Europe Artificial Intelligence in Fashion Market Segments and Growth by 2027

The artificial intelligence in the fashion market in Europe is expected to grow from US$ 69.2 Mn in 2018 to US$ 933.9 Mn by the year 2027, with a CAGR of 34.0% from the year 2019 to 2027.

In the past few years, AI and its applications, such as Machine Learning (ML), Natural Language Processing (NLP), Expert Systems, Automated Speech Recognition, AI Planning, and Computer Vision, have gained considerable traction in terms of both R&D and use cases across the globe. Multiple industry verticals have implemented AI technology for various use cases that require real-time analytics with self-learning technology to gain useful business insights. AI has enormous potential in the fashion industry. Fashion companies use AI-based solutions to design tools that would provide recommendations to customers based on their purchase history. Driving factors such as availability of massive amount of data due to increasing proliferation of digital services, and increase in operational efficiency and sales through intelligent automation are driving the adoption of AI in fashion industry will drive the market during the forecast period and have a high impact in the short term. However, challenges posed by data privacy and security issues is anticipated to hinder the market growth in the coming years.

On the basis of end-user industry, artificial intelligence in fashion market is segmented into apparel, accessories, cosmetics, and others. As retailers, apparel, luxury, and beauty brands look for technologies to build a more satisfying and smooth shopping experience; they’re gradually observing AI together with other data-related solutions. With increasing commercialization of AI technology, the simplicity of solutions is developing in line with the technology’s accessibility. The fashion industry is progressively implementing the latest progress in AI to improve e-commerce productivity, enhance the retail experience, and offer promotional campaigns as well as clothes themselves. The apparel segment led the artificial intelligence in fashion market in 2018 and is expected to dominate the market in the forecast period.

France led the Europe artificial intelligence in fashion market in 2018 and is expected to continue its dominance during the forecast period. France, Germany, and Italy are at the forefront of artificial intelligence in fashion market in the European region. This is due to the fact that these countries house several well-established, financially balanced, and massive customer base clothing and accessory companies. The remarkable customer base with huge financials has enabled these companies to invest in artificial technologies to boost their customer shopping experience, thereby, driving their business. This factor has catalyzed the growth of artificial intelligence in fashion in Europe. The figure given below highlights the revenue share of the rest of Europe in the artificial intelligence in fashion market in the forecast period:

Rest of Europe Artificial Intelligence in Fashion Market Revenue and Forecast to 2027
(US$ Mn)

EUROPE ARTIFICIAL INTELLIGENCE IN FASHION MARKET SEGMENTATION

By Offerings

• Solutions
• Services

By Deployment

• On-Premise
• Cloud-Based

By Application

• Product Recommendation
• Virtual Assistant
• Product Search and Discovery
• Creative Designing and Trend Forecasting
• Customer Relationship Management
• Others

By End-User Industry

• Apparel
• Accessories
• Cosmetics
• Others

By Country

• France
• Germany
• UK
• Italy
• Switzerland
• Rest of Europe

Artificial Intelligence in Fashion Market - Companies Mentioned

• Adobe Inc.
• Amazon.com, Inc. 
• Catchoom
• Facebook, Inc.
• Google, Inc.  (Alphabet Inc.)
• Huawei Technologies Co., Ltd
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation 
• SAP SE

Europe Artificial Intelligence in Fashion Report Scope