December 05, 2019
According to the latest study titled ‘Artificial Intelligence In Fashion Market to 2027 - Global Analysis and Forecasts by Offerings (Solutions and Services); Deployment (On-premise and Cloud-based); Application (Product Recommendation, Virtual Assistant, Product Search and Discovery, Creative Designing and Trend Forecasting, Customer Relationship Management, and Others); End-User Industry (Apparel, Accessories, Cosmetics, and Others)’ available with Market Study Report LLC, the global artificial intelligence in fashion market is estimated to accumulate US $4,391.7 million by the year 2027.
Integration of artificial intelligence in fashion plays a vital role in the field of marketing, sales, and customer-oriented purposes. Retailers can specifically notice the customer’s expected demands at specific time and offer the appropriate product to gain a competitive advantage, which is facilitating the growth of artificial intelligence in fashion market. Moreover, customers can experience and enjoy a custom-made and interactive shopping.
According to the study, the global artificial intelligence in fashion market was valued at US $270 million in 2018 and is anticipated to grow with a CAGR of 36.9 % over the forecast time period. Adoption of AI in fashion offers insights regarding customer behavior which enhances inventory management and delivers pricing recommendations, hence boosting the market growth.
Based on offerings, artificial intelligence in fashion market is segmented into solutions and services, wherein the former segment is presumed to register a decent growth in the upcoming years. While based on deployment, the industry is divided into on-premise and cloud-based. The artificial intelligence in fashion market from cloud-based deployment is slated to continue its dominance during the predicted time period.
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In terms of application spectrum, the industry is bifurcated into product recommendation, virtual assistant, creative designing & trend forecasting, product search & discovery, customer relationship management, and others. The product recommendation segment is presumed to grow substantially in the upcoming years, claims the report.
The key players of artificial intelligence in fashion market are Amazon Web Services Inc., Adobe Inc., Facebook Inc., Catchoom Technologies S.L., Huawei Technologies Co Ltd., Google LLC, Microsoft Corporation, IBM Corporation, SAP SE, and Oracle Corporation among others.
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