The global Artificial Intelligence in fashion Market accounted for US$ 270.0 Mn in 2018 and is expected to grow at a CAGR of 36.9% over the forecast period 2019-2027, to account for US$ 4,391.7 Mn in 2027.
AI integration in fashion plays a crucial role in sales, marketing, and customer-focused purposes. Initial adopters point toward the key impacts of technology in improving customer experience and decent growth in company revenue. Elevated customer experience helps the retailer to crack entirely new tactics of customer engagement and communication. With AI integration, the retailers can precisely spot the customers’ expected needs at precise times and offer the appropriate product to gain a competitive advantage. Some of the past initiatives taken in the fashion industry sector which has revolutionize the use of AI in the sector are North Face leveraging IBM Watson’s ML technology to recommend more personalized apparel to the customers. Further, eBay’s AI integration helps their sellers sell more by better inventory management and pricing recommendations. Also, several fashion brands are leveraging chatbot to improve the customer experience; Tommy Hilfiger’s Facebook Messenger chatbot offers consumers a custom-made and interactive shopping experience than customary online shopping. Besides, Sephora, Amazon, Target, ASOS, Stitch Fix, and Olay are other renowned fashion industry names in the list who have already integrated the AI solution to boost their sales and marketing strategy.
The Artificial Intelligence in fashion Market has been segmented on the basis of offerings, deployment, application, end-user industry, and geography. The Artificial Intelligence in fashion Market based on offerings is sub-segmented into solution and services. The solution segment is expected to hold the prime market share in the artificial intelligence in fashion market. The Artificial Intelligence in fashion Market on the basis of deployment is segmented into cloud and on-premise. The cloud segment led the Artificial Intelligence in fashion Market and it is anticipated to continue its dominance during the forecast period. The market for artificial intelligence in fashion by application is further segmented into product recommendation, virtual assistant, product search and discovery, creative designing and trend forecasting, customer relationship management, and others. The product recommendation segment led the artificial intelligence in the fashion market in 2018 and is expected to continue its dominance during the forecast period.
Key Players Influencing the Market
- Adobe Inc.
- Alphabet Inc. (Google)
- Amazon.com, Inc.
- Facebook Inc.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
The global Artificial Intelligence in fashion Market is segmented into five major regions, including North America, Europe, Asia Pacific, Middle East, and Africa, and South America. North America holds the major market share in the AI in the fashion market. The region comprises early adopters of a large population base and a huge number of developing economies. The region is primarily backed by its ability to provide suitable infrastructure to the service providers and also by offering extensive growth opportunity to the service providers through its rapidly expanding technology market landscape. Also, the continuous investment in leveraging the benefits of AI and machine learning towards facilitating efficient incident management and automation has fueled the market growth, especially among developed economies such as North America and Europe.
Driving factors such as availability of massive amount of data due to increasing proliferation of digital services across the globe, and real time consumer behavior insights and increased operational efficiency are driving the adoption of AI in fashion industry will drive the market during the forecast period and have a high impact in the short term. However, factors such as concerns related to data privacy and security is anticipated to hinder the market growth in the coming years.
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