The Artificial Intelligence (AI) in Fashion Market – Forecasts from 2023 to 2028 report has been added to ResearchAndMarkets.com’s offering.
The global AI in fashion market, valued at US$637.875 million in 2021, is experiencing rapid growth, transforming the fashion industry in various ways. From personalised recommendations to efficient inventory management, AI is revolutionising how fashion brands operate and interact with customers.
The fashion industry, one of the world’s fastest-growing markets, caters to diverse customer segments with varying fashion preferences. Integrating AI into the fashion market has become essential for optimising sales, predicting trends, developing new products and enhancing customer service. AI enables fashion brands to make data-driven decisions and empowers customers to make informed choices.
Key market drivers:
- Reduction of browsing time: With a vast array of products, browsing through garments can be time-consuming. AI addresses this challenge by understanding customer styles and preferences, suggesting garments that align with their history and browsing behaviour. Leading brands like Amazon and Ajio utilise AI to provide tailored product recommendations.
- Visual search feature: E-commerce sites are incorporating visual search capabilities, allowing customers to find garments that match uploaded images. This feature caters to users who prefer images over text, enhancing the customer experience and attracting a wider audience.
However, challenges persist in AI’s creativity, particularly in the creation and manufacturing of fashion designs, as brands value uniqueness and exclusivity in their creations.
Recent market developments:
- Beunique’s skin diagnosis AI: In February 2023, Beunique Integrated Global Concept introduced an AI application that diagnoses users’ skin conditions to identify potential allergies. Verified by dermatologists, this feature prevents customers from purchasing allergenic fabrics.
- Zero10’s AR Application: In November 2022, Zero10 launched an Augmented Reality (AR) application allowing users to virtually try on outfits and create digital wardrobes. In February 2023, the company expanded this application, enabling users to create and sell their digital fashion designs, democratising fashion creation.
North America dominates the market:
North America holds a substantial share in the AI in fashion market, driven by a robust ecosystem of software and technology companies offering AI solutions. Prominent players include Microsoft, Amazon Web Services, IBM and others. These companies collaborate with fashion brands to digitalise and optimise business operations through AI technology.
The AI in fashion market’s transformative impact continues to reshape the fashion industry, enhancing customer experiences and optimising operations. As AI-driven innovations proliferate, the market is poised for further growth.Click below to share this article