Publication Month: Oct 2019 | Report Code: TIPRE00007131 | No. of Pages: 214 | Category: Technology, Media and Telecommunications | Status: Published
The availability of a large amount of data originating from different data sources is one of the key factors driving the growth of AI technology across the fashion industry. The proliferation of easy availability of the internet, smart devices, the advancement of technology, and others are some of the major reasons for the exponential increase in data generation. The RFID and Bluetooth implementation to locate products and gather information is also increasing exponentially in the fashion industry. Moreover, the voice-enabled chatbots such as Amazon Alexa and Apple Siri are continuously generating an enormous amount of data every second. By using these conversational solutions, fashion brands collect data by asking customer’s requirements, trends, and diving deeper into the purchase pattern.
This evolution in digitization presents a huge opportunity for fashion businesses to utilize the huge volumes of user/process data to gain useful insights. The paradigm shifts of fashion companies embracing digitalization has reaped greater benefits for the enterprises and resulted in more revenue generation opportunities. Also, with the advancement in computing and storage technology, computing power has increased multi-fold during the last decade. This has created new opportunities for managing and computing the big sets of data, and when coupled with AI technology, useful business and customer insights can be gained. With AI applications like machine learning and deep learning, fashion companies have a tremendous opportunity to harness the data available for useful insights and thus increasing their revenue.
NLP offers high-efficiency human experience and makes highly interactive chatbots. Vendors have a huge opportunity to improve their services by implementing NLP to its solutions. In the fashion industry, and NLP has capabilities to offer great help to fashion and apparel websites by filtering the majority of customer’s issues and send it to different customers to clarify the issues.
Business is taking efforts for better understanding and implementation of NLP. NLP’s are capable of handling the number of systems that work together to handle end-to-end interactions between machines and humans. This technology enables users to interact more naturally. Business is making huge investments in developing NLP enabled solutions for the fashion industry. For instance, Zalando SE, Germany based fashion company implemented the NLP model to its website based on PyTorch and Python.
The AI in fashion market by offering is segmented into solutions and services. Among the list of emerging technologies including, AI, IoT, blockchain, AR/VR, and 3D printing, the artificial intelligence has been at the forefront of disruption for every industry. Perhaps one of the most noticeable ways the fashion and technology have been incorporated is the capability to turn a diverse set of data into enriching, engaging information. Cognitive computing and artificial intelligence are increasing agility for retailers. Significant investments are being made by some of the leading IT companies as well as fashion retailers. For instance, Oracle Corporation under its software, Oracle Retail, invests significant resources and time to continuously advance its retail science portfolio. This enables retailers to better forestall rapid changes in customer preference, allowing them to simplify optimal price and promotion across a rising number of combinations available to retailers and their consumers.
The AI in fashion market by deployment type is segmented into on-premise and cloud. The companies and fashion brands those are planning to make substantial investments in artificial intelligence are expected to swiftly shift towards the modern platform by adopting either on-premise or cloud based solutions. The adoption of on-premise or cloud based AI solutions in fashion industry is also highly influenced by the willingness of the fashion companies or brands to switch to novel vendors offering advanced AI-based solutions. Apart from the large enterprises, various SMEs around the world are also adopting the AI-based solutions. The global AI in fashion market is experiencing a paradigm shift from traditional on-premise deployment to cloud-based deployments in the current scenario. This trend is predominantly driven by the presence of new category of cloud only solutions, which help in minimizing integration complexities and installation costs with quick setup. It was also being observed that not only the software providers in the global market since past 15 years are cloud-based, but there also are some on-premises providers, which are facilitating certain form of cloud deployed AI-based software for fashion industry. The increasing number of attractive cloud-based solutions for fashion industry also a revenue stimulating factor prevailing in the current market scenario. Further, partnerships and collaborations among the fashion brands/retailers and technology companies are driving the market for cloud-based services.
The fashion industry is implementing AI to attain competitiveness. Brands of all sizes, as well as specialties, are leveraging technology to comprehend customers better. A huge volume of data is generated by several social media interactions, mobile platforms, and e-commerce transactions in the fashion business, which offers an opportunity to the practitioners and researchers to analyse and develop systems capable of understanding consumer behaviours and tailoring the online platform services by efficient use of AI.
Today’s computer systems are far more capable of merely performing tasks that were once performed by humans owing to increased innovation and processing power in the development of the algorithm. The diversity and volume of the data collected have increased, which helps in better learning and smarter decision making with the help of AI.
The List of Companies - Artificial Intelligence In Fashion Market