Report : Artificial Intelligence In Fashion Market to 2027 - Global Analysis and Forecasts by Offerings (Solutions and Services); Deployment (On-premise and Cloud-based); Application (Product Recommendation, Virtual Assistant, Product Search and Discovery, Creative Designing and Trend Forecasting, Customer Relationship Management, and Others); End-User Industry (Apparel, Accessories, Cosmetics, and Others)
Real time consumer behaviour insights and increased operational efficiency are driving the adoption of artificial intelligence in fashion industry
Latest market study on "Artificial Intelligence in Fashion Market to 2027 by Offerings (Solutions and Services); Deployment (On-premise and Cloud-based); Application (Product Recommendation, Virtual Assistant, Product Search and Discovery, Creative Designing and Trend Forecasting, Customer Relationship Management, and Others); End-User Industry (Apparel, Accessories, Cosmetics, and Others); – Global Analysis and Forecast", the artificial intelligence in fashion market is estimated to reach US$ 4,391.7 Mn by 2027 from US$ 270.0 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
The fashion industry across the globe is embracing and investing in disruptive technologies such as IoT, AI, predictive analytics, and big data, among others. This increasing adoption is driven by the successful implementation of AI, which resulted in enhanced operational efficiency, increased sales revenue, and improved customer experiences. Apparel and clothing brands are looking for innovative ways to get their products in front of buyers and to significantly create awareness and demand in the market. Fashion brands are implementing machine learning and AI to maximize users' experience and to increase sales through intelligent automation.
With the advent of AI technology, which learns in real-time and provides recommendations based on patterns, brands have a tremendous opportunity to apply AI in various processes to better understand the business environment and customers. For instance, the popularly known fashion brand “Forever 21” is recently going through the bankruptcy phase. The major reason for the bankruptcy was lagging behind in the highly competitive fashion industry. The brand faced high competition form fashion giants such as H&M and Zara. The company struggled to keep pace with the shifting shopper's fashion trend. AI allows fashion businesses to prioritize and automate decision making, analyze big complex structured and unstructured data to provide deeper insights and improve efficiency by accurate planning. With all these applications, AI enables fashion businesses to improve operational efficiency, lower operating costs, enhance customer service quality and customer experiences.
The global artificial intelligence in fashion market is segmented into five major regions, including North America, Europe, Asia Pacific, Middle East, and Africa, and South America. North America holds the major market share in the AI in the fashion market. The region comprises early adopters of a large population base and a huge number of developing economies. The region is primarily backed by its ability to provide suitable infrastructure to the service providers and also by offering extensive growth opportunity to the service providers through its rapidly expanding technology market landscape. Also, the continuous investment in leveraging the benefits of AI and machine learning towards facilitating efficient incident management and automation has fueled the market growth, especially among developed economies such as North America and Europe.
The market for artificial intelligence in fashion has been segmented on the basis of offerings, deployment, application, end-user industry, and geography. The artificial intelligence in fashion market based on offerings is sub-segmented into solution and services. The solution segment is expected to hold the prime market share in the artificial intelligence in fashion market. The artificial intelligence in fashion market on the basis of deployment is segmented into cloud and on-premise. The cloud segment led the artificial intelligence in fashion market and it is anticipated to continue its dominance during the forecast period. The market for artificial intelligence in fashion by application is further segmented into product recommendation, virtual assistant, product search and discovery, creative designing and trend forecasting, customer relationship management, and others. The product recommendation segment led the artificial intelligence in the fashion market in 2018 and is expected to continue its dominance during the forecast period.
The major companies offering artificial intelligence in fashion market include Adobe Inc., Amazon Web Services, Inc., Catchoom Technologies S.L., Facebook, Inc., Google LLC, Huawei Technologies Co., Ltd., IBM Corporation, Microsoft Corporation, Oracle Corporation, and SAP SE among others. Vue.ai, Heuritech, Wide Eyes, FINDMINE (US), Intelistyle, Lily AI, Pttrns.ai, and mode.ai are also offering the artificial intelligence platform and solutions for various fashion brands, which is facilitating the market to propel over the years.
Artificial Intelligence in Fashion Market - Geographic Breakdown, 2018
The report segments the global artificial intelligence in fashion market as follows:
Global Artificial intelligence in fashion Market – By Offerings
Global Artificial intelligence in fashion Market – By Deployment
Global Artificial intelligence in fashion Market – By Application
Global Artificial intelligence in fashion Market – By End-User Industry
Global Artificial intelligence in fashion Market - By Geography
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