AI in fashion Market Status, Future Forecast, Industry Challenges and Opportunities to 2027

AI in fashion Market is expected to grow at a CAGR of 38.20% during the forecasting period 2021-2027. Artificial Intelligence (AI) has transformed the pattern of fashion business strategies. There are a various number of methods in which artificial intelligence has supported the fashion business. The methods include the use of predictive analytics and computer vision in identification of product features. The use of artificial intelligence has proliferated in the fashion industry majorly to study search behaviors and to offer recommendation of similar products as per the consumer preference.

The use of artificial intelligence analyzes and tracks the repeated results searched by the user on the basis of color, brand, size, fashion trend and price, which help it to present more relevant searches next time. However, the issues such as integration of legacy system are likely to restrict the market growth. Moreover, the condition of pandemic has also caused such transformations in the fashion industry which has forced to vamp up the technologies.

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Key Driving Factors: Availability of immense amount of data owing to increasing usage of digital services such as chatbots

The availability of a huge amount of information derived from various data sources is one of the major factors catalyzing the growth of AI technology in the fashion industry. The growth of easy access to the internet, usage of smart devices, the advancements of technology and others are few major reasons for the rapid increase in data generation. The RFID and Bluetooth implementation to track products and collect information is also growing rapidly in the fashion industry. Additionally, the voice-enabled chatbots such as Amazon Alexa and Apple Siri are constantly producing a huge amount of data every second. With the use of these conversational solutions, fashion brands gather data by asking customers about their requirements, trends and leaping deeper into the purchasing pattern. This development in digitization exhibits a huge opportunity for fashion businesses to use the huge volumes of user/process data to obtain useful insights.

The top leading competitors operating in the AI in fashion market are Wide Eyes, Microsoft Corporation, Findmine, Google LLC, Amazon Web Services, Inc., Intelistyle, Lily AI, Adobe Inc., Catchoom Technologies S.L., Facebook, Inc., Huawei Technologies Co., Ltd., IBM Corporation, Oracle Corporation and SAP SE.

Opportunities: Emergence of Natural Language Programming (NLP) to fashion industry is a major opportunity for AI in fashion vendors

Natural language programming provides high-efficiency human experience and creates highly interactive chatbots. Competitors have a significant opportunity to enahnce their services by integrating NLP to its solutions. In the fashion industry natural language programming has abilities to deliver considerable help to fashion and clothing websites by filtering the large number of customer’s issues and send it to various customers to solve the issues. Business is making efforts to understand better and implement natural language programming. NLP’s have the ability to handle the number of systems which work together to manage end-to-end interactions amidst machines and humans. This technology facilitates users to interact more naturally. Business is making enormous investments in improving NLP enabled solutions for the fashion industry.

By End Users:
Based on end users the market is categorized into fashion designers and fashion stores. The fashion store is the major user of the artificial intelligence due to the rising requirement to minimize the time needed to develop and visualize thousands of images to predict fashion trends and requirement to rapidly analyze several fashion clothing patterns are the reasons behind the significant usage of artificial intelligence in the fashion industry.

By components
•Solutions
•Services

By applications
•Customer Relationship Management
•Virtual Assistants
•Product Recommendation
•Product Search and Discovery
•Supply Chain Management and Demand Forecasting
•Creative Designing and Trend Forecasting

By end-users
•Fashion Designers
•Fashion Stores

By Category
•Apparel
•Accessories
•Footwear
•Beauty and Cosmetics
•Jewelry and Watches
•Others

By Region
•North America
•Europe
•Asia Pacific
•Rest of the World

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