Artificial Intelligence In Fashion Market Outlook 2019-2027 with Top Key Players like Adobe, Amazon Web Services, Catchoom Technologies, Facebook, Google, Huawei Technologies, IBM, Microsoft, Oracle Corporation

The global artificial intelligence in fashion market accounted to US$ 270.0 Mn in 2018 and is expected to grow at a CAGR of 36.9% during the forecast period 2019 – 2027, to account to US$ 4,391.7 Mn by 2027.

The fashion industry across the globe is embracing and investing in disruptive technologies such as IoT, AI, predictive analytics, and big data, among others. This increasing adoption is driven by the successful implementation of AI, which resulted in enhanced operational efficiency, increased sales revenue, and improved customer experiences. Apparel and clothing brands are looking for innovative ways to get their products in front of buyers and to significantly create awareness and demand in the market. Fashion brands are implementing machine learning and AI to maximize users' experience and to increase sales through intelligent automation.

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The major companies offering artificial intelligence in fashion market include 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. Vue.ai, Heuritech, Wide Eyes, FINDMINE (US), Intelistyle, Lily AI, Pttrns.ai, and mode.ai are also offering the artificial intelligence platform and solutions for various fashion brands, which is facilitating the market to propel over the years.

With the advent of AI technology, which learns in real-time and provides recommendations based on patterns, brands have a tremendous opportunity to apply AI in various processes to better understand the business environment and customers. For instance, the popularly known fashion brand “Forever 21” is recently going through the bankruptcy phase. The major reason for the bankruptcy was lagging behind in the highly competitive fashion industry. The brand faced high competition form fashion giants such as H&M and Zara.

The company struggled to keep pace with the shifting shopper's fashion trend. AI allows fashion businesses to prioritize and automate decision making, analyze big complex structured and unstructured data to provide deeper insights and improve efficiency by accurate planning. With all these applications, AI enables fashion businesses to improve operational efficiency, lower operating costs, enhance customer service quality and customer experiences.

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The market for artificial intelligence in fashion 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.

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Company: The Insight Partners
Contact: Sameer Joshi
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Email: sam@theinsightpartners.com

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.

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