Thu, 26 November 2020 9:33
The global AI in the fashion market is witnessing a surge due to the rapid rise in customer demand for a personalized experience. Additionally, the proliferation of internet services and the increase in smartphones have favored digitalization and fostered social media and eCommerce segments. Besides, the increasing technological adoption in the fashion industry has propelled the growth of the market. However, the existence of legacy systems has restrained the development of the market.
- The global AI in the fashion market is expected to grow from USD 249 million in 2019 to USD 1.35 billion in 2027 at a compound annual growth rate (CAGR) of 21% in the forecast period.
- The repercussions of COVID-19, such as lockdown and social distancing, have led to a surge in the utilization of social media and eCommerce platforms, thereby boosting the market's growth.
- North America dominates the market on account of several key players, favorable technical infrastructure, high penetration of Social media, and eCommerce.
- The Asia-Pacific anticipated exhibiting the fastest growth in the market owing to favoring government initiatives, increasing adoption of the latest technologies, and high adoption of smartphones.
- The solution segment caters to the highest market share among the different components of the market.
- The cloud segment caters to the highest market share among the different deployment types in the market.
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- Microsoft Corporation
- Wide Eyes
- Lily AI
- Stitch Fix
AI in Fashion Market: Segmentation
- Training and Consulting
- System Integration and Testing
- Support and Maintenance
- Product Recommendation
- Product Search and Discovery
- Supply Chain Management and Demand Forecasting
- Creative Designing and Trend Forecasting
- Customer Relationship Management
- Virtual Assistants
By Deployment Mode
- Beauty and Cosmetics
- Jewelry and Watches
- Others (eyewear, home decor)
- Fashion Designers
- Fashion Stores
- The U.K.
- Rest of Europe
The Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South Korea
- Rest of Asia-Pacific
Central and South America and the Caribbean
- Rest of Central and South America and the Caribbean
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods
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