AI in Fashion Market

AI in Fashion Market - An Overview

The global AI in fashion market is expected to witness strong growth during the forecast period between 2021 and 2031.

The integration of advanced technologies such as artificial intelligence in fashion industry is helping play a key role in performing different activities with greater ease and efficiently.

The outbreak of COVID-19 bolstered the growth in overall AI in fashion market. Rising number of cases globally led to social distancing restrictions and lockdowns in a bid to reduce the spread of the virus.

This led to consumers adopting digital solutions globally, which fueled the demand for integration of advanced technologies such as AI in fashion industry and fueled the growth in overall market, during the pandemic phase.

AI in Fashion Market - Trends and Opportunities

Rising use of social media in fashion industry is the key growth driver of global AI in fashion market.

Also, increasing demand for inventory management in fashion industry could help create revenue-generating opportunities for leading players in overall AI in fashion market, in the coming years.

In addition to this, rising demand for personalized experience among customers is anticipated to trigger the demand for artificial intelligence in fashion which could stimulate the growth in overall market, in the years ahead.

Favorable government policies such as offering funding to leading players for research and development undertakings could stimulate the growth in global market, in the coming years.

Solutions component segment is expected to account for a large share in overall market in future because of rising inclination of fashion industry to integrate software tools such as social media in leading economies globally.

Cloud-based systems are expected to emerge as largest revenue-contributor to overall market in the coming years because of increased adaptability and flexibility provided by cloud computing in the fashion industry in prominent countries worldwide.

AI in Fashion Market - Competitive Landscape

The global AI in fashion market is competitive, with the presence of numerous leading players. Many of these players are expected to account for a large share in overall market, in the coming years.

Research and development activities such as establishment of R&D centers that function exclusively to develop improved understanding of role in AI in fashion could be key, revenue-generating growth strategy for leading players in future.

Other strategies such as signing of collaborative agreements with smaller players could help prominent market players in expanding their presence in global market and increase their revenue.

Few leading players in overall AI in fashion market include Microsoft Corporation, Adobe, Facebook, SAP, Oracle Corp., and Wide Eyes.

AI in Fashion Market - Regional Assessment

The global AI in fashion market is classified into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.

North America is expected to emerge as maximum revenue-generating region in global AI in fashion market in future because of prominent presence of well-established market players in countries such as the U.S. and Canada.

Asia Pacific is anticipated to witness significant growth in global market in the coming years due to increasing government initiatives to develop artificial intelligence in countries such as India and China.

Ease of availability of key resources such as land and labor could help prominent AI in fashion market in establishing R&D centers in Asia Pacific countries in a bid to develop improved understanding of AI integration in fashion industry.

Europe is expected to witness strong growth in global market in future owing to growing adoption of advanced technologies in countries such as the U.K. and Germany.

Other regions of the world such as Latin America and Middle East and Africa are expected to witness moderate growth in global market, in the years ahead.