AI in Fashion Market Regional Trends, Competitive Landscape, Regional Analysis 2024

 AI in Fashion Market size is expected to grow from USD 228 million in 2019 to USD 1,260 million by 2024, at a Compound Annual Growth Rate (CAGR) of 40.8% during the forecast period. The key factors driving the AI in fashion market include customer’s demand for a personalized experience, increasing the need for inventory management and the growing influence of social media in the fashion industry.

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Top Market Players

The AI in fashion market comprises major solution providers, such as Microsoft (US), IBM (US), Google (US), AWS (US), SAP (Germany), Facebook (US), Adobe (US), Oracle (US), Catchoom (Spain), Huawei (China), Vue.ai (US), Heuritech (France), Wide Eyes (Spain), FINDMINE (US), Intelistyle (England), Lily AI (US), Pttrns.ai (Netherlands), Syte (Israel), mode.ai (US), and Stitch Fix (US). The study includes the in-depth competitive analysis of the key players in the AI in the fashion market with their company profiles, recent developments, and key market strategies.

Google (US) is among one of the leaders in the AI in the fashion market. It adopts a balanced approach towards growth strategies and continues to enhance its expertise through constant product enhancements, technology acquisitions, collaborations, and partnerships. For instance, in September 2019, Google partnered with the Business of Fashion (BoF) to explore and demonstrate the potential applications of AI in fashion, and begin a dialogue between the industry and one of the global leaders in ML. In its first instance, the partnership would focus on a series of experiments with data sets from BoF’s Fashion Week coverage.

AWS (US) is another established player in the AI in the fashion market. The company offers cloud-based AI platform for the fashion industry, the solution enables developer and data scientist to build, train, and deploy ML models in a rapid manner. The company has adopted various organic and inorganic strategies to strengthen its product portfolio and expand its presence in various geographical regions. For instance, in May 2019, Amazon SageMaker announced new features to the built-in Object2Vec algorithm. The algorithm is now faster while training deep-learning models. The new features can be accessed as hyperparameters from the Amazon SageMaker console or using the Amazon SageMaker Python API.

Product recommendation application segment to hold the largest market size during the forecast period

With the rising adoption of social media and increasing customer awareness, fashion retailers are trying to provide every best possible service to their customers to enhance trust and hold them for a longer time. Hence, product recommendation has become important to engage customers in an effective way With the growing online sales trends, fashion retailers have started deploying AI-powered recommendation systems in order to make personalized product recommendations based on shoppers buying history, style, taste, and preferences. Therefore, the growth of this application would continue to grow during the forecast period.

Fashion store end user to hold the largest market size during the forecast period

Fashion stores include online fashion stores and offline fashion stores that have started deploying AI technologies into their operations. The fashion store end-user segment is estimated to account for the largest size during the forecast period. Increasing deployment of cloud-based AI-powered solution by fashion retailers has enabled brands to gain a competitive advantage over other players.

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North America to hold the largest market size during the forecast period

North America is expected to account for the largest market size in the AI in the fashion  market by region during the forecast period. The region houses many key vendors, such as Google, Microsoft, IBM, and AWS. APAC is expected to grow at the highest CAGR during the forecast period with increasing awareness of inventory management and rising need for cost reduction. An increasing social media adoption among Asian countries has provided the platform for fashion retailers to promote their products through digital marketing technique and understand customer’s preferences. This is expected to drive the adoption of AI in the fashion market in the APAC region.

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