Artificial Intelligence In Fashion Market to exceed US$ 4,391.7 Mn by 2027, says The Insight Partners

Artificial Intelligence In Fashion Market to 2027 - Global Analysis and Forecasts by Offerings (Solutions and Services); Deployment (On-premise and Cloud-based); Application (Product Recommendation, Virtual Assistant, Product Search and Discovery, Creative Designing and Trend Forecasting, Customer Relationship Management, and Others); End-User Industry (Apparel, Accessories, Cosmetics, and Others)

The availability of a large amount of data originating from different data sources is one of the key factors driving the growth of AI technology across the fashion industry. The proliferation of easy availability of the internet, smart devices, the advancement of technology, and others are some of the major reasons for the exponential increase in data generation. The RFID and Bluetooth implementation to locate products and gather information is also increasing exponentially in the fashion industry. Moreover, the voice-enabled chatbots such as Amazon Alexa and Apple Siri are continuously generating an enormous amount of data every second. By using these conversational solutions, fashion brands collect data by asking customer’s requirements, trends, and diving deeper into the purchase pattern.

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This evolution in digitization presents a huge opportunity for fashion businesses to utilize the huge volumes of user/process data to gain useful insights. The paradigm shifts of fashion companies embracing digitalization has reaped greater benefits for the enterprises and resulted in more revenue generation opportunities. Also, with the advancement in computing and storage technology, computing power has increased multi-fold during the last decade. This has created new opportunities for managing and computing the big sets of data, and when coupled with AI technology, useful business and customer insights can be gained. With AI applications like machine learning and deep learning, fashion companies have a tremendous opportunity to harness the data available for useful insights and thus increasing their revenue.

Offering Market Insights

The AI in fashion market by offering is segmented into solutions and services. Among the list of emerging technologies including, AI, IoT, blockchain, AR/VR, and 3D printing, the artificial intelligence has been at the forefront of disruption for every industry. Perhaps one of the most noticeable ways the fashion and technology have been incorporated is the capability to turn a diverse set of data into enriching, engaging information. Cognitive computing and artificial intelligence are increasing agility for retailers. Significant investments are being made by some of the leading IT companies as well as fashion retailers. For instance, Oracle Corporation under its software, Oracle Retail, invests significant resources and time to continuously advance its retail science portfolio. This enables retailers to better forestall rapid changes in customer preference, allowing them to simplify optimal price and promotion across a rising number of combinations available to retailers and their consumers.

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Global Artificial Intelligence in Fashion Segments:

Artificial Intelligence in Fashion Market – By Offerings

·        Solutions

·        Services

Artificial Intelligence in Fashion Market – By Deployment

·        On-premise

·        Cloud-based

Artificial Intelligence in Fashion Market – By Application

·        Product Recommendation

·        Virtual Assistant

·        Product Search and Discovery

·        Creative Designing and Trend Forecasting

·        Customer Relationship Management

·        Others

Artificial Intelligence in Fashion Market – By End-User Industry

·        Apparel

·        Accessories

·        Cosmetics

·        Others

Companies Profiled in this report includes:

·        Adobe Inc.

·        Alphabet Inc. (Google)

·        Amazon.com, Inc.

·        Catchoom

·        Facebook Inc.

·        Huawei Technologies Co., Ltd.

·        IBM Corporation

·        Microsoft Corporation

·        Oracle Corporation

·        SAP SE

Leading market players and manufacturers are studied to help give a brief idea about them in the report. The challenges faced by them and the reasons they are on that position is explained to help make a well informed decision. Competitive landscape of Artificial Intelligence In Fashion market is given presenting detailed insights into the company profiles, developments, merges, acquisitions, economic status and best SWOT analysis.

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