AI in Fashion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
AI in Fashion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Report Digest
AI in Fashion Market: Overview
The global market for AI in fashion is expected to witness a stellar growth in coming few years. The market is expected flourish due to emergence of several fashion trends all across the globe. Fashion across the globe keeps on changing at a moment’s notice. It has become incredibly hard to keep a solid track of all the important fashion related activities. This has been a key reason of introducing AI in fashion industry. AI can help identify trends, sort out huge data volumes, and provide actionable insights. Naturally, more and more fashion enterprises are adopting AI to scale up the business operations.
AI in Fashion Market: Notable Developments
Some of the recent notable developments in the global AI in fashion market are listed below:
- Google has rolled out a new update for its highly popular Google Lens app. The app has the ability to provide users with similar product suggestions for clothing and other fashion related stuff. The app also provides a style idea feature that allows user to click picture of a clothing item and the results will show how others have bought or worn similar clothing items.
- Catchroom recently helped Privalia, a fashion ecommerce platform for scaling up their business. Cathcroom provided Privalia with AI-driven visual recognition technology that was able to automatically extract information about the product from their images. The technology also offers an interface to edit or add more attributes of products.
AI in Fashion Market: Drivers and Restraints
A number of factors are responsible for driving the growth of the global AI in fashion market. One of the biggest driving factors for the market growth has been the growing consumer demand to have superior personalized experience. With the help of AI technology, brands and distributors can provide the required customization according to the data insights. Such customization helps in building up the brand value and also creating a strong sense of loyalty among users. Naturally, the growth of the AI in fashion market is surging with this developing trend.
On the other hand, there has also been an increasing demand for inventory management. AI helps in the automation of such tasks. Thus, the market is flourishing with this increasing demand. There are other important driving factors such as increasing influence of social media in the fashion industry across the globe, increasing demand for AI technology to identify upcoming fashion trends and study the consumer behavioral patterns, and increasing adoption of artificial intelligence across major blocks of the overall value chain. Such factors are thus helping to push the development of the global AI in fashion market to newer levels.
AI in Fashion Market: Geographical Outlook
In terms of geographical segmentation, the global AI in fashion market is divided into five major regional segments. These regions are Asia Pacific, North America, Latin America, Middle East and Africa, and Europe. Currently, the biggest regional segment of the global AI in fashion market is of North America. The region is expected to continue its dominance over the course of the given forecast period of 2018 to 2028. Such dominance of the market is primarily due to the presence of several industry leaders in the region and the early availability and access to latest AI technology.
On the other hand, the region of Asia Pacific is expected show a great promise during this given forecast period. The region is home to two of the fastest developing economies in China and India. These countries possess a huge human resource with decent paying capacity. Naturally, the overall region is expected to offer huge business opportunities for the leading players in the market. Rise of ecommerce brands and retail channels too is helping to push the growth of the AI in fashion market in Asia Pacific region.
Global AI in Fashion Market is segmented as below:
Components
- Solution
- Software Tools
- Platforms
- Services
- Training and Consulting
- System Integration and Testing
- Support and Maintenance
Applications
- Product Recommendation
- Product Search and Discovery
- Supply Chain Management and Demand Forecasting
- Creative Designing and Trend Forecasting
- Customer Relationship Management
- Virtual Assistants
- Others (Fraud detection, fabric waste reduction, and price optimization)
Deployment Mode
- Cloud
- On-premises
Category
- Apparel
- Accessories
- Footwear
- Beauty and Cosmetics
- Jewelry and Watches
- Others (eyewear, home decor)
End-User
- Fashion Designers
- Fashion Stores
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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