DUBLIN, April 28, 2023 /PRNewswire/ — The “AI in Fashion Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global AI in fashion market grew from $0.65 billion in 2022 to $0.91 billion in 2023 at a compound annual growth rate (CAGR) of 40.0%. The AI in fashion market is expected to grow to $3.72 billion in 2027 at a CAGR of 42.0%.
Major players in the ai in fashion market are Microsoft, IBM, AWS, SAP, Facebook, Adobe, Oracle, Catchoom, Huawei, Wide Eyes, FindMine, Intelistyle, Lily AI, Pttrns.ai, Syte, mode.ai, Stitch Fix, and Alphabet Inc., (Google).
Reasons to Purchase
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AI-in fashion refers to an advisor that is being used to recommend clothes based on the customer’s height, weight, shape, and current size. AI in fashion is used in product recommendation, product search and discovery, supply chain management and demand planning, creative designing and trend forecasting, customer relationship management, virtual assistant, others.
The main types of AI in fashion are apparels, accessories, footwear, beauty and cosmetics, jewelry. Apparels refer to clothing or outer garments. They are deployed on cloud, on-premise using components such as solution, services. The applications of these are customer relationship management, virtual assistants, product recommendation, product search and discovery, supply chain management and demand forecasting, creative designing and trend forecasting used across various industries such as fashion designers, fashion stores.
Machine learning are shaping the AI in fashion market. Machine learning is a part of artificial intelligence which defines the capabilities of the machine to copy human behavior. A machine can understand visualize and perform an action that helps in providing better information and suggestions to customers according to their behavior. For instance, in April 2021, Tommy Hilfiger, a renowned designer fashion brand applied machine-learning tools for product images of 15,000, and 600,000 publicly available runway images, and almost 100,000 fabric patterns sites. The applied AI gave insights into trending colors, and patterns, silhouettes to Tommy Hilfiger’s style.
In September 2021, Syte company, an Israel-based software development company acquired Slyce for an undisclosed amount. Through this acquisition, Syte wants to expand its market in North America and support new and old clients. Slyce, is a US-based visual search company that has integrated apps and website technology for more than 60 retailers.
North America was the largest region in the AI in fashion market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in AI in fashion report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the AI in fashion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The growing influence of social media on the fashion industry is driving the growth of AI in fashion market. Social media is a primary source of information for the fashion industry as there are many opinions and information from all sources globally. Fashion today is mainly dependent on brand promotion and fashion influencers that use social media to communicate their views on fashion.
For instance, according to influencer marketing hub, a social media resource for influencers, the marketing influencer market grew from $ 9.7 billion in 2020 to $ 13.8 billion in 2021.
The increasing popularity of short video formats on platforms like TikTok, Facebook, and YouTube, as well as the impact of the global pandemic on consumers, which catalyzed social media consumption, and the optimization of data collection, which marketers used for social media ads, are all contributing to this growth. Such growing influence of social media is driving the growth of the market.
The AI-in fashion market includes revenues earned by entities by providing services such as trend forecasting, creating better fit, and authenticating items to prevent knockoffs, streamlining, and manufacturing, reducing returns. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Key Topics Covered:
1. Executive Summary
2. AI in Fashion Market Characteristics
3. AI in Fashion Market Trends And Strategies
4. AI in Fashion Market – Macro Economic Scenario
4.1 COVID-19 Impact On AI in Fashion Market
4.2 Ukraine-Russia War Impact On AI in Fashion Market
4.3 Impact Of High Inflation On AI in Fashion Market
5. AI in Fashion Market Size And Growth
5.1. Global AI in Fashion Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global AI in Fashion Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. AI in Fashion Market Segmentation
6.1. Global AI in Fashion Market, Segmentation By Category, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Beauty And Cosmetics
6.2. Global AI in Fashion Market, Segmentation By Deployment Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global AI in Fashion Market, Segmentation By Components, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.4. Global AI in Fashion Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Customer Relationship Management
- Virtual Assistants
- Product Recommendation
- Product Search And Discovery
- Supply Chain Management And Demand Forecasting
- Creative Designing and Trend Forecasting
6.5. Global AI in Fashion Market, Segmentation By End Users, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Fashion Designers
- Fashion Stores
7. AI in Fashion Market Regional And Country Analysis
7.1. Global AI in Fashion Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global AI in Fashion Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/cquymu
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Originally published at https://www.prnewswire.com/news-releases/ai-in-fashion-global-market-report-2023-growing-influence-of-social-media-on-the-fashion-industry-fuels-the-sector-301810971.html
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