Non-fungible token (NFT) market 2023-2027: A descriptive analysis of overall market, five forces model, market dynamics and segmentation

NEW YORK, 8 December 2022 /PRNewswire/ — According to Technavio is global non-fungible the token market (NFT). size is expected to grow with USD 113,933.5 million from 2022 to 2027. The market is estimated to grow at a CAGR of 35.02% during the forecast period. Moreover, the growth momentum will accelerate. APAC will account for a share of 39% of the world market’s growth during the forecast period.

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Global non-fungible Token market (NFT) – Five forces

The global non-fungible token (NFT) market is fragmented and the five forces analysis covers–

• Buyers’ bargaining power

• Threat of new participants

• Threat of rivalry

• Bargaining power of suppliers

• Threat of substitutes

• Interpretation of Porter’s Five Forces model helps to strategize the business, for all details – buy report!

Global non-fungible Token (NFT) market – Parent market analysis

Technavio categorizes the global non-fungible token market (NFT) as part of the hardware, storage and peripherals technology market, which covers manufacturers of mobile phones, personal computers, servers, electronic computer components and peripherals. It also includes data storage components, motherboards, sound and video cards, monitors, keyboards, printers and other peripherals. Technavio calculates the size of the global technology market for hardware, storage and peripherals by considering the revenue generated from the sale of hardware devices, equipment and components.

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Global non-fungible Token (NFT) Market – Customer landscape

The report includes the adoption lifecycle of the market, from the innovator stage to the laggard stage. It focuses on adoption rates in different regions based on the penetration. Furthermore, the report also includes key buying criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

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Global non-fungible Token (NFT) market – Segmentation assessment

Segment overview

Technavio has segmented the market based on application, end user and region.

• The collectibles segment will grow at the highest rate during the forecast period. NFT collectibles are rare NFT tokens minted on the blockchain. Growth in this segment will primarily be driven by factors such as the growing demand for digital assets globally. The rise of tokenization in the digital asset industry is another factor that will drive the segment’s growth during the forecast period.

Geography overview

Based on geography, the global non-fungible the token market (NFT). is divided into North America, EuropeAPAC, South Americaand Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global non-fungible the token market (NFT).

• APAC will account for 39% of the global non-fungible token (NFT) market growth during the forecast period. The growth of the market in the region is attributed to factors such as the increasing demand for digital assets in countries such as Singapore, China, South Korea, The Philippinesand Japan.

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Global non-fungible Token (NFT) market – Market dynamics

Key factors driving market growth

• The growing demand for digital art is driving the market’s growth. NFT has gained traction in digital art applications.

• Digital artists can sell one or more limited edition NFT offerings by issuing tokens. This will help them increase their sales and in turn drive the growth of the market during the forecast period.

• Buyers can visit online portals to purchase NFT artworks in a secure and transparent manner. NFTs can be used to sell artwork directly through virtual platforms, reducing the processing time of purchases.

• Such factors will drive the growth of the global NFT market during the forecast period.

Recent trends affecting the market

• The emergence of fractional NFTs is a key trend in the market. Fractional NFTs enable democratized ownership. As a result, the bid price of an NFT increases and market activity around it remains relatively high.

• Furthermore, with fractional NFTs, the liquidity of NFTs can be maintained. For example, smaller investors can participate in NFT bidding, where fractional NFTs can be used to split ownership of the product.

• Hence, fractional NFTs are expected to provide new growth opportunities for market vendors during the forecast period.

Major challenges that hinder market growth

• Uncertainty in NFT demand and pricing will challenge growth in the market. The valuation of NFTs depends significantly on scarcity, uniqueness and the perception of owners and buyers.

• Furthermore, as the market is in its nascent phase, it is challenging for new investors to predict future trends in NFT prices. A sudden fluctuation can lead to a big loss for an owner.

• Such factors may hinder growth in the market during the forecast period.

Drivers, trends and challenges are the factors for market dynamics, which speak of consequences and sustainability for the businesses. Find some insights from a sample report!

What are the key data covered in this non-fungible token (NFT) market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of non-fungible token market (NFT) between 2023 and 2027

• Accurate estimation of the size of non-fungible the token market (NFT) and its contribution to the parent market

• Accurate predictions of upcoming trends and changes in consumer behavior

• Growth of non-fungible token (NFT) market across APAC, North America, Europe, Middle East and Africaand South America

• Thorough analysis of the market’s competitive landscape and detailed information on suppliers

• Comprehensive analysis of factors that will challenge the growth of non-fungible token (NFT) market providers

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Table of Contents:

1 Summary

2 Market landscape

3 Market size

4 Historical market size

5 Analysis of five forces

6 Market Segmentation by Application

7 Market segmentation by end user

8 Customer landscape

9 Geographical landscape

10 drivers, challenges and trends

11 Supplier landscape

12 Supplier analysis

13 Appendix

About us

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SOURCE Technavio