The worldwide artificial intelligence in fashion market was valued at USD 700 million in 2022 and is expected to grow to USD 6 billion by 2033, with a 35% CAGR during the forecast period.
The availability of a vast quantity of data from various data sources is one of the primary elements driving the expansion of AI technology in the fashion sector. The widespread availability of the internet, smart gadgets, technological advancements, and other factors are all contributing to the exponential growth in data output. RFID and Bluetooth deployment to find items and gather information is also rapidly expanding in the fashion business. Furthermore, voice-enabled chatbots like Amazon Alexa and Apple Siri are constantly creating massive amounts of data every second. Fashion businesses use conversational solutions to obtain data by questioning customers about their needs, trends, and purchasing patterns.
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Market Overview
The pattern of fashion industry tactics has changed due to artificial intelligence (AI). Artificial intelligence has benefited the fashion industry in several ways. This involves identifying product attributes using computer vision and predictive analytics. The fashion sector has been using AI more and more, mostly to monitor search behavior and make comparable product recommendations based on customer preferences. In order to provide more relevant searches the following time, artificial intelligence (AI) is used to assess and record the user’s frequently searched results based on brand, color, size, fashion trend, and price.
The desire for personalized results experiences, inventory management, and the growing usage of social media in the fashion sector are some of the factors driving the expansion of artificial intelligence in this market. However, issues including legacy system integration impede the market’s worldwide expansion. The use of AI in the fashion sector is also anticipated to increase due to a shift in customer preferences toward predicting future trends through the analysis of consumer purchasing behavior and the expansion of the fashion retail market.
The fashion industry divides AI into segments according to end-user, region, application, category, deployment mode, and component. It is divided into solutions and services according to components. Platforms and software tools make up the second division of the solution category. The three subcategories of the service segment are testing, system integration, and training & consulting. The market is divided into two segments based on the deployment model: cloud and on-premise. It is divided into five categories based on applications: supply chain management & demand forecasting, product search & discovery, creative design, and virtual support. It is divided into categories for clothing, jewelry, shoes, accessories, and cosmetics. It is separated by end-user, including fashion designers, retailers, and others. The market is examined in North America, Europe, Asia-Pacific, and Latin America according to geography.
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Company
Many companies are involved in the Artificial Intelligence In Fashion Market, including Adobe Inc., Amazon Web Services, Inc., Catchoom Technologies S.L., Facebook, Inc., Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Sentient Technologies Holdings Limited, Syte.ai Ltd., ViSenze Pte Ltd., Wide Eyes Technologies, Ximilar s.r.o.,
Regional Insight
North America is predicted to dominate the AI in fashion market due to the increasing adoption of AI technology in the region’s fashion sector. The United States is one of the world’s major marketplaces for artificial intelligence technologies, and the fashion industry is no exception. Major fashion manufacturers and retailers in the United States are progressively implementing AI-powered technologies to create personalized shopping experiences, streamline supply chains, and improve product design and development processes.
Europe is also predicted to be a big market for AI in fashion, owing to the region’s presence of major fashion labels and retailers, as well as its high degree of technical innovation. The Asia Pacific area is also predicted to expand significantly, with nations such as China and Japan investing extensively in AI technology for the fashion sector.
Scope of the Report
This report offers past, present as well as future analyses and estimates for the Artificial Intelligence In Fashion Market. The market estimates that are provided in the report are calculated through an exhaustive research methodology. The research methodology that is adopted involves multiple channels of research, such as – primary research, secondary research, and subject-related expert advice. The market estimates are calculated based on the influence of the current market dynamics along with various economic, social, and political factors on the Seasonal Affective Disorder Market. Also, various regulations, government spending, and research and development growth define the market data. Both positive, as well as negative changes to the market, are taken into consideration for the market estimates.
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