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Global AI in Fashion Market Segmentation: By Component {Solution (Software Tools, Platforms), Services (Training & Consulting, System Integration & Testing, Support & Maintenance)}; By Applications {Product Recommendation, Product Search & Discovery, Supply Chain Management & Demand Forecasting, Creative Designing & Trend Forecasting, Customer Relationship Management, Virtual Assistants, Others (Fraud detection, Fabric waste reduction, Price optimization)}; By Deployment Mode (On-premises, Cloud); By End-users (Fashion Designers, Fashion Stores); and Region - Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
[ 170 + Pages Research Report ] AI in Fashion Market is expected to grow from USD 311.15 million in 2019 to USD 4.78 million in 2030, at a CAGR of 31.5%.
Artificial Intelligence (AI) in fashion refers to the use of AI-augmented latest technologies such as Machine Learning (ML), Natural Language Processing (NLP), computer vision, and others to abridge various processes in the fashion industry. Artificial Intelligence (AI) in fashion is rapidly evolving the functioning of the fashion industry by playing a vital role in the various key sections. From designing to marketing, AI in fashion is playing a major role in altering this industry. AI by leveraging its intelligence aided by Machine Learning is helping the manufacturers to exhaust the best opportunities in their field.
Global AI in Fashion Market is expected to grow from USD 311.15 million in 2019 to USD 4.78 million in 2030, at a CAGR of 31.5%. The overall growth in the market is supported by the following reasons. Increase in demand from customers for a personalized experience, increasing need for inventory management, and increasing social media influence in the fashion sector. Additionally, Identifying potential fashion trends in advance with consumer purchasing behavior analysis and increasing fast fashion retail to improve the adoption of artificial intelligence in fashion marketing to build many opportunities in fashion solutions for AI vendors.
Source: Fatpos Global
Solution Segment to retain a larger market share by 2030
AI covers solutions and services in the fashion industry, by component. The solution segment is performing outstandingly and is projected to experience higher growth in the forecast period due to higher adoption rates. The fashion retailers are exhibiting a transition towards advanced technology that can accelerate their business processes and help attract new clients. In addition, it has turned out to be more challenging for organizations to identify current trends through various social media platforms and cater to the demand of customers. Thus, fashion retailers and brands are increasingly embracing AI-based approaches.
Source: Fatpos Global
Virtual assistants to drive the market in the forecasted period with a CAGR of XX%
The market is bifurcated, based on application, into Product Search & Discovery, Product Recommendation, Supply chain management & demand forecasting, Virtual assistants, Creative designing & trend forecasting, and CRM. The demand for virtual assistants is growing to simplify the customer’s shopping experience such as virtual visualization of clothes, i.e., how they look without actually putting them on.
Deployment mode to be driven by Cloud segment
Based on Deployment Mode, the AI in the fashion market is segmented into cloud and on-premises. The cloud segment is anticipated to propel the growth of the market due to easy accessibility, wide usage, and worldwide popularity, during the forecast period.
Increasing use of Social Media
The integration of AI with the fashion industry is expected to grow due to increasing social media influence on the fashion and dressing sense of people. Promoters use social media as a major tool to advertise as it is mostly accessed by youngsters, who are the target audience and are easily influenced by such advertisements.
Besides that, AI also minimizes the errors in fashion and makes the product delivery process quick through automated warehousing management. Companies or brands can now request input and recommendations through applications featured in AI.
Consumer Taste remains a challenge
The market falls short of expectations and the challenge of predicting user tastes remains challenging. It is unreal to accurately predict the taste and preference of each buyer virtually. Thus, this may restrict the growth of AI in the fashion market.
Microsoft
The global AI in the Fashion market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and the rest of the world are classified as Middle-East and Africa.
Asia-Pacific is projected to be the fastest-growing region with a CAGR of XX%
During the forecast period, North America is projected to hold the largest market share. But for numerous factors, the Asia-Pacific region is seeing rapid market growth, such as increasing usage of social media and an increase in the number of local businesses, and various policies implemented for developments in AI technology. Hence, APAC is to drive the overall growth of the market in the forecasted period.
Source: Fatpos Global
Global AI in the Fashion market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- the United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- Mexico, Argentina, Brazil, and Rest of Latin America
AI in Fashion Market by segment:
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