The fashion industry, known for its constant evolution and trends, is undergoing significant changes driven by the ongoing pandemic. The COVID-19 pandemic has compelled the fashion industry to adopt technologies that enhance safety and provide customers with enriching experiences. Fashion is highly competitive, where trends can change rapidly, and AI has become a valuable tool to adapt to these changes.
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AI in Fashion Industry
Artificial intelligence (AI) has the potential to transform the fashion industry. It is being used to increase the efficiency of clothing manufacturing and streamline business operations. Personalization is a key trend, and AI can help provide tailored experiences for customers.
Market Drivers
The growing popularity of personalized experiences, trend tracking, and the retail industry’s expansion are driving the demand for AI in fashion. The influence of social media on the fashion industry and the ability to offer recommendations based on past shopping behavior are also contributing to the adoption of AI.
Market Scope
The AI in Fashion Market analysis includes:
Components
- Solutions
- Services
Deployment Mode
- Cloud
- On-premises
Applications
- Customer Relationship Management
- Virtual Assistants
- Product Recommendation
- Product Search and Discovery
- Supply Chain Management and Demand Forecasting
- Creative Designing and Trend Forecasting
End-Users
- Fashion Designers
- Fashion Stores
Categories
- Apparel
- Accessories
- Footwear
- Beauty and Cosmetics
- Jewelry and Watches
- Others
Geographic Regions
- North America
- Europe
- Asia Pacific
- Rest of the World
Key Market Insights
Components
The solution segment is outperforming the services segment due to higher adoption rates. Fashion retailers are increasingly utilizing advanced technologies to streamline their processes and attract new customers.
Deployment Mode
Cloud-based solutions are expected to drive the adoption of AI in fashion due to improvements in integration and scalability, as well as ease of deployment. On-premises solutions are chosen by those concerned about data privacy and security.
Applications
AI in fashion has a wide range of applications, including customer relationship management, virtual assistants, product recommendation, product search and discovery, supply chain management, and creative designing and trend forecasting.
End-Users
Fashion stores are expected to be the major contributors to the adoption of AI technologies in the fashion industry, with the need to reduce development and visualization time for fashion trends.
Categories
The apparel category is expected to be the major contributor to the adoption of AI and machine learning technologies in fashion and luxury brands.
Geographic Regions
North America currently leads the AI in fashion market, while Asia Pacific is expected to experience the highest growth. China, India, and Japan are driving technological advancements in the region.
Market Growth and Forecast
The AI in the Fashion Industry is projected to grow at a CAGR of approximately 39.17% during the forecast period from 2020 to 2026.
Key Players
Major players in the AI in fashion market include Adobe, Oracle, Catchoom, Huawei, Vue.AI, Heuritech, Wide Eyes, Findmine, Intelistyle, Lily AI, IBM, Microsoft, Google, Facebook, AWS, Pttrns.AI, SAP, Stitch Fix, Syte, and Mode AI.
Market Analysis
This report provides comprehensive research on current and competitive trends in AI adoption in the fashion industry, offering key insights, qualitative analysis, and addressing technological challenges and data privacy issues.
Research Methodology
The report employs a combination of secondary sources and in-house methodology, with real-time assessment for market sizing and forecasting. Industry experts and primary participants contribute to the compilation of relevant aspects with realistic parametric estimations.
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