The global AI in Fashion market size is anticipated to reach USD 1,639 million by 2025. In addition, it is expected to exhibit a CAGR of nearly 38% during the forecast period 2018-2025.
Dallas, United States - April 22, 2021 /MarketersMedia/ —
The total share of the fashion industry to the global GDP is 2% including the sewing machine or the eCommerce market which have invented new technologies in the fashion industry. Modern tech innovations like Artificial Intelligence or Machine Learning are rapidly changing the fashion industry business. Artificial Intelligence and Machine Learning are been adopted by maximum fashion retailers and most importantly those fashion retailers who have not adopted AI or ML are facing bankruptcy and other cybersecurity issues. Due to this, the awareness towards adopting AI and ML has increased which is expected to drive Artificial Intelligence in Fashion Market and reach $7.3 billion by the end of the year 2022. AI in Fashion makes easy availability of big data, improves customer reach, personalization, and many other services which makes AI in Fashion more popular.
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The fashion brands like Alibaba, Tommy Hilfiger, Macy’s, Amazon, and many such brands are heavily investing in AI and ML to stay ahead of the competitive eCommerce space and remain relevant in the marketplace thereby driving Artificial Intelligence in Fashion Market. Artificial Intelligence is greatly impacting the fashion industry mainly in the Apparel designing, Manufacturing process, Virtual merchandising, and more such aspects of the fashion industry. The fashion industry is making use of Artificial Intelligence for example by deploying chatbots which are used to gather information about the customers’ desires and the products or services they want to purchase. This is making the market players easier to understand the customers and serve them better according to their needs.
Artificial Intelligence has offered a wide number of benefits including enhanced customer service, improved inventory management, lesser manpower through automation, reduction in returned products, etc propelling Artificial Intelligence in Fashion Market. The major AI solution providers in the fashion industry and the leaders dominating the are Stitch Fix (US), mode.ai (US), Syte (Israel), Pttrns.ai (Netherlands), Intelistyle (England), AI in the fashion market Wide Eyes (Spain), Oracle (US), Adobe (US), Facebook (US), SAP (Germany), AWS (US), and Google (US) among others.
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The major players of the global AI in the fashion market are Adobe, IBM, Oracle, SAP, Amazon Web Services, Catchoom, Facebook, Google, Microsoft, and Intelistyle. Moreover, the other prospective players in the AI in the fashion market are Huawei Technologies Co., WIDE EYES TECHNOLOGIES, Heuritech, Site, and PTTRNS.AI.
Segment Overview of Global AI in Fashion Market
Category Overview, 2018-2025 (USD Million)
• Accessories
• Beauty & Cosmetics
• Jewelry & Watches
• Apparel
• Footwear
• Others
Application Overview, 2018-2025 (USD Million)
• Creative Designing and Trend Forecasting
• Virtual Assistant
• Customer Relationship Management
• Product Recommendation
• Supply Chain Management and Demand Planning
• Others
End Users Overview, 2018-2025 (USD Million)
• Fashion Stores
• Fashion Designers
Regional Overview, 2018-2025 (USD Billion)
• North America
o U.S.
o Canada
• Europe
o UK
o Germany
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
• Middle East and Africa
o UAE
o South Africa
o Rest of Middle East and Africa
• South America
o Brazil
o Rest of South America
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