Global AI in Fashion Retail Market: Increased Demand from Industry to Spell Growth for Market, Says IGR
Infinium Global Research’s recent report on the “AI in Fashion Retail Market (By Component (Software and Services), By Deployment Mode (Cloud and On-Premises), By Application (Product Recommendation, Discovery, and Search, Creative Designing and Trend Forecasting, Virtual Assistant, Customer Relationship Management, and Others)): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2026” the reported study estimated the market for AI in fashion retail will reach up to 2,545 million in 2026, with a Compound Annual Growth Rate of 40.37%, over the forecast period (2020-2026).
“We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2020-2026.”
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Artificial Intelligence in fashion is changing this industry by playing a crucial role in the various key divisions. The fashion industry is the trillion-dollar industry in the world hence demand of AI goes high to operate such huge market. The rising amount of data generated by the consumers is majorly driving the growth of AI in fashion retail market. Due to AI, recommendation engines make quick and accurate recommendations, personalized to meet every need and preference of the customer. With the usage of artificial intelligence, online searching is improving as well, since it makes recommendations related to the visual preferences of the users rather than product descriptions. Seemingly, artificial intelligence consulting systems are expected to become the alternatives of search fields as they help users find items or content that they may not find in another way. Thus, large amount of data generated by the consumers improve the recommendation systems with the help of AI.
Furthermore, the spread has novel coronavirus has had a significant influence on the fashion industry around the world. Many fashion designers and designer houses have stopped their production, which has collaterally damaged the supply chain and the industry. The industries have started to reform their business model for 2021, and many small fashion designers and large fashion houses have stopped or suspended any new technology upgrade in their production units or retail stores to recover from the losses caused by the global lockdown and economic slowdown. However, the growth in the adoption of AI solutions is completely dependent on the growth of fashion retail. In the current circumstances, fashion retail networks have been disrupted, and thus, the growth of AI solutions will also get affected negatively in such industries.
Product Recommendation, Discovery, and Search Segment to Dominate the AI in Fashion Retail Market
Product Recommendation, Discovery, and Search segment holds a 36.35% market share of the global AI in fashion retail market in 2019 by the application. The AI-powered search uses Natural Language Processing (NLP), semantic processing, and Machine Learning (ML) algorithms to surface extremely relevant search results. It turns fashion retail platforms into a one-stop shop for appropriate information, irrespective of its use case. An AI-fueled search framework auto-tags content so that it’s simply discoverable. It continuously monitors and auto-responds to community discussions by keeping engagement in check. It routes the queries to community experts in case it’s unable to find an apt response.
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North America Region is the Dominant Region in AI in Fashion Retail Market
Among the regions, the North America region dominated the AI in fashion retail market in 2019, generating the highest revenue of USD 93.4 million in 2019. AI’s impact will be far-reaching given in increasing service sector. For example, the service sector accounts for approximately 80% of the U.S. economy according to US Bureau of Labor Statistics 2018. The service sector includes a wide range of industries including retail trade, transportation, entertainment, health care, hospitality, professional and technical services, and the government. Apart from this, there are numerous opportunities for AI to impact not only consumers’ in-store and online experiences, but also influence organizational frontlines and ultimately firm outcomes in North America.
Companies Operating in Ai in Fashion Retail are Adapting Its Business Model at the Pace of Digitalization
Nowadays, the fashion brands are involving in the use of voice assistants and chatbots to leverage their conversations with users. Burberry and Tommy Hilfiger brands were the first amongst the fashion industry to try out AI implementations in the form of chatbots. Retailers need to keep a constant eye on changing patterns due to changing market trends and customer demands, to predict the next design. A clothing, footwear, and outdoor equipment company is partnering with giant AI tech solution companies to take the advantage of their AI solution in the business. IBM Watson partnered with The North Face to tailor product recommendations. IBM has partnered with Tommy Hilfiger and FIT Infor Design for Reimagine Retail project. This is to demonstrate of how AI can help to enhance the design process. Apart from these key players active in the AI in Fashion market are FINDMINE, Intelistyle, Lily AI, Pttrns.ai, Syte, Microsoft, SAP SE, Oracle.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the AI in fashion retail.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2026.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify