AI in Fashion Global Market Is Expected To Grow At A Rate Of 42% Through 2023 – 2027
17 Mar, 2023
The global ai in fashion market size grew from $0.65 billion in 2022 to $0.91 billion in 2023 at a compound annual growth rate (CAGR) of 40.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ai in fashion market size is expected to grow to $3.72 billion in 2027 at a CAGR of 42.0%.
Global AI in Fashion Market Key Driver
The growing influence of social media on the fashion industry is driving the growth of AI in 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, a social media resource for influencers, the marketing influencer market size grew from $ 9.7 billion in 2020 to $ 13.8 billion in 2021.
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Global AI in Fashion Market Segments
The global AI in fashion market is segmented:
• By Category: Apparels, Accessories, Footwear, Beauty And Cosmetics, Jewelry
• By Deployment Mode: Cloud, On-premise
• By Components: Solution, Services
• By Application: Customer Relationship Management, Virtual Assistants, Product Recommendation, Product Search And Discovery, Supply Chain Management And Demand Forecasting, Creative Designing And Trend Forecasting
• By End Users: Fashion Designers, Fashion Stores
• By Geography: The regions covered in the AI in fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global AI in fashion market.
Major AI in Fashion Industry Players
Microsoft, IBM, AWS, SAP, Facebook, Adobe, Oracle, Catchoom, Huawei, Wide Eyes, FindMine, Intelistyle, Lily AI, Pttrns.ai, Syte
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AI in Fashion Market Overview
AI-in fashion refers to an advisor that is being used to recommend clothes based on the customer’s height, weight, shape, and current size. AI in fashion is used in product recommendation, product search and discovery, supply chain management and demand planning, creative designing and trend forecasting, customer relationship management, virtual assistant, others.
AI in Fashion Global Market Report 2023 provides data on the global AI in fashion market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The AI in fashion market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.