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Artificial Intelligence (AI) in Fashion Market - Forecasts from 2024 to 2029

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    Report

  • 155 Pages
  • September 2024
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5794078
Artificial intelligence (AI) in the fashion market is expected to grow at a CAGR of 41.46% from US$1.75 billion in 2024 to US$9.92 billion by 2029.
The incorporation of AI is one of the significant factors influencing the growth of several segments of the fashion business. AI technology boosts client satisfaction and loyalty via personalized shopping experiences using data analysis. AR & AI Virtual Try-On and Fitting Room solutions enhance the customer shopping experience, reducing returns times and ensuring a high level of certainty.

The industry will continue to benefit from supply chain optimization, dynamic pricing, fraud detection, trend research, and new product innovation, focusing on sustainability. These initiatives will help address rapidly changing customer expectations by improving secure transactions and operational efficiency. The fashion market is a fluid environment that also improves standards, although the introduction of AI has a broader impact on driving this industry.

Furthermore, according to the USCC data of April 2023, it is anticipated that more people will be shopping online and being influenced in their buying decisions by social media. By 2022, the fast fashion business was expected to account for $106.4 billion in revenue. Using a centralized and fast-moving supply chain and leveraging the search histories of consumers on its app, Shein is taking major market share in the United States, competing with rivals such as Zara and H&M, according to the same source. Other fashion-related Chinese businesses are taking an interest in this AI business model.

AI IN FASHION MARKET DRIVERS:

  • The increasing popularity of AI in the fashion industry is presumed to aid in market growth.
The adoption of AI is expected in fashion, with more picky customers seeking unique style preferences and experiences. AI-led recommendations, influencer inspiration, and customizable products are driving a growing proportion of this shift. Rather than thinking about a one-size-fits-all, current times focus more on the individual. As such, consumer demands lean towards personalization, and brands respond by adopting innovative technologies. It demonstrates a significant shift in how people connect with the industry they engage with and also deeply offers their input for advancements through data insights.
AI will largely facilitate these aims, and the white paper will ensure that the UK is positioning itself as the world's leading location for developing, testing, and using AI technology. As per the UK government's updated data of 3 August 2023, about the recent announcements of £110 million for our AI Tech Missions Fund, £900 million to create a new AI Research Resource, and £8 million to establish an exascale supercomputer that can run large AI models. This is all backed by a further £117 million of funding and an £8 million AI Global Talent Network, which would be utilized to award AI researchers hundreds of new PhDs.

AI In Fashion Market Geographical Outlook

  • The North American region is expected to hold a substantial AI in fashion market share.
Recently, owing to the increasing number of AI companies in the country, like IBM and Microsoft Corporation, the market for AI in fashion is flourishing tremendously, especially in North America, where the fashion industry has witnessed exponential growth. Moreover, the increasing penetration of social media and the adoption of local businesses in the country are contributing towards market spillover for the envisaged time frame. Additionally, there is a more prevalent focus on ensuring that companies are increasingly AI-ready across all sectors of the area, with fashion being one of the fastest-growing divisions covering the market.
Introduction of new products in the market of AI in the fashion industry. For example, in June 2023, Google announced a new AI shopping feature that allows one to try on clothes virtually. This is a new generative AI model that can take one image of a dress and show how it will be draped, folded, clung to skin, stretched, and wrinkled on different real models in different poses.

In June, this was only available for shoppers in the USA, and women shoppers could try women’s tops across Google, including brands such as Anthropologie, Everlane, H&M, and LOFT. Hence, as the brands are releasing the real importance of AI in the fashion industry coupled with the increasing focus of companies, it is anticipated to provide an edge for market growth in the projected period.

Additionally, investments in the AI industry are increasing in the country. For instance, in May 2023, the U.S. National Science Foundation, in collaboration with other federal agencies, higher education institutes, and other stakeholders, announced an investment of US$140 million. This investment will establish seven new National Artificial Intelligence Research Institutes (AI Institutes) in the country.

Reasons for buying this report::

  • Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
  • Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
  • Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
  • Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
  • Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.

What do businesses use our reports for?

Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report Coverage:

  • Historical data & forecasts from 2022 to 2029
  • Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
  • Competitive Positioning, Strategies, and Market Share Analysis
  • Revenue Growth and Forecast Assessment of segments and regions including countries
  • Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

Market Segmentation:

The AI In Fashion Market is segmented and analyzed as below:
  • 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

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base and Forecast Years Timeline
1.8. Key benefits for the stakeholders
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Process
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. AI IN FASHION MARKET BY APPLICATION
5.1. Introduction
5.2. Design
5.3. Trend Forecasting
5.4. Inventory Management
5.5. Return Processing
5.6. Customer Support
5.7. Others
6. AI IN FASHION MARKET BY OFFERING
6.1. Introduction
6.2. Software
6.3. Services
7. AI IN FASHION MARKET BY TECHNOLOGY
7.1. Introduction
7.2. Machine Learning
7.3. Robotic Process Automation
7.4. Computer Vision
7.5. Others
8. AI IN FASHION MARKET BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. By Application
8.2.2. By Offering
8.2.3. By Technology
8.2.4. By Country
8.2.4.1. USA
8.2.4.2. Canada
8.2.4.3. Mexico
8.3. South America
8.3.1. By Application
8.3.2. By Offering
8.3.3. By Technology
8.3.4. By Country
8.3.4.1. Brazil
8.3.4.2. Argentina
8.3.4.3. Others
8.4. Europe
8.4.1. By Application
8.4.2. By Offering
8.4.3. By Technology
8.4.4. By Country
8.4.4.1. United Kingdom
8.4.4.2. Germany
8.4.4.3. France
8.4.4.4. Spain
8.4.4.5. Others
8.5. Middle East and Africa
8.5.1. By Application
8.5.2. By Offering
8.5.3. By Technology
8.5.4. By Country
8.5.4.1. Saudi Arabia
8.5.4.2. UAE
8.5.4.3. Israel
8.5.4.4. Others
8.6. Asia Pacific
8.6.1. By Application
8.6.2. By Offering
8.6.3. By Technology
8.6.4. By Country
8.6.4.1. China
8.6.4.2. Japan
8.6.4.3. India
8.6.4.4. South Korea
8.6.4.5. Indonesia
8.6.4.6. Taiwan
8.6.4.7. Others
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
10.1. Microsoft Corporation
10.2. Amazon Web Services Inc.
10.3. IBM Corporation
10.4. Koninklijke Philips N.V
10.5. Stylumia Intelligence Technology Pvt. Ltd.
10.6. LALALAND
10.7. True Fit Corporation
10.8. Stitch Fix, Inc.
10.9. ZMO.AI
10.10. Zalando SE

Companies Mentioned

Some of the key companies profiled in this Artificial Intelligence (AI) in Fashion Market report include:
  • 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
  • Zalando SE

Methodology

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Table Information