Overview and Scope
Generative AI in fashion refers to the use of advanced AI models and algorithms to enhance creativity, efficiency, personalization, and sustainability across the fashion industry value chain. These algorithms are often trained on large datasets of existing fashion designs, enabling them to learn the underlying patterns and styles and generate novel outputs.
Sizing and Forecast
The generative AI in fashion market size has grown exponentially in recent years. It will grow from $0.09 billion in 2023 to $0.13 billion in 2024 at a compound annual growth rate (CAGR) of 37.7%. The growth in the historic period can be attributed to rise of fashion tech startups, consumer insights and trend forecasting, cross-industry inspiration, and sustainability concerns.
The generative AI in fashion market size is expected to see exponential growth in the next few years. It will grow to $0.47 billion in 2028 at a compound annual growth rate (CAGR) of 38.1%. The growth in the forecast period can be attributed to increasing hyper-personalization, increasing sustainability solutions, increasing on-demand manufacturing, rise in demand for generating representative fashion models. Major trends in the forecast period include advancements in machine learning, virtual try-on technologies, customization trends, real-time trend analysis, ai-generated influencer fashion, and ai-powered styling.
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Segmentation & Regional Insights
The generative AI in fashion market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-premises
3) By Category: Clothing, Accessories, Beauty And Cosmetics, Other Categories
4) By Application: Product Recommendation, Product Search and Discovery, Supply Chain Management and Demand Forecasting, Creative Designing & Trend Forecasting, Customer Relationship Management, Virtual Assistants, Other Applications
5) By End User: Fashion Designers, Fashion Stores
North America was the largest region in the generative AI in fashion market in 2023. The regions covered in the generative AI in fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising e-commerce industry is expected to propel the growth of generative AI in the fashion market going forward. E-commerce refers to the buying and selling of goods or services over the internet, typically through online platforms or websites. The rise in the e-commerce industry is due to convenience in shopping, shifting consumer preferences, social media, influencer marketing, and improved logistics. Generative AI in fashion enriches e-commerce by providing unique, personalized, and trend-driven products, optimizing supply chains, promoting sustainability, and boosting customer engagement, loyalty, and sales. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, the United States e-commerce sales for 2023 were estimated at $1,118.7 billion, marking a 7.6% rise from 2022. Therefore, the rising e-commerce industry is driving the growth of generative AI in the fashion market.
Key Industry Players
Major companies operating in the generative AI in fashion market are Amazon.com Inc., Alphabet Inc., Adobe Inc., Zalando SE, Farfetch Group Limited, Stitch Fix Inc., Myntra Designs Pvt. Ltd., Choosy, Vue.ai, True Fit Corporation, Mode.ai, Synflux AI Lab LLP, Heuritech SAS, Bigthinx Technologies Pvt. Ltd., Dressformer Technologies Inc., Intelistyle Ltd., Omnivor, RivetAI Inc., Streamoid Technologies, Style.me Technologies Limited, Revery Inc., Stylumia Intelligence Technology Pvt. Ltd., ZyseMe
The generative ai in fashion market report table of contents includes:
1. Executive Summary
2. Generative AI In Fashion Market Characteristics
3. Generative AI In Fashion Market Trends And Strategies
4. Generative AI In Fashion Market – Macro Economic Scenario
5. Global Generative AI In Fashion Market Size and Growth
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31. Generative AI In Fashion Market Other Major And Innovative Companies
32. Global Generative AI In Fashion Market Competitive Benchmarking
33. Global Generative AI In Fashion Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Generative AI In Fashion Market
35. Generative AI In Fashion Market Future Outlook and Potential Analysis
36.Appendix
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