Artificial intelligence has disrupted various industries globally and retail is one of the major industries that has benefited from this technology. AI in the fashion industry has wide applications and fashion retailers are leveraging this technology for numerous purposes such as supply chain management, customer relationship management, product recommendation, forecasting trends, and several others.
The global AI in fashion market size is projected to reach USD 1,639 million by 2025. This can be attributed to the growing need for better inventory management solutions. Also, the increasing social media influence on the fashion industry is boosting the global AI in Fashion market growth. Moreover, increasing the need to enhance customer experience is also fuelling the adoption of AI technology in the fashion industry.
However, the existence of legacy systems is expected to hamper the market growth. Furthermore, the growing need to analyze customers buying preferences and future fashion trends is anticipated to provide growth opportunities for AI in the Fashion market in the upcoming years.
Key Segments of the Global AI in Fashion Market
Category Overview, 2018-2025 (USD Million)
- Beauty & Cosmetics
- Jewelry & Watches
Application Overview, 2018-2025 (USD Million)
- Creative Designing and Trend Forecasting
- Virtual Assistant
- Customer Relationship Management
- Product Recommendation
- Supply Chain Management and Demand Planning
End Users Overview, 2018-2025 (USD Million)
- Fashion Stores
- Fashion Designers
Regional Overview, 2018-2025 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global AI in fashion market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global AI in fashion market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the AI in fashion industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on category, application, and end-users. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global AI in fashion market. The report will benefit: Every stakeholder involved in the AI in fashion market.
- Managers within the AI in Fashion industry looking to publish recent and forecasted statistics about the global AI in fashion market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global AI in fashion market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
AI technology is helping various industries in numerous ways such as forecasting, detecting, predicting, management, and others. For the past few years, the fashion industry has also started adopting artificial intelligence technology as it has various benefits that allow fashion designers and retailers to predict fashion trends, consumer behavior, and choices. Also, AI-enabled virtual assistants are further driving the market growth in the fashion industry as they provide recommendations and suggestions to the consumers based on their appearances such as height, weight, body type, and others. Hence, such factors driving the adoption of advanced technologies such as machine learning and artificial intelligence in the global fashion industry.
Based on the category segment, the market is divided into accessories, beauty & cosmetics, jewelry & watches, apparel, footwear, and others. In the year 2019, the apparel segment accounted for the highest market revenue and it is anticipated to hold the major market share throughout the forecast period.
On the basis of the application, the market is segmented into creative designing and trend forecasting, virtual assistant, customer relationship management, product recommendation, supply chain management & demand planning, and others. The product recommendation segment leads the market growth in 2019 and it is projected to hold its position during the forecast years. The market growth in this segment is primarily accredited to the increasing trend of online sales and shopping.
End Users Segment
In terms of end-users, the market is segmented into fashion stores and fashion designers. The fashion stores industry captured the major market share in 2019 and it is anticipated to do so during the forecast period. The major reason for the growth of this segment is the growing adoption of cloud-based solutions that are integrated by AI technology. On the contrary, the fashion designers segment is anticipated to gather the highest market growth during the forecast period.
The North American region captured the major market share in 2019 and it is projected to keep its position during the forecast period 2018-2025. The dominance of this region is mainly attributed to the existence of key market vendors. However, the Asia-Pacific region is projected to experience the highest growth throughout the forecast period. The growing adoption of social media platforms is enabling fashion designers and retailers to reach their customers and promote their products based on their preferences hence driving the market growth in the Asia-Pacific region.
The major players of the global AI in the fashion market are Adobe, IBM, Oracle, SAP, Amazon Web Services, Catchoom, Facebook, Google, Microsoft, and Intelistyle. Moreover, the other prospective players in the AI in the fashion market are Huawei Technologies Co., WIDE EYES TECHNOLOGIES, Heuritech, Syte, and PTTRNS.AI. The recognized companies are coming up with innovative and new AI in fashion solutions. AI in the fashion market comprises well established local as well as global players. In addition, the already recognized market players are coming up with new innovative tools, platforms, and services to stay competitive in the global market.