Generative AI in Fashion Market: Size, Share, Trends, and Key Statistics Report by 2033

The Business Research Company recently released a comprehensive report on the Global Generative AI In Fashion Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The generative AI in fashion market size has grown exponentially in recent years. It will grow from $0.09 billion in 2023 to $0.13 billion in 2024 at a compound annual growth rate (CAGR) of 37.7%. The growth in the historic period can be attributed to rise of fashion tech startups, consumer insights and trend forecasting, cross-industry inspiration, and sustainability concerns.

The generative AI in fashion market size is expected to see exponential growth in the next few years. It will grow to $0.47 billion in 2028 at a compound annual growth rate (CAGR) of 38.1%. The growth in the forecast period can be attributed to increasing hyper-personalization, increasing sustainability solutions, increasing on-demand manufacturing, rise in demand for generating representative fashion models. Major trends in the forecast period include advancements in machine learning, virtual try-on technologies, customization trends, real-time trend analysis, ai-generated influencer fashion, and ai-powered styling.

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Market Drivers and Trends:

The rising e-commerce industry is expected to propel the growth of generative AI in the fashion market going forward. E-commerce refers to the buying and selling of goods or services over the internet, typically through online platforms or websites. The rise in the e-commerce industry is due to convenience in shopping, shifting consumer preferences, social media, influencer marketing, and improved logistics. Generative AI in fashion enriches e-commerce by providing unique, personalized, and trend-driven products, optimizing supply chains, promoting sustainability, and boosting customer engagement, loyalty, and sales. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, the United States e-commerce sales for 2023 were estimated at $1,118.7 billion, marking a 7.6% rise from 2022. Therefore, the rising e-commerce industry is driving the growth of generative AI in the fashion market.

Major companies operating in the generative AI in fashion market are focusing on technological advancements such as generative AI-driven platforms to automate the design process and create unique and customizable fashion concepts. A generative AI-driven platform for the apparel and fashion industry is a technological solution that leverages artificial intelligence (AI) algorithms to generate and create designs, patterns, and styles for clothing and accessories. For instance, in April 2024, Navan AI, a Singapore-based software company, launched niia.ai, a generative AI-driven platform designed to assist the apparel and fashion industry. Niia.ai is a subscription-as-a-service (SaaS) model FashionTech platform that enables apparel designers and makers to create, visualize, and commercialize their designs more efficiently. The platform leverages the power of generative AI to deliver significant time and cost savings to apparel designers while complementing their creativity. It enables fashion and furnishing brands to generate prints, designs, and studio-quality product try-on images within seconds using generative AI technology.

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Major Key Players of the Market:

Amazon.com Inc., Alphabet Inc., Adobe Inc., Zalando SE, Farfetch Group Limited, Stitch Fix Inc., Myntra Designs Pvt. Ltd., Choosy, Vue.ai, True Fit Corporation, Mode.ai, Synflux AI Lab LLP, Heuritech SAS, Bigthinx Technologies Pvt. Ltd., Dressformer Technologies Inc., Intelistyle Ltd., Omnivor, RivetAI Inc., Streamoid Technologies, Style.me Technologies Limited, Revery Inc., Stylumia Intelligence Technology Pvt. Ltd., ZyseMe

Generative AI In Fashion Market 2024 Key Insights:

• The generative AI in fashion market size is expected to see exponential growth in the next few years. It will grow to $0.47 billion in 2028 at a compound annual growth rate (CAGR) of 38.1%.
• E-Commerce Fuels Growth Of Generative AI In Fashion
• Innovative Generative AI Platforms Revolutionizing Fashion Industry
• North America was the largest region in the generative AI in fashion market in 2023

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