MarketsandMarkets expects the global AI in fashion market to grow from USD 228 million in 2019 to USD 1,260 million by 2024, at a Compound Annual Growth Rate (CAGR) of 40.8%
NEW YORK, Oct. 23, 2019 /PRNewswire/ -- Customer's demand for a personalized experience to drive the adoption of AI in fashion across end-users
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The analyst expects the global AI in fashion market to grow from USD 228 million in 2019 to USD 1,260 million by 2024, at a Compound Annual Growth Rate (CAGR) of 40.8% during the forecast period. Major growth factors for the market include increasing need for inventory management, customer's demand for a personalized experience, and the growing influence of social media in the fashion industry. However, integration with the legacy system would limit market growth.
Fashion designer end-user segment to grow at a higher CAGR during the forecast period
Based on end-user, the AI in the fashion market is divided into fashion designers and fashion stores.The fashion stores comprises online and offline brand stores.
Popular fashion designers are using AI solutions to have an in-depth understanding of people, culture, and their anthropological aspect to bring new designs to the market.Moreover, with the help of AI system designers can listen to social media's trending gossips on current fashion inclination, colors, patterns, and styles that help them launch new products as per market demand.
The companies such as Amazon and Glitch have launched AI-powered solution that can curate current fashion data and design new stylish clothing similar to human designs. The designers such as Falguni and Shane Peacock are using AI-powered solutions to introduce their latest collection designed by AI solutions.
Cloud deployment mode to hold a higher market share during the forecast period
Organizations have been gradually recognizing the importance of AI in the fashion industry and have started deploying them as per their needs including inventory management, designing, manufacturing, and sales and marketing.Most of the SMEs are adopting SDKs, APIs, and ML models that can be easily deployed on the cloud and does not need infrastructure in the premises.
Due to ease of use and low-cost SMEs are moving on cloud deployment compared to on-premises.
AI in the fashion market in Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
The high growth in the APAC market is attributed to the significant growth potential, increasing social media adoption, and rising digitalization with an increasing need to remain globally competitive.Furthermore, the inclination of APAC countries toward emerging technologies such as 3G and 4G is also expected to fuel the growth of the AI in the fashion market.
However, the lack of technological awareness, privacy issues, and limited technical expertise in advanced technologies remain significant hurdles in the AI in fashion adoption across the region. The cloud-based AI in fashions present an optimal solution for these countries by minimizing integration complexities and installation costs.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the AI in fashion market.
• By Company – Tier 1–27%, Tier 2–42%, and Tier 3–31%
• By Designation – C-Level–45%, Director Level–41%, and Others–14%
• By Region – North America–31%, Europe–36%, and APAC–19%, MEA-8%, Latin America -6%
The AI in fashion market comprises major solution providers such as Microsoft (US), IBM (US), Google (US), AWS (US), SAP (Germany), Facebook (US), Adobe (US), Oracle (US), Catchoom (Spain), Huawei (China), Vue.ai (US), Heuritech (France), Wide Eyes (Spain), FINDMINE (US), Intelistyle (England), Lily AI (US), Pttrns.ai (Netherlands), Syte (Israel), mode.ai (US), and Stitch Fix (US). The study includes an in-depth competitive analysis of these key players in the AI in the fashion market with their company profiles, recent developments, and key market strategies.
Research Coverage
The AI in fashion market revenue is classified primarily into revenues from solution and services.Solution revenue is associated with the platforms and software tools, while services' revenue is associated with training and consulting system integration and testing, and support and maintenance services.
The market is also segmented based on component, deployment mode, applications, category, end-user, and region.
Key benefits of the report
The report would help the market leaders/new entrants in the market with the information on the closest approximations of the revenue numbers for the overall AI in the fashion market and the subsegments.The report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
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