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Asia Pacific Artificial Intelligence in Fashion Market All Set to Witness Massive Growth during Forecast 2019-2027 | Adobe Inc., Amazon.com, Catchoom, IBM Corporation
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On the basis of offerings, artificial intelligence in fashion market is segmented into solutions and services. Cognitive computing and artificial intelligence are increasing agility for retailers. Significant investments are being made by some of the leading IT companies as well as fashion retailers. In 2018, the retail industry invested approximately US$3.4 billion, more than any other sector, in artificial intelligence for capabilities such as expert shopping advisors, automated customer-service agents, and omnichannel merchandising.
Thus, substantial investments and ongoing contracts among leading IT companies and fashion brands to develop advance software are propelling the growth of artificial intelligence in fashion market at a rapid pace. The solution segment led the artificial intelligence in fashion market in 2018 and is anticipated to dominate the market in the forecast period.
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China dominated the artificial intelligence in fashion market in 2018 and is expected to dominate the market with the highest share in the Asia Pacific region through the forecast period. China is the biggest supplier of apparel to European countries. Some of the apparel companies are shifting their manufacturing units to Bangladesh and Vietnam due to lower labor costs. Pertaining to this factor, the country’s textile and apparel producers are struggling through an industrial restructuring.
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On the other hand, China still holds the position of largest clothing exporter worldwide with enormous production capacities. Also, the Chinese market is about to overtake the US fashion industry market in the forthcoming period because of the demand from the luxury segment. Therefore, the country has an opportunity to take benefit of artificial intelligence in fashion industry as the Chinese market is unique and is also crucial for the luxury fashion business.
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