North America Artificial Intelligence in Fashion Market to Reach US$ 2254.2 Mn at a CAGR of 37.9% in 2027

North America Artificial Intelligence in Fashion Market to 2027 - Regional 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)

  • Report Code : TIPRE00007522
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 158
Buy Now

The artificial intelligence in the fashion market in North America is expected to grow from US$ 128.7 Mn in 2018 to US$ 2254.2 Mn by the year 2027, with a CAGR of 37.9% from the year 2019 to 2027.

The increase in adoption of artificial intelligence in fashion industry to enhance operational efficiency and improve customer experiences and availability of a huge amount of data originating from different data sources are the major factors that are driving the growth of artificial intelligence in the fashion market. However, concerns related to data privacy and security are anticipated to hinder the market growth in the coming years. Data privacy concerns over the use of AI across fashion industry have been increasing majorly due to a lack of strong data protection laws in many regions/countries. The growth and functioning of AI in the fashion industry are majorly dependent on data collection and data analytics. For this, businesses and customers give AI access to large sets of data, which includes confidential information. With an increase in digital services and data storage on the cloud, concerns related to data security and privacy have also increased. Hence, it is a necessity that AI technologies and solutions providers develop solutions with inbuilt security features to boost investors’ confidence in this technology.

On the basis of application, artificial intelligence in fashion market is segmented into product recommendation, virtual assistant, product search and discovery, creative designing and trend forecasting, customer relationship management, and others. The product recommendation of artificial intelligence in fashion market led the market in 2018 and is expected to continue its dominance during the forecast period. In today’s omnichannel retailing space, product recommendations have turn out to be a significant retailer strategy. The growing range of products and information offered has resulted in intensifying diversity of consumers’ demand, which has become a challenge for fashion brands to offer the right products harmonized with customer preferences. A recommendation engine enables these brands to considerably enhance revenues, Click-Through Rates, conversions, as well as other vital metrics. It can have progressive effects on the user experience, thereby rendering greater customer satisfaction and retention.

The US led the North America artificial intelligence in fashion market in 2018 and is expected to continue its dominance during the forecast period. The US is the largest fashion market in the North American continent, as well as the globe. The fashion brands continue to invest substantial amounts in researching on prevailing and upcoming trends and also leverage their technologies to boost the industry. The fashion industry in the US is majorly boosted by the unique demand for value brand and luxury items. Very recently, several fashion brands have started to incorporate voice assistants and chatbots to influence customers and enhance their shopping experience. The Google Assistance, Amazon Alexa, Microsoft Cortana, and Amazon Alexa are some of the voice assistance technologies, the fashion brands in the US are leveraging on in the current scenario. The figure given below highlights the revenue share of the Mexico in the artificial intelligence in fashion market in the forecast period:

Mexico Artificial Intelligence in Fashion Market Revenue and Forecast to 2027 (US$ Mn)

Mexico Artificial Intelligence in Fashion Market Revenue and Forecast to 2027 (US$ Mn)
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.


NORTH AMERICA 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

  • US
  • Canada
  • Mexico

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
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Offerings, Deployment, Application, End-User Industry

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada

The List of Companies

  1. Adobe Inc.
  2. Amazon.com, Inc. 
  3. Catchoom
  4. Facebook, Inc.
  5. Google, Inc.  (Alphabet Inc.)
  6. Huawei Technologies Co., Ltd
  7. IBM Corporation
  8. Microsoft Corporation
  9. Oracle Corporation 
  10. SAP SE

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to North America Artificial Intelligence in Fashion Market