AI in Fashion Market: By Component (Solutions, Services and Support and Maintenance) By Deployment Mode (Cloud and On-Premises) By Application (Product Recommendation, Product Search and Discovery, Creative Designing and Trend Forecasting, Supply Chain Management and Demand Planning, Customer Relationship Management, Virtual Assistant and Others) By Category (Apparel, Footwear, Beauty and Cosmetics, Accessories, Watches and Jewelry) By End Users (Fashion Stores and Fashion Designers) By Region-Global Industry Analytics, Comprehensive Analysis And Forecast, 2020 – 2029.

  • TBI628570
  • July 24, 2020
  • Global
  • 132 pages
  • SAC Insights
                                              

Abstract

There is no doubt that Artificial Intelligence AI has changed the way business is done. There are a myriad of ways in which AI has helped the fashion business style from the use of predictive analytics for industry and computer vision in recognition of product features. Just as Netflix, Amazon or YouTube can suggest similar shows or products, the same thing can be done by AI in the fashion industry. With growing popularity of e-commerce, more consumer data is being tracked than ever. Most popular fashion websites are able to record browsing habits of their buyers, thereby recommending similar items based on colour, style or layout. The AI in fashion market shows a significant demand owing to rising influence of social media on fashion industry. Rising demand for a personalized experience is another factor driving the demand for AI in fashion business. Moreover, recognizing future fashion trends by tracking customers shopping patterns and drastic growth in fashion retail are other two key factors boosting the adopting of artificial intelligence in fashion market. However, tie-ups with cultural differentiation and a huge traffic on social media may pose a challenge to the market. On the basis of component, AI in fashion market is fragmented into solution and services. Due to a higher adoption rate, the solution segment outperforms the services segment and is expected to record higher growth in the future. Fashion retailers are moving more and more towards advanced technologies that can streamline their business processes and help attract new customers. In addition, it has become challenging for the organizations to identify current trends through different social media platforms and cater to the customer's every need. Consequently, fashion retailers and brands are gradually adopting AI-based solutions, including platform and software tools like SDKs, APIs, and ML models. The deployment segment is segmented into cloud and on-premises. With improvements in integration and scalability coupled with ease of deployment, the cloud-based deployment mode is anticipated to drive the adoption of cloud-based AI solutions in fashion business; While advantages of data privacy and security drives the demand for on-premises AI solutions in fashion industry. The global AI in fashion market covers five major geographic regions, namely North America, Asia Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America. North America is expected to have the largest market size during the forecast period due to the availability of advanced technologies. The APAC region is showing rapid growth in the AI fashion market due to various reasons such as growing adoption of social media and expanding local businesses and government initiatives focused on developments in AI technology. Tech giant investments are also expected to fuel the growth of AI-based solutions worldwide. The AI in fashion market comprises key solution providers, such as Microsoft, IBM, Google, Facebook, Adobe, AWS, SAP, Oracle, Huawei, Vue.ai, Catchoom, Heuritech, FINDMINE, Intelistyle, Wide Eyes, Lily AI, and Pttrns.ai among others The report segments the AI in Fashion market as follows: Global AI in Fashion Market: Component Segment Analysis Solutions Services Support and Maintenance Global AI in Fashion Market: Deployment Mode Segment Analysis Cloud On-Premises Global AI in Fashion Market: Application Segment Analysis Product Recommendation Product Search and Discovery Creative Designing and Trend Forecasting Supply Chain Management and Demand Planning Customer Relationship Management Virtual Assistant Others Global AI in Fashion Market: Category Segment Analysis Apparel Footwear Beauty and Cosmetics Accessories Watches and Jewelry Global AI in Fashion Market: End Users Segment Analysis Fashion Stores Fashion Designers Global AI in Fashion Market: Regional Segment Analysis North America U.S. Europe UK France Germany Asia Pacific China Japan India Latin America Brazil Middle East and Africa

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