The report of Global AI in Fashion Market by Component (Solution, Services), Applications (Product Recommendation, Product Search and Discovery, Supply Chain Management and Demand Forecasting, Creative Designing and Trend Forecasting, Customer Relationship Management, Virtual Assistants, Others (Fraud detection, fabric waste reduction, and price optimization)), Deployment Mode (Cloud, On-premises), Category (Apparel, Accessories, Footwear, Beauty and Cosmetics, Jewelry and Watches, Others (eyewear, home decor)), End-users (Fashion Designers, Fashion Stores), and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific) is expected to reach US$ 2,160 Mn by 2027, at a CAGR of 41.7% during a forecast period.
AI in fashion market is expected to experience significant growth in the upcoming years because of the growing technological advancements and mounting services and facilities in AI in the fashion arena. Moreover, the availability of a huge amount of data owing to the improved proliferation of digital services across the world is expected to provide a strong thrust to the growth of AI in fashion market globally.
The penetration of advanced technology in the fashion sector globally and the real-time consumer behavior insights and bigger operational efficiency are driving the implementation of AI in the fashion industry also present a bright outlook ahead for the market for AI in fashion market in the upcoming years.
The cloud segment is expected to account for the largest XX% market share by 2026.
The cloud segment led the AI in fashion market and it is expected to continue its dominance during the 2020-2027. Organizations have been progressively recognizing the importance of AI in the fashion industry and have started deploying them as per their necessities including designing, inventory management, manufacturing, and sales and marketing. Most of the small and medium size enterprises are adopting APIs, SDKs, and ML models that can be easily deployed on the cloud and does not essential infrastructure in the premises.
North America is projected to witness the fastest growth during the forecast period.
North America captured a substantial portion of the AI in Fashion market, which is mainly attributed to the high market penetration and technological advancements. The political agendas for North American economies are aligned with the development of Machine Learning and Artificial Intelligence. AI technologies like self-adapting machine learning, deep learning or Natural language processing are expected to transform the way businesses work. Governments of various North American economies are working on drafting a robust and comprehensive set of regulations and policies for the holistic development of AI in this region.
Key players operating in the Global AI in Fashion Market are Microsoft, IBM, Google, AWS, SAP, Facebook, Adobe, Oracle, Catchoom, Huawei, Vue.AI, Heuritech, Wide Eyes, Findmine, Intelistyle, Lily AI, Pttrns.AI, Syte, Mode.AI, Stitch Fix, Alibaba, Amazon, H&M, Tommy Hilfiger, and ASOS.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global AI in Fashion Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global AI in Fashion Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global AI in Fashion Market positioning of competitors.
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