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.
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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:
- Software Tools
- Training and Consulting
- System Integration and Testing
- Support and Maintenance
- 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)
- Beauty and Cosmetics
- Jewelry and Watches
- Others (eyewear, home decor)
- Fashion Designers
- Fashion Stores
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