AI in Fashion Market Size, Share Report, Analysis, Growth, 2032

AI in Fashion Market Insights

According to a report from Zion Market Research, the global AI in Fashion Market was valued at USD 2.13 Billion in 2023 and is projected to hit USD 44.07 Billion by 2032, with a compound annual growth rate (CAGR) of 40% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the AI in Fashion Market industry over the next decade.

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There is no doubt that Artificial Intelligence AI has changed the way business is done. There are a myriad of ways in which AI has helped the fashion business style from the use of predictive analytics for industry and computer vision in recognition of product features. Just as Netflix, Amazon or YouTube can suggest similar shows or products, the same thing can be done by AI in the fashion industry.

With the growing popularity of e-commerce, more consumer data is being tracked than ever. Most popular fashion websites are able to record the browsing habits of their buyers, thereby recommending similar items based on color, style, or layout.

The AI in fashion market shows a significant demand owing to the rising influence of social media on the fashion industry. The rising demand for a personalized experience is another factor driving the demand for AI in fashion business.

Moreover, recognizing future fashion trends by tracking customers' shopping patterns and drastic growth in fashion retail are the other two key factors boosting the adoption of artificial intelligence in fashion market. However, tie-ups with cultural differentiation and huge traffic on social media may pose a challenge to the market.

AI In Fashion Market: Segmentation

On the basis of components, AI in fashion market is fragmented into solutions and services. Due to a higher adoption rate, the solution segment outperforms the services segment and is expected to record higher growth in the future. Fashion retailers are moving more and more towards advanced technologies that can streamline their business processes and help attract new customers.

In addition, it has become challenging for organizations to identify current trends through different social media platforms and cater to the customer's every need. Consequently, fashion retailers and brands are gradually adopting AI-based solutions, including platform and software tools like SDKs, APIs, and ML models.

The deployment segment is segmented into cloud and on-premises. With improvements in integration and scalability coupled with ease of deployment, the cloud-based deployment mode is anticipated to drive the adoption of cloud-based AI solutions in the fashion business; While advantages of data privacy and security drive the demand for on-premises AI solutions in the fashion industry.

The global AI in fashion market covers five major geographic regions, namely North America, Asia Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America. North America is expected to have the largest market size during the forecast period due to the availability of advanced technologies.

The APAC region is showing a rapid growth in the AI fashion market due to various reasons such as the growing adoption of social media and expanding local businesses and government initiatives focused on developments in AI technology. Tech giant investments are also expected to fuel the growth of AI-based solutions worldwide.

AI in Fashion Market: Report Scope

AI In Fashion Market: Competitive Space

The AI in fashion market comprises key solution providers, such as

• Microsoft
• IBM
• Google
• Facebook
• Adobe
• AWS
• SAP
• Oracle
• Huawei
• Vue.ai
• Catchoom
• Heuritech
• FINDMINE
• Intelistyle
• Wide Eyes
• Lily AI
• Pttrns.ai 
• among others

The report segments the AI in Fashion market as follows:

Global AI in Fashion Market: Component Segment Analysis

• Solutions
• Services
• Support and Maintenance

Global AI in Fashion Market: Deployment Mode Segment Analysis

• Cloud
• On-Premises

Global AI in Fashion Market: Application Segment Analysis

• Product Recommendation
• Product Search and Discovery
• Creative Designing and Trend Forecasting
• Supply Chain Management and Demand Planning
• Customer Relationship Management
• Virtual Assistant
• Others

Global AI in Fashion Market: Category Segment Analysis

• Apparel
• Footwear
• Beauty and Cosmetics
• Accessories
• Watches and Jewelry

Global AI in Fashion Market: End Users Segment Analysis

• Fashion Stores
• Fashion Designers

Global AI in Fashion Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa