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AI in Fashion Retail Market (Component - Software, and Services; Deployment Mode - Cloud, and On-premises; Application - Product Recommendation, Discovery, and Search, Creative Designing and Trend Forecasting, Virtual Assistant, Customer Relationship Management, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : November, 2020

  • Rep Id : ICT1472

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on AI in Fashion retail market provides in-depth analysis of segments and sub-segments in the global as well as regional AI in Fashion retail market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional AI in Fashion retail market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of global AI in Fashion retail market. According to the report, the global AI in Fashion retail market is projected to grow at a CAGR of 40.37% over the forecast period of 2020-2026.

 

Market Insight

Artificial Intelligence has entered into many industries with the potential to transform businesses through higher speed, low operational costs, and access to a depth of consumer and market data that promise a strong competitive edge. Artificial Intelligence in fashion is changing this industry by playing a crucial role in the various key divisions. The fashion industry is the trillion-dollar industry in the world hence the demand for AI goes high to operate such a huge market. Starting from design to manufacturing, logistic supply chain, and marketing artificial intelligence playing a crucial role now. AI-based technologies in the fashion industry are providing automated solutions to manufacturers helping them to leverage the intelligence of AI into fashion and exhaust the best possibilities into their field. The design and patterns with the right color combination are the key points to design a costume to make it attractive to the customers. Artificial Intelligence can detect the new trends with demand in projecting the new trend reducing the forecasting error. Trends in the fashion industry change very fast with new designs or patterns come every day in the market. Designers need to keep pacing with new styles. And AI algorithms can analyze designs through images to copying popular styles and after analyzing the data set of designer clothes and AI uses such data to see what does and does not sell well in the markets and create or recommend designers to build and launch a completely new design in the market.

 

The increasing amount of data generated by consumers is majorly driving the growth of AI in the fashion retail market. A single internet user was estimated to have generated 1.7 megabytes of data per second in 2019. Such a large amount of data is analyzed by using tools such as Big Data analysis and then fed to artificial intelligence to improve the customer experience as well as to increase the sale of companies. The artificial intelligence leverages the analyzed data to optimize the recommendation system as per the customer. The growing penetration of the internet and smartphones is further propelling the market growth of AI in fashion retail. The global penetration rate of the internet increased from nearly 17 percent in 2005 to over 53 percent in 2019. The majority of the population in developed countries, with close to 87 percent of individuals are using the Internet. The growing penetration of internet and smartphone devices in the world provides access to AI services by fashion retailers as well as customers. However, difficulties in integrating older technologies with AI pose a major challenge for market growth. Many retailers still use outdated computing hardware, programming languages, or application software for daily operations. These computing systems still meet the needs they were originally designed for, but don’t allow for growth. Moreover, the adoption of innovative technologies such as IoT, VR, and 5G is anticipated to augment the market growth in the future.

 

Among the regions, the North American region dominated the AI in the Fashion market in 2019 owing to the growing adoption of AI based solutions by fashion brands. The growing adoption of digital technologies in North America such as mobile internet, advanced analytics, virtual and augmented reality, advanced robotics, and artificial intelligence is profoundly changing the fashion industry. The Administration has been active in developing policies and implementing strategies that accelerate AI innovation in the U.S. for the benefit of the American people. Europe is the second-largest region for the global AI in the fashion market in 2019 due to government initiatives and regulatory approaches for managing the development and use of AI. People are overexposed to the digital ecosystem as well as design lovers. This trend’s hotspots are located in the UK which further giving a growth opportunity for the market in Europe. The Asia Pacific is the fastest-growing market for AI in Fashion over the forecasted period.

 

Segment Covered

The report on global AI in Fashion retail market covers segments such as component, deployment mode, and application. On the basis of component, the sub-markets include software, and services. On the basis of deployment mode, the sub-markets include cloud, and on-premises. On the basis of application, the sub-markets include product recommendation, discovery, and search, creative designing and trend forecasting, virtual assistant, customer relationship management, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as IBM Watson, Stitch Fix company, FINDMINE, Intelistyle, Lily AI, Pttrns.ai, Syte, Microsoft, SAP SE, and Oracle.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of AI in Fashion retail market. Moreover, the study highlights current market trends and provides forecasts from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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