Artificial intelligence, is the technology which comes closest to human intelligence in terms of making certain decisions. Artificial intelligence (AI) has undoubtedly revolutionized all the industries including fashion. The fashion industry which was being driven by actors, models and make up companies is now rapidly en-cashing the AI technology to understand the dynamic market and the psyche of consumers. Right from forecasting trends to understanding scalability of any new product, the AI technology is now extensively being used by fashion companies.
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Not all the customers are same, hence each one of them is most likely to have different demands. Specifically in the age of customizations, artificial intelligence rightly serves fashion industry to come up with relevant strategies. Similarly, management of inventory is a big task, especially for larger organizations and this problem of theirs is now easily being taken care of by the AI. While the internet has changed the world, social media has definitely played a big role in it. Rising influence of social media is rightly capitalized by the fashion industry and AI helps them to track and analyze the consumer surfing pattern to come up with new trendy products. This is rampantly driving the growth of the global AI in fashion market.
The progress that is being made by this market faces hindrance in the form of compatibility. This latest technology is not compatible with age-old devices/ systems and this makes its integration a costly affair. This is likely to dent the growth of the global AI in fashion market growth at present.
Irrespective of all the hurdles, the growth of the Global AI in Fashion Market is forecasted to witness massive growth over the period of next few years because of the variety of services this technology provides to the fashion industry. Along with streamlining business procedures, AI helps identify future trends, study consumer’s behavioral pattern and many other things.
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Key Takeaways - Global AI in Fashion Market:
- Global AI in fashion market was valued at US$ 982.45 Mn in 2021 and is growing at an estimated CAGR of 40.9% over the forecast period (2022 – 2030).
- Courtesy of its recurring nature of revenue generation, the services segment of the global AI in fashion market is forecasted to witness growth at the fastest rate.
- With the help of AI technology, retailers can now easily create new designs, make personalized recommendation and forecast fashion trends.
- Clothing/ apparel segment makes most of the money for the e-commerce websites, and this segment of the fashion industry is largely benefitted by the use of AI.
- The region of Asia Pacific is forecasted to witness growth at the fastest rate for the global AI in fashion market. Fast adoption of latest AI technology, even by small and medium sized organizations in countries like China and India is driving the growth of this market in the region.
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Few of the major players operating in the global AI in fashion market are listed below:
- Lily AI
- Mad Street Den Inc
- SAP SE
- Stylumia Intelligence Technology Pvt Ltd
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Global AI in Fashion Market
- Fashion trend forecasting
- Spotting winning products and Automatic Tagging
- Demand forecasting
- Similar Recommendations and Visual Search
- Inventory optimization across the value chain
- Customer Experience Management and Retail Automation
- Content Management
- Localizing assortment for a store
- Small and Medium Organizations
- Large Organizations
- Beauty and Cosmetics
By End User
- Market researchers and Merchandisers
- Category Heads
- Store Frontend Employees/ Fashion stores
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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