Press release
AI in Fashion Market Report 2024: Size, Share, Growth, Trends, Forecast 2033
AI in Fashion Market
As per the report, the AI in fashion market size has grown exponentially in recent years. It will grow from $0.91 billion in 2023 to $1.28 billion in 2024 at a compound annual growth rate (CAGR) of 41.6%. The AI in fashion market size is expected to see exponential growth in the next few years. It will grow to $4.95 billion in 2028 at a compound annual growth rate (CAGR) of 40.2%.
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AI's Surge In Fashion Market Influenced By Social Media
The growing influence of social media on the fashion industry is driving the growth of AI in fashion market. Social media is a primary source of information for the fashion industry as there are many opinions and information from all sources globally. Fashion today is mainly dependent on brand promotion and fashion influencers that use social media to communicate their views on fashion. For instance, according to influencer marketing hub, a social media resource for influencers, the marketing influencer market size will grow from $ 9.7 billion in 2020 to $ 13.8 billion in 2021. The increasing popularity of short video formats on platforms like TikTok, Facebook, and YouTube, as well as the impact of the global pandemic on consumers, which catalyzed social media consumption, and the optimization of data collection, which marketers used for social media ads, are all contributing to this growth. Such growing influence of social media is driving the growth of the ai in fashion market.
Machine Learning Reshaping The Future Of Fashion AI
Machine learning is shaping the AI in fashion market. Machine learning is a part of artificial intelligence which defines the capabilities of the machine to copy human behavior. A machine can understand visualize and perform an action that helps in providing better information and suggestions to customers according to their behavior. For instance, in April 2021, Tommy Hilfiger, a renowned designer fashion brand applied machine-learning tools for product images of 15,000, and 600,000 publicly available runway images, and almost 100,000 fabric patterns sites. The applied AI gave insights into trending colors, and patterns, silhouettes to Tommy Hilfiger's style.
The AI in fashion market covered in this report is segmented -
1) By Category: Apparels, Accessories, Footwear, Beauty And Cosmetics, Jewelry
2) By Deployment Mode: Cloud, On-premise
3) By Components: Solution, Services
4) By Application: Customer Relationship Management, Virtual Assistants, Product Recommendation, Product Search And Discovery, Supply Chain Management And Demand Forecasting, Creative Designing And Trend Forecasting
5) By End Users: Fashion Designers, Fashion Stores
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Major companies operating in the AI in fashion market report are Alphabet Inc., Microsoft Corporation, Meta Platforms Inc, Huawei Technologies Co. Ltd., Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Adobe Inc., Stitch Fix Inc., Optitex Ltd., Syte Visual Conception Ltd., True Fit Corporation, Nextail Labs S.L., Lily AI inc., AiFi Technologies Inc., Revieve Oy, Heuritech SAS, Dressformer, StyleSage Inc., Donde Search Ltd., Wide Eyes Technologies S.L., Vue.ai, ZyloTech Inc., FINDMINE Inc., Mode.ai, Intelistyle, Catchoom Technologies S.L., Pttrns.ai, Fashwell AG, Wide Eyes Technologies S.L., Boxfish Inc., Fashion3K, H&M Group's Ivyrevel AB, Choosy Inc., SnapFashion Limited, ELSE Corp Srl, Keypoint Technologies Limited, Farfetch Limited
Contents of the report:
1. Executive Summary
2. AI in Fashion Market Report Structure
3. AI in Fashion Market Trends And Strategies
4. AI in Fashion Market - Macro Economic Scenario
5. AI in Fashion Market Size And Growth
…..
27. AI in Fashion Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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