight, Cavalli, and digital fashion companies participated.

Restraints and Challenges

Digital fashion products have the problem of uneven regional development. The popularity of digital fashion in Europe and America is high, and it has received extensive attention. However, in some developing countries, the penetration rate of digital fashion products is low, and the audience is even smaller. Many people who have never bought digital fashion products don't know enough about these products and don't know where to use them. These are the reasons why they don't buy. Therefore, the designers of digital fashion products must consider how to make it easier for users to buy and use these products, and increase the specific scenarios of users using these products as much as possible.

Opportunities

Increased Demand in Emerging Markets

At present, the digital industry is mainly concentrated in Europe and America. Europe and the United States have mature technologies such as 3D and blockchain, and there are many start-ups. Emerging markets have a large population, low digital fashion penetration rate, and great market development potential, especially in China, India, Southeast Asia, and other regions. The Asian Development Bank released a forecast on December 14th, 2021, saying that the GDP growth rate of Asian emerging market countries will be 5.3% in 2022.

With the development of the Asian market economy and the improvement of urbanization level, the Internet and digital entertainment have completely changed all aspects of the whole society. Thanks to the boost of the epidemic and the development of 3D, VR, AR, and other technologies in emerging markets, the level of digital fashion technology is constantly improving. Chinese brands such as Li Ning, Anta, and Xtep have also joined in the development of digital fashion products. Li Ning launched a digital collection of surreal new shoes with the electronic signature of basketball star Wade; Anta launched the 2022 Special Commemorative Edition Digital Collection of Ice and Snow during the Winter Olympics; Xtep launched the 160X-Metaverse, the world's first digital collection of running shoes.

As consumers in emerging markets know more about and accept the digital fashion industry, the scale of the digital fashion market will continue to expand.

Region Overview:

Europe had the highest growth rate of all regions.

Company Overview:

Mergers & Acquisitions, Expansion Plans

With 43.2 daily users, Roblox is one of the biggest online gaming platforms in the world, mainly because it allows users to program their own games and play those created by other users. Even more so, the platform offers a wide range of avatar customization, including fashionable upgrades that mirror real life.

The gaming platform has already collaborated with big time clothing companies from designer Tommy Hilfiger to Forever 21. Now, according to a report by Glossy, Roblox announced its newest collaboration with two-year-old digital fashion brand Dress X.

A total of 12 items will be specifically made for the platform, making Dress X the first retailer to use a new layered clothing feature in Roblox. The feature allows users to mix and match digital fashion styles, whereas before certain garments and accessories were limited to a few characters and restricted to a 2D look.

NIKE, Inc. today announced the acquisition of RTFKT, a leading brand that leverages cutting edge innovation to deliver next generation collectibles that merge culture and gaming. This acquisition is another step that accelerates Nike's digital transformation.

Founded in 2020, by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT is a pioneering and innovative brand that redefines the boundaries of physical and digital value to serve their broad community of creators. This dedicated team leverages the latest in game engines, NFTs, blockchain authentication and augmented reality to create one of a kind virtual products and experiences.

American sportswear brand Nike looks set to create a range of digital fashion products after filing a range of trademark applications for virtual trainers and clothes.

At the end of last month, the American company filed seven applications with the US Patent and Trademark Office for use on downloadable virtual goods and online and in online virtual worlds. The brand's widely recognized tick logo and basketball player logo have been included in the application as well as its Just Do It slogan.

The trainers could be used in the metaverse Nike's virtual items would allow customers to wear its items in the metaverse-a virtual world where people can experience a parallel life online or using virtual reality or augmented reality.

Trainers such as the Air Max 2090, could be redesigned by Nike to be worn in the metaverse.

The brand has also listed a flurry of job opportunities related to the virtual design world on its jobs board.

The virtual collections could be sold as NFTs Virtual shoes and clothing items have the potential to be sold as digital collectables, or non-fungible tokens (NFTs). Products can be identified with digital certificates that indicate the ownership and authenticity of digital assets.

The items are individually recorded or minted on a blockchain, allowing them to be bought, sold and collected.

Amsterdam-based digital fashion house The Fabricant has raised 14 million dollars in a Series A funding round.

The funding will be used to support and expand the Dutch company's co-creation and non-fungible token (NFT) platform, The Fabricant Studio.

Founded in 2018, The Fabricant uses film visual effects such as motion capture, 3D animation software and body scanning to create hyper-realistic animations of fashion garments.

It has found itself at the forefront of the burgeoning digital fashion market in recent years, working with fashion heavyweights such as Tommy Hilfiger, Puma, Adidas and Off-White.

Segmentation Overview:

Among different product types, Apparel/Clothing segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Women segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Digital Fashion Professional market covered in Chapter 3:

Dressx
Auroboros
XR couture
Carlings
The Fabricant
The Dematerialised
Rtfkt
Digitalax
Tribute

In Chapter 4 and Chapter 14.2, on the basis of types, the Digital Fashion Professional market from 2018 to 2029 is primarily split into:

Apparel/Clothing
Accessorie
Footwear

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Digital Fashion Professional market from 2018 to 2029 covers:

Men
Women
Children

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)