Press release
AI in Fashion Market Size Projected To Reach $6.99 Billion By 2034 With A Cagr Of 41%
AI in Fashion
What Is the Projected Growth of the AI in Fashion Market?
The market size for AI in fashion has seen substantial expansion in the recent past. The growth is projected to rise from $1.26 billion in 2024 to $1.77 billion in 2025, reflecting a compound annual growth rate (CAGR) of 40.4%. The remarkable growth in the historical phase can be linked to the development in visual search and recognition, enhancements in supply chain, implementation of virtual try-on solutions, fraud detection measures, and sustainable practices.
The artificial intelligence in fashion industry is set for a surge in market size, anticipated to reach $6.99 billion by 2029 with a CAGR of 41.0%. The expansion expected in the forecast period can be linked to advancements such as voice-activated shopping, dynamic pricing techniques, and predictive trend analysis. Key trends like virtual try-on, personalized recommendations, style recognition via computer vision, supply chain optimization and the use of chatbots and virtual assistants are predicted to dominate the forecast period.
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What Are the Different AI in Fashion Market Segments?
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
Subsegments:
1) By Apparels: Smart Clothing, Customizable Fashion, Virtual Fitting Rooms
2) By Accessories: AI-Powered Handbags and Bags, Wearable Tech Accessories, Personalized Jewelry Recommendations
3) By Footwear: Custom Fit Solutions, AI-Driven Footwear Design, Smart Shoes with Tracking Capabilities
4) By Beauty And Cosmetics: Virtual Makeup Try-Ons, Personalized Skincare Solutions, AI-Based Color Matching Tools
5) By Jewelry: Virtual Try-On Solutions, Custom Design Tools, AI-Driven Recommendations Based On Trends And Preferences
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What Are the Primary Drivers Shaping the AI in Fashion Market?
The rapid ascendancy of social media's impact within the realm of fashion is contributing to the expansion of AI in the fashion industry. Social media acts as a crucial information artery for the fashion world, providing a global amalgamation of perspectives and information. Currently, the fashion sphere heavily relies on commendations from fashion influencers and brand promotions, predominantly communicated via social media platforms. For example, the influencer marketing hub, a known resource for influencers, estimates the marketing influencer sector is set to blossom from $9.7 billion in 2020 to a staggering $13.8 billion in 2021. The surge in demand for brief video formats on channels such as TikTok, Facebook, and YouTube, the shifts in consumer behaviors catalyzed by the global pandemic leading to a spurt in social media usage, and the streamlining of data collected for social media advertisements all play a pivotal role in this growth trajectory. Thus, the expanding influence of social media is fueling the surge of AI in the fashion market.
Which Companies Are Leading in the AI in Fashion Market?
Major companies operating 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., 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., H&M Group's Ivyrevel AB, Choosy Inc., SnapFashion Limited, ELSE Corp Srl, Farfetch Limited
What Are the Major Trends Shaping the AI in Fashion Market?
Prominent businesses present in the AI fashion sector are prioritizing the evolution of machine learning technologies, such as AI platforms, with the goal of refining personalization, improving inventory management, and simplifying supply chains. The intention is to uplift customer satisfaction and encourage sustainability within the sector. An AI platform is a holistic setup that provides essential tools and resources for the creation, launch, and management of AI applications. This usually comprises development frameworks, data administration, computational resources, and services for deployment. For example, in October 2023, the Spain-based retail company, Mango, debuted Lisa. This is Mango's innovative generative AI platform for conversation that simplifies operations and amplifies user experience by offering immediate assistance for design, trend analysis, and customer support. It functions as a co-pilot for staff, fostering productivity and novelty as a part of the company's strategic plan for digital evolution.
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What Are the Top Revenue-Generating Geographies in the AI in Fashion Market?
North America was the largest region in the AI in fashion market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the AI in Fashion Market?
2. What is the CAGR expected in the AI in Fashion Market?
3. What Are the Key Innovations Transforming the AI in Fashion Industry?
4. Which Region Is Leading the AI in Fashion Market?
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