AI in fashion market size worth US$9,925.913 million by 2029

AI in fashion market

Artificial intelligence (AI) in the fashion market is expected to grow at a CAGR of 41.46% from US$1,752.205 million in 2024 to US$9,925.913 million by 2029.

The most profound technological breakthrough in the world today is artificial intelligence. Almost all industries integrate artificial intelligence in improving their production systems, extent of performance, and efficiency of operations, among many other things. For many years now, it has also been seen as a revolutionary factor in the fashion industry, becoming very relevant to actual use in the industry. Some of the functional areas benefiting from global AI in fashion include marketing, supply chain management, design, etc. Artificial Intelligence might relieve the access load as well. On the other hand, supply chain management is an effect of AI in the fashion industry, where the AI model trained in advance with the sales performance and inventory levels predicted future sales most accurately and made informed decisions regarding the inventory level.

  • Growth Drivers in Artificial Intelligence In Fashion Market:

AI can also recognize product characteristics through the mechanism of computer vision and predictive analytics. One of the other things AI does is help in analysing consumer patterns in search and returning the results based on what has been searched, such as colour, brand, size, trend, fashion, and the rest. The rise of AI in the world of fashion is due to the movement of the retail fashion industry and the increasing technology consumption.

Moreover, in the fashion industry, where artificial intelligence-enabled equipment is tightly integrated into the creative process, AI becomes an important product designer and developer. These highly advanced technologies optimize efficiency and spur innovation across the entire product lifecycle by streamlining and improving various design factors. These plan reductions include the significant application of AI in product design for optimizing patterns for material resource efficiency. Further, AI algorithms study the design specifications and material properties to have optimal patterns with the least waste and most resource consumption. These intelligent methods of pattering will help the designers save their time and effort on cost-reduced and sustainable environment targets without compromising the integrity of the design.

  • Segmentation of the Artificial Intelligence In Fashion Market:

By application, the Artificial Intelligence (AI) in fashion market is segmented into six major categories, deep design, trend forecasting, inventory management, return processing, customer support, and others. Artificial intelligence offers inventory management businesses intelligent algorithms and machine learning, quickly analyzing enormous amounts of information. Companies turn to AI to keep their stock levels optimal in response to consumption change patterns established by analyzing sales trends, consumer behaviour, and market conditions. Moreover, one of the greatest advantages to businesses implementing AI is the predictive analytics that it entails; projecting future demand using past data alongside real-time market insights. This would then empower companies to decide how to price and promote while also replenishing their supplies, therefore, minimizing waste, and stockouts, and maximising efficiencies.

AI-driven systems also automatically self-adjust for changes in the marketplace, resulting in better predictions with time, thus maintaining agility and competitiveness for businesses in dynamic environments.

Artificial Intelligence (AI) in fashion market by offering is segmented into software and services. The fashion industry is increasingly depending on cloud computing, which has great flexibility and adaptability to changing business needs, hence capturing a significant market share in the cloud segment. One of the major drivers of this growth in the segment of the cloud has been speeding up the different geographical areas’ digital transformations. Thus, fashion brands developing the need to build strong data security measures are among the factors driving the demand for cloud-based solutions that have enhanced security features and can comply with certain stringent government regulations. On the other hand, as to why most big fashion brands are adopting the cloud, it is considered more convenient in regulatory compliance. Guided platforms for cloud computing not only make compliance streamlined and ensured but also promise data safety and security standards fulfilled.

Artificial Intelligence (AI) in fashion market by technology is segmented into machine learning, robotic process automation, computer vision, and others. Artificial intelligence (AI) algorithms forecast future trends by analyzing historical data to determine what designs, colours, or styles will likely be in demand. This helps retailers and designers make proactive choices regarding product development and inventory. AI examines consumer preferences, behavior, and buying trends to determine what influences fashion decisions. Customizing product offerings and marketing strategies to better meet consumer expectations is made easier with the help of this data.

Based on geography, the North American region of the Artificial Intelligence (AI) in fashion market is growing significantly. This growth path is being propelled by two factors – early adoption of artificial intelligence into industrial applications and their advancements across vast sectors of technology. Similar developments are happening in countries like the USA and Canada, whose emerging fashion industry trends are becoming corners for growing demand for AI technology solutions. Sustainability, manufacturing productivity improvement, and sales optimization are some of the key industry imperatives that these technologies can greatly help support. Emerging AI solutions are becoming increasingly vital to the innovation and competitiveness of a fashion industry that is transforming in response to changing consumer preferences and market dynamics.

  • Key Players in the Artificial Intelligence In Fashion Market:

As a part of the report, the major players operating in the Artificial Intelligence (AI) in fashion market that have been covered are Microsoft Corporation, Amazon Web Services Inc., IBM Corporation, Koninklijke Philips N.V., Stylumia Intelligence Technology Pvt. Ltd., LALALAND, True Fit Corporation, Stitch Fix, Inc., ZMO.AI, and Zalando SE.

View a sample of the report or purchase the complete study at: https://www.knowledge-sourcing.com/report/ai-in-fashion-market

The market analytics report segments Artificial Intelligence (AI) in fashion market as follows:

  • By Application
    • Deep Design
    • Trend Forecasting
    • Inventory Management
    • Return Processing
    • Customer Support
    • Others
  • By Offering
    • Software
    • Services
  • By Technology
    • Machine Learning
    • Robotic Process Automation
    • Computer Vision
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Taiwan
      • Others
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