The fashion industry is changing and artificial intelligence is the biggest driver of recent shifts. In the fashion industry, artificial intelligence is used in several ways as fashion brands are redesigning their methodology towards product design & development by foreseeing what customers will want to wear next. Artificial technology is been imposing a positive impact on the designer’s job and is making the fashion industry intellectual.
The global AI in fashion market is primarily driven by an increase in the adoption of artificial intelligence-based technology by fashion stores and fashion designers. AI is considered imperative for the success of the business and without AI, efficiency & opportunities are missed by the business. It has become an integral part of the fashion industry. In online fashion retail, AI enables to manage ever-increasing granularity and scale of personalization. Additionally, there is growing necessity for AI fashion e-commerce tools as it enables the companies to provide the kind of customer experience that they expect and while streamlining their costs. In addition to this, AI also allows companies to compete with their peer competitors. This has led to an increase in acceptance of AI in a fashion which in turn is fostering the growth of the market. Moreover, use of AI for creative designing & trend forecasting as well as virtual assistants is propelling the growth of the global market. Furthermore, rise in investment in AI-based technologies by fashion brands is likely to drive the growth of the global market over the forecast period.
The global AI in fashion market is categorized based on components, category, deployment mode, applications, end-user, and region. Services and solutions are the components of the global market. Based on the category, the market is split into jewelry & watches, beauty & cosmetics, footwear, accessories, apparel, and others. On-premises and cloud are the mode of deployment in the global market. The application segment consists of product recommendation, virtual assistants, customer relationship management, creative designing & trend forecasting, supply chain management & demand forecasting, product search & discovery, and others. The end-user segment comprises fashion stores and fashion designers.
North America is projected to hold the topmost position in the global AI in fashion market over the forecast period. Rapid adoption of advanced technology, growing need for customer relationship management, and heavy investments in AI-based technologies by fashion brands are the prime factors that are contributing to the increase in revenue in this region. Asia Pacific, on the other hand, is expected to grow at a faster pace owing to increase in necessity for creative designing & trend forecasting, price optimization, and fabric waste reduction ultimately increasing the use of AI in fashion.
SAP AG, Amazon Web Service Inc., Google Inc., IBM Corporation, Microsoft Corporation, Heuritch, Catchoom, Oracle Corporation, and Lily AI are some of the prominent players operating in the global AI in fashion market.
Key Developments: In October 2019, Amazon Fashion launched AI-powered StyleSnap to find styles and clothing by analyzing a photo.