In the AI in fashion market, significant growth has been observed, starting at $0.91 billion in 2023 and rising to $1.28 billion in 2024, reflecting a substantial compound annual growth rate (CAGR) of 41.6%. The surge in the historical period is credited to visual search and recognition, supply chain optimization, virtual try-on solutions, and robust fraud detection mechanisms, all contributing to sustainable practices. Projections for the future indicate exponential growth, with an anticipated market size of $4.95 billion in 2028, exhibiting a CAGR of 40.2%. This growth is expected to be fueled by voice-activated shopping, predictive trend analysis, and the implementation of dynamic pricing strategies. Key trends in the forecast period include an emphasis on the virtual try-on experience, personalized recommendations, computer vision for style recognition, supply chain optimization, and the integration of chatbots and virtual assistants.
Major Driver In The AI in Fashion Market
The growing influence of social media on the fashion industry is driving the growth of AI in the 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, the marketing influencer market size will grow 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 AI in the fashion market.
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AI in Fashion Market Competitive Landscape
Alphabet Inc., Microsoft Corporation, Meta Platforms Inc, Huawei Technologies Co. Ltd., Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Adobe Inc., Stitch Fix Inc., Optitex Ltd., Syte Visual Conception Ltd., True Fit Corporation, Nextail Labs S.L., Lily AI inc., AiFi Technologies Inc., Revieve Oy, Heuritech SAS, Dressformer, StyleSage Inc., Donde Search Ltd., Wide Eyes Technologies S.L., Vue.ai, ZyloTech Inc., FINDMINE Inc., Mode.ai, Intelistyle, Catchoom Technologies S.L., Pttrns.ai, Fashwell AG, Wide Eyes Technologies S.L., Boxfish Inc., Fashion3K, H&M Group's Ivyrevel AB, Choosy Inc., SnapFashion Limited, ELSE Corp Srl, Keypoint Technologies Limited, Farfetch Limited
Key AI in Fashion Market Trend
Machine learning is shaping the AI in fashion market. It is a component of artificial intelligence that enables machines to replicate human behavior. Machines can understand, visualize, and perform actions that provide better information and suggestions to customers based on their behavior. For example, in April 2021, Tommy Hilfiger, a renowned designer fashion brand, utilized machine learning tools on 15,000 product images, 600,000 publicly available runway images, and almost 100,000 fabric pattern sites. The AI provided insights into trending colors, patterns, and silhouettes to enhance Tommy Hilfiger's style.
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AI in Fashion Market Segmentation
The AI in fashion market covered in this report is segmented –
1) By Category: Apparels, Accessories, Footwear, Beauty And Cosmetics, Jewelry
2) By Deployment Mode: Cloud, On-premise
3) By Components: Solution, Services
4) By Application: Customer Relationship Management, Virtual Assistants, Product Recommendation, Product Search And Discovery, Supply Chain Management And Demand Forecasting, Creative Designing And Trend Forecasting
5) By End Users: Fashion Designers, Fashion Stores
By Geography:The regions covered in the ai in fashion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the AI in fashion market in 2023.
The AI in Fashion Global Market Report 2024 furnishes information about the global ai in fashion market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
