Global AI in Fashion Market: Overview
Artificial Intelligence promises a major advancement for the fashion industry. The industry is one of the biggest in the world. With its 3 trillion dollar evaluation, the industry occupies nearly 2% of the global economy output. Additionally, the competition for the next-big-thing in the fashion industry is heating up. Amazon acquired Zappos, a leading brand for $1 bn in 2010. Along with this acquisition, and new openings by Walmart, Target and Other major retailers, fashion industry players require innovation to gain a competitive edge. Moreover, AI promises to bring transformation to fashion industry in manufacturing, designing, sales, and consumer-use as well. AI technology today promises to build higher quality products, and also help minimize errors in prediction of next-big fashion trends. The rising investment in the field is expected to drive significant growth for the AI in fashion market in the near future.
Global AI in Fashion Market: Notable Developments
In 2018, the global fashion industry produced over $150 bn dollar garments. Moreover, out of these, $50 bn went unsold. Additionally, $50 bn were sold through discounts. For the very reason of being able to predict user-preferences, and the next-big-fashion trend, major brands like H&M to Tommy Hilfiger have invested in AI technologies. The major Chinese wholesaler AliBaba also opened a fashion AI store in 2018 with integration of various technologies like intelligent garment tags, smart mirrors, and omnichannel integration. The rising costs of unsold stocks, the unpredictable nature of consumer tastes, and growing investment by major brands are key drivers on the horizon.
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University of Texas partnered with researchers from Cornell Tech and Georgia Tech to come with an Artificial Intelligence systems which can offer quick suggestions to users to make their appearances more fashionable. The App was trained using more than 10,000 images and according to user reports, the app provides trendy and easy choices. The app is known to face internal pressures as data sets can be biased to reflect specific traits. For example, one of the major concern regarding this app it tends to reflect fashion apparels more common in North America, where internet use has been widespread since the 1990s. Additionally, body shapes of specific origins can also be more favored in the long run.
Global AI in Fashion Market: Drivers and Restraints
The global AI in fashion market is expected to witness robust growth in the near future, thanks to a multitude of AI applications in the industry. AI is expected to aid fashion stalwarts in customization, advanced material procurements, reduced returns, and automation in operations, managing inventory, and product discovery. These are key areas of improvements in the fashion industry, which conventionally have relied on family-based business models which advance a specific mode of advancing growth. The growing competition in the fashion industry worldwide, the increasing global convergence, and demand for more personal preferences are expected to drive growth.
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Global AI in Fashion Market: Geographical Analysis
The global AI in fashion market promises robust growth in North America. The rising investments in startups by major fashion brands, the increased adoption of AI in major retail chains, and growing investment in innovation are expected to drive growth. However, the market also faces challenge as technologies like Amazon Echo Look fall short of expectations and challenge of predicting user tastes remains challenging. Moreover, growth of the AI in fashion market is also expected to soar in Asia Pacific region. The region is witnessing a large influx of startups in the market, thanks to major expansion of the IT sector, changing lifestyle trends, and rising disposable income.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.