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. 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.
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.
The overall artificial intelligence in fashion market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the artificial intelligence in fashion market. It also provides the overview and forecast for the global artificial intelligence in fashion market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the artificial intelligence in fashion market. Some of the players present in artificial intelligence in fashion market are Adobe Inc., Amazon Web Services, Inc., Catchoom Technologies S.L., Facebook, Inc., Google LLC, Huawei Technologies Co., Ltd., IBM Corporation, Microsoft Corporation, Oracle Corporation, and SAP SE among others.
Reasons to Buy:
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.
The overall artificial intelligence in fashion market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the artificial intelligence in fashion market. It also provides the overview and forecast for the global artificial intelligence in fashion market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the artificial intelligence in fashion market. Some of the players present in artificial intelligence in fashion market are Adobe Inc., Amazon Web Services, Inc., Catchoom Technologies S.L., Facebook, Inc., Google LLC, Huawei Technologies Co., Ltd., IBM Corporation, Microsoft Corporation, Oracle Corporation, and SAP SE among others.
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global artificial intelligence in fashion market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global artificial intelligence in fashion market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. Artificial Intelligence in Fashion Market Landscape
5. Artificial Intelligence in Fashion Market - Key Market Dynamics
6. Artificial Intelligence in Fashion Market - Global Market Analysis
7. Artificial Intelligence in Fashion Market - By Offerings
8. Artificial Intelligence in Fashion Market - By Deployment
9. Artificial intelligence in fashion Market - By Application
10. Artificial intelligence in fashion Market Analysis - By End User Industry
11. Artificial Intelligence in Fashion Market - Geographical Analysis
12. Artificial Intelligence in Fashion market - Industry Landscape
13. Company Profiles
14. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Adobe Inc.
- Amazon Web Services, Inc.
- Catchoom Technologies S.L.
- Facebook, Inc.
- Google LLC
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
