Press release
AI in Fashion Market: Impressive Growth, Key Drivers, Trends and Market Size Projection for 2024-2029
Unleashing Market Potential, Discover the Key Drivers Behind the Spiraling Growth of the AI in Fashion Market.What Is The Projected Market Size Of The Global AI in Fashion Market And Its Growth Rate?
The AI in fashion market has shown a significant growth pattern. Key market size indicators include:
• Market Size, 2024: $1.26 billion
• Market Size, 2025: $1.77 billion (40.4% CAGR)
• Projected Market Size, 2029: $6.99 billion (41.0% CAGR)
The growth can be attributed to advancements such as visual search and recognition, supply chain optimization, virtual try-on solutions, and predictive trend analysis.
What Is Driving The Growth In The AI in Fashion Market?
The growth of AI in the fashion market is primarily driven by the surge in social media's influence over the fashion industry. The information flow from social media sources globally has become a crucial element for the industry. Brand promotion and fashion influencer commentaries on these platforms have become crucial for the fashion narratives. As per the influencer marketing hub, the influencer marketing sector will grow from $9.7 billion in 2020 to $13.8 billion in 2021. The growth in social media consumption, optimization of data collection for targeted ads, and the impact of the pandemic have all contributed to this growth while simultaneously driving the growth of the AI in fashion market.
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Who Are the Key Players Driving AI in Fashion Market Growth?
Key players in the AI in Fashion Market include:
• 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. and many more.
What Are The Key Trends In The AI in Fashion Market?
Key trends defining the AI in fashion market include:
• Virtual try-on experience
• Personalized recommendations
• Computer vision for style recognition
• Supply chain optimization
• Chatbots and virtual assistants
What Are The Segments Of The Global AI in Fashion Market?
The AI in the Fashion Market is divided into -
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
Which Region Leads The AI in Fashion Market?
North America led the AI in Fashion market in 2024. However, Asia-Pacific is expected to be the fastest-growing region in the upcoming years.
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What Is Covered In The AI in Fashion Market Global Market Report?
- Market Size Analysis: Analyze the AI in Fashion Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the AI in Fashion Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall AI in Fashion Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the AI in Fashion Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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