The growing need to analyze customers buying preferences and future fashion trends are anticipated to create opportunities for the AI in the Fashion market
The global AI in Fashion market size is anticipated to reach USD 1,639 million by 2025. In addition, it is expected to exhibit a CAGR of nearly 38% during the forecast period 2018-2025. The fashion industry is dynamic as the fashion trends keep changing every time. The everyday new range of patterns and designs come to the market that sets new fashion trends. Also, fashion retailers and designers always need to keep updated with such vastly changing styles. Hence, artificial intelligence retailers can analyze such trends and customers based on their preferences and choices and target the market accordingly.
The current and future AI in fashion market advances are defined to state the attractiveness of the market. Key impacting aspects focus on AI in the fashion of market opportunities during the forecast period. Factors such as the growing need for better inventory management solutions are driving the market growth. Also, increasing the need to enhance customer experience is fuelling the adoption of AI technology in fashion industry. Moreover, the increasing social media influence on the fashion industry is also boosting the global AI in Fashion market growth. 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.
The report also highlights various aspects of the global AI in the fashion industry by analyzing the market through value chain analysis. Besides, the AI in the fashion market report covers different qualitative aspects of the AI in the fashion industry in market drivers, key industry opportunities, and restraints. Furthermore, the report proposes a comprehensive valuation of the market competitiveness along with company profiling of residents as well as global vendors.
The AI in the fashion market has solid competition among the early established and new players. Also, to capture a competitive advantage over the other industry players many industry players are aiming potential markets by forming collaboration and partnerships, agreements, mergers & acquisitions, acquiring new startups & other companies, and escalating their business presence.
Based on the application, the market is segmented into creative designing and trend forecasting, virtual assistant, supply chain management & demand planning, customer relationship management, product recommendation, 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 growth of this segment is primarily accredited to the increasing trend of online sales and shopping
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. However, the North American region dominated the overall market in 2019 and it is expected to keep its position throughout the forecast period 2018-2025. The dominance of this region is mainly attributed to the existence of key market vendors.
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, Site, 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.
Segment Overview of 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 Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America