Artificial Intelligence (AI) in Fashion Market
Artificial Intelligence (AI) in Fashion Market Size, Share & Trends Analysis Report by Components (Solution, and Services), by Application (Product Recommendation, Product Search and Discovery, Supply Chain Management and Demand Forecasting, Creative Designing and Trend Forecasting, Customer Relationship Management, Virtual Assistants, and Others (Fraud detection, fabric waste reduction, and price optimization), by Deployment Mode (Cloud, and On-premises), by Category (Apparel, Accessories, Footwear, Beauty and Cosmetics, Jewelry and Watches, and Others (Eyewear, Home Decor), and by End-User (Fashion Designers, and Fashion Stores) Forecast Period (2024-2031)
AI in fashion market is anticipated to grow at an exponential CAGR of 26.0% during the forecast period (2024-2031). The market’s growth is attributed to the prevailing trend for personalized purchasing experiences to consumers to increase their pleasure and loyalty.
Market Dynamics
Growing advancements in designing tool
AI technology improves creative processes by offering sophisticated editing tools that allow users experiment with patterns, build complex designs, and efficiently depict concepts. This encourages the adoption of AI technology by fashion innovators. For instance, in January 2024, RANDOM AI to launched AI-driven platform for fashion creators.The platform offers a variety of personalized products, including T-shirts, eco bags, and tank tops, with an intuitive web interface and advanced AI editor. Users can create designs, enhancing fashion personalization with images and patterns.
Integration of AI in Fashion retail Stores
AI is making sifnificant transformation in the fashion business. According to the National Institute of Health (gov.), in September 2020, the retail industry is expected to invest $7.3 billion in AI, compared to $2 billion in 2018. Additionally, it is anticipated that global spending on AI services for the retail industry is expected to rise from an estimated $3.6 billion in 2019 to $12 billion by 2023. Furthermore, all through the period, more than 325,000 retailers are anticipated to implement AI technology.
Market Segmentation
Our in-depth analysis of the global AI in Fashion market includes the following segments by components, applications, deployment mode, category, and end-user:
- Based on components, the market is bifurcated into solution, and services.
- Solution segment is further sub-segmented into software tools and platforms.
- Services segment is further sub-segmented into training and consulting, system integration and testing, and support and maintenance.
- Based on applications, the market is augmented into product recommendation, product search and discovery, supply chain management and demand forecasting, creative designing and trend forecasting, customer relationship management, virtual assistants, and others.
- Based on deployment mode, the market is sub-segmented into cloud, and on-premises.
- Based on category, the market is augmented into apparel, accessories, footwear, beauty and cosmetics, jewelry and watches, and others.
- Based on end-user, the market is sub-segmented into fashion designers, and fashion stores.
AI in Fashion Solution Holds major market Share
Based on the components, the AI in fashion market is sub-segmented into solution and services. Among these, the AI in fashion solution holds the largest share of the market. The primary factor supporting the segment's growth includes the increasing demand for the development of sophisticated, accurate virtual try-on systems has been rendered possible by AI and computer vision technologies, that are transforming the fashion sector. For instance, in June 2023, Google Shopping launched new AI try-on tool for fashion. The virtual try-on tool generates images of clothing items to show their wearability, despite not being AI-generated. The tool focuses on the garment's performance on the wearer's body.
Virtual Assistants Sub-segment to Hold a Considerable Market Share
The fashion industry, driven by the expansion of e-commerce, is adopting AI-powered solutions to improve the online shopping experience and boost product sales development in the digital age. For instance, in April 2023, Zalando, launched a first beta version of a fashion assistant powered by ChatGPTacross their app and web platforms. It allows Zalando to unlock the potential of generative AI to enhance the experience of discovering and shopping for fashion online.
Regional Outlook
The global AI in fashion market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).
Growing Fashion Industry Along With Digitalization to Offer Lucrative Opportunities to Asia-Pacific Market
- The growing need for virtual try-on options, personalized experiences, and AI-powered recommendation engines for apparel and accessories is driving the growth of the regional market.
- Furthermore, according to the India Brand Equity Foundation (IBEF), in December 2023, India has seen a significant increase in internet and smartphone usage in recent years, with around 830 million internet connections in 2021, of which approximately 55.0% were in urban areas. The 'Digital India' program has played a key role in driving this growth. Additionally, the smartphone base is expected to reach 1 billion by 2026, contributing to the rapid expansion of India's e-commerce sector. This sector is projected to reach a value of $1 trillion by 2030, with segments such as D2C and B2B experiencing remarkable growth. By 2027, the D2C market is expected to reach $60 billion. Overall, the e-commerce market is forecasted to reach $350 billion by 2030, with an estimated growth rate of 21.5% in 2022, resulting in a value of $74.8 billion.
Global AI in Fashion Market Growth by Region 2024-2031
North America Holds Major Market Share
Among all the regions, North America holds a significant share. The rapid increase of e-commerce along with growing integration of AI in fashion segment driven by social media and online platforms is a key contributor to the regional market share. According to the RightAngle Global, in July 2023,the fashion industry is rapidly changing and ever-expanding, rapidly adapting to changes in customer preferences and technological advancements. The globally e-commerce business, that includes fashion brands, is expected to reach a value of $21 trillion by 2030 owing to the growing usage of social media and online platforms. Considering the fashion industry is estimated to be worth $1.2 trillion by 2027 and is presently valued at $775 billion, it is not concerning that new competitors are continually joining this competitive industry. Furthermore, researchers project that by 2024, the percentage of e-commerce sales could grow from 47.0% to 60.0%, with apparel and accessories seeing the fastest annual growth rate of 23.1% on the internet.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order
The major companies serving the global AI in fashion market include, Adidas, H&M, Heuritech, Nike, and Stitch Fix, Inc. and others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in December 2023, Myntra collaborated with Microsoft Corp. to unveil AI-powered online shopping with MyFashionGPT. By utilizing generative AI, this technology differs from conventional keyword-based searches and adopts a more logical and natural language approach.
The Report Covers
- Market value data analysis of 2023and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global AI in fashion market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Adidas AG
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Adobe, Inc.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. H&M Hennes & Mauritz AB
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global AI in Fashion Market by Components
4.1.1. Solution
4.1.1.1. Software Tools
4.1.1.2. Platforms
4.1.2. Services
4.1.2.1. Training and Consulting
4.1.2.2. System Integration and Testing
4.1.2.3. Support and Maintenance
4.2. Global AI in Fashion Market by Applications
4.2.1. Products Recommendation
4.2.2. Products Search and Discovery
4.2.3. Supply Chain Management and Demand Forecasting
4.2.4. Creative Designing and Trend Forecasting
4.2.5. Customer Relationship Management
4.2.6. Virtual Assistants
4.2.7. Others (Fraud detection, fabric waste reduction, and price optimization)
4.3. Global AI in Fashion Market by Deployment Mode
4.3.1. Cloud
4.3.2. On-premises
4.4. Global AI in Fashion Market by Category
4.4.1. Apparel
4.4.2. Accessories
4.4.3. Footwear
4.4.4. Beauty and Cosmetics
4.4.5. Jewelry and Watches
4.4.6. Others (Eyewear, Home Decor)
4.5. Global AI in Fashion Market by End-User
4.5.1. Fashion Designers
4.5.2. Fashion Stores
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1.1. AWS
6.1.2. Catchoom
6.1.3. FindMine
6.1.4. Google LLC
6.1.5. Heuritech
6.1.6. HuaweiTechnologies Co., Ltd.
6.1.7. IBM Corp.
6.1.8. Intelistyle
6.1.9. Lily AI
6.1.10. Loomia
6.1.11. Mad Street Den Inc.
6.1.12. Meta Platforms, Inc. Facebook
6.1.13. Microsoft Corp.
6.1.14. Mode.AI
6.1.15. Nike, Inc.
6.1.16. Oracle Corp.
6.1.17. Pttrns.AI
6.1.18. Rebecca Minkoff
6.1.19. SAP SE
6.1.20. Stitch Fix, Inc.
6.1.21. Venturelab AG
6.1.22. YOOX NET-A-PORTER GROUP
1. GLOBAL AI IN FASHION MARKET RESEARCH AND ANALYSIS BY COMPONENTS, 2023-2031 ($ MILLION)
2. GLOBAL AI IN FASHION BY SOLUTION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL AI IN FASHION BY SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL AI IN FASHION MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2023-2031 ($ MILLION)
5. GLOBAL AI IN FASHION FOR PRODUCT RECOMMENDATION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL AI IN FASHION FOR PRODUCT SEARCH AND DISCOVERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL AI IN FASHION FOR SUPPLY CHAIN MANAGEMENT AND DEMAND FORECASTING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL AI IN FASHION FOR CREATIVE DESIGNING AND TREND FORECASTING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL AI IN FASHION FOR CUSTOMER RELATIONSHIP MANAGEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
10. GLOBAL AI IN FASHION FOR VIRTUAL ASSISTANTS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL AI IN FASHION FOR OTHER APPLICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. GLOBAL AI IN FASHION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODE, 2023-2031 ($ MILLION)
13. GLOBAL CLOUD BASED AI IN FASHION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
14. GLOBAL ON-PREMISES BASED AI IN FASHION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
15. GLOBAL AI IN FASHION MARKET RESEARCH AND ANALYSIS BY CATEGORY, 2023-2031 ($ MILLION)
16. GLOBAL AI IN FASHION APPAREL MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
17. GLOBAL AI IN FASHION ACCESSORIES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
18. GLOBAL AI IN FASHION FOOTWEAR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
19. GLOBAL AI IN FASHION BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
20. GLOBAL AI IN FASHION JEWELRY AND WATCHES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
21. GLOBAL AI IN OTHER CATEGORY OF FASHION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
22. GLOBAL AI IN FASHION MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
23. GLOBAL AI IN FASHION FOR DESIGNERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
24. GLOBAL AI IN FASHION FOR STORES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
25. GLOBAL AI IN FASHION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
26. NORTH AMERICAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
27. NORTH AMERICAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY COMPONENTS, 2023-2031 ($ MILLION)
28. NORTH AMERICAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY APPLICATIONS , 2023-2031 ($ MILLION)
29. NORTH AMERICAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODE, 2023-2031 ($ MILLION)
30. NORTH AMERICAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY CATEGORY, 2023-2031 ($ MILLION)
31. NORTH AMERICAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
32. EUROPEAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
33. EUROPEAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY COMPONENTS, 2023-2031 ($ MILLION)
34. EUROPEAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2023-2031 ($ MILLION)
35. EUROPEAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODE, 2023-2031 ($ MILLION)
36. EUROPEAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY CATEGORY, 2023-2031 ($ MILLION)
37. EUROPEAN AI IN FASHION MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
38. ASIA-PACIFIC AI IN FASHION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
39. ASIA-PACIFIC AI IN FASHION MARKET RESEARCH AND ANALYSIS BY COMPONENTS, 2023-2031 ($ MILLION)
40. ASIA-PACIFIC AI IN FASHION MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2023-2031 ($ MILLION)
41. ASIA-PACIFIC AI IN FASHION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODE, 2023-2031 ($ MILLION)
42. ASIA-PACIFIC AI IN FASHION MARKET RESEARCH AND ANALYSIS BY CATEGORY, 2023-2031 ($ MILLION)
43. ASIA-PACIFIC AI IN FASHION MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
44. REST OF THE WORLD AI IN FASHION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
45. REST OF THE WORLD AI IN FASHION MARKET RESEARCH AND ANALYSIS BY COMPONENTS, 2023-2031 ($ MILLION)
46. REST OF THE WORLD AI IN FASHION MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2023-2031 ($ MILLION)
47. REST OF THE WORLD AI IN FASHION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODE, 2023-2031 ($ MILLION)
48. REST OF THE WORLD AI IN FASHION MARKET RESEARCH AND ANALYSIS BY CATEGORY, 2023-2031 ($ MILLION)
49. REST OF THE WORLD AI IN FASHION MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
1. GLOBAL AI IN FASHION MARKET SHARE BY COMPONENTS, 2023 VS 2031 (%)
2. GLOBAL AI IN FASHION BY SOLUTION MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL AI IN FASHION BY SERVICES MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL AI IN FASHION MARKET SHARE BY APPLICATIONS, 2023 VS 2031 (%)
5. GLOBAL AI IN FASHION FOR PRODUCT RECOMMENDATION MARKET SHARE BY REGION, 2023 VS 2031 (%)
6. GLOBAL AI IN FASHION FOR PRODUCT SEARCH AND DISCOVERY MARKET SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL AI IN FASHION FOR SUPPLY CHAIN MANAGEMENT AND DEMAND FORECASTING MARKET SHARE BY REGION, 2023 VS 2031 (%)
8. GLOBAL AI IN FASHION FOR CREATIVE DESIGNING AND TREND FORECASTING MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL AI IN FASHION FOR CUSTOMER RELATIONSHIP MANAGEMENT MARKET SHARE BY REGION, 2023 VS 2031 (%)
10. GLOBAL AI IN FASHION FOR VIRTUAL ASSISTANTS MARKET SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL AI IN FASHION FOR OTHER APPLICATION MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. GLOBAL AI IN FASHION MARKET SHARE BY DEPLOYMENT MODE, 2023 VS 2031 (%)
13. GLOBAL CLOUD BASED AI IN FASHION MARKET SHARE BY REGION, 2023 VS 2031 (%)
14. GLOBAL ON-PREMISES BASED AI IN FASHION MARKET SHARE BY REGION, 2023 VS 2031 (%)
15. GLOBAL AI IN FASHION MARKET SHARE BY CATEGORY, 2023 VS 2031 (%)
16. GLOBAL AI IN FASHION APPAREL MARKET SHARE BY REGION, 2023 VS 2031 (%)
17. GLOBAL AI IN FASHION ACCESSORIES MARKET SHARE BY REGION, 2023 VS 2031 (%)
18. GLOBAL AI IN FASHION FOOTWEAR MARKET SHARE BY REGION, 2023 VS 2031 (%)
19. GLOBAL AI IN FASHION BEAUTY AND COSMETICS MARKET SHARE BY REGION, 2023 VS 2031 (%)
20. GLOBAL AI IN FASHION JEWELRY AND WATCHES MARKET SHARE BY REGION, 2023 VS 2031 (%)
21. GLOBAL AI IN OTHER CATEGORY OF FASHION MARKET SHARE BY REGION, 2023 VS 2031 (%)
22. GLOBAL AI IN FASHION MARKET SHARE BY END-USER, 2023 VS 2031 (%)
23. GLOBAL AI IN FASHION FOR DESIGNERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
24. GLOBAL AI IN FASHION FOR STORES MARKET SHARE BY REGION, 2023 VS 2031 (%)
25. GLOBAL AI IN FASHION MARKET SHARE BY REGION, 2023 VS 2031 (%)
26. US AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
27. CANADA AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
28. UK AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
29. FRANCE AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
30. GERMANY AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
31. ITALY AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
32. SPAIN AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
33. REST OF EUROPE AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
34. INDIA AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
35. CHINA AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
36. JAPAN AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
37. SOUTH KOREA AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
38. REST OF ASIA-PACIFIC AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
39. LATIN AMERICA AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
40. MIDDLE EAST AND AFRICA AI IN FASHION MARKET SIZE, 2023-2031 ($ MILLION)
