DUBLIN–(COMMERCIAL WIRE)–“AI in Fashion Global Market Report 2022” report added to ResearchAndMarkets.com offering.
The global fashion AI market is expected to grow from $470 million in 2021 to $650 million in 2022 at a compound annual growth rate (CAGR) of 40.0%. AI in the fashion market is expected to grow to $2.66 billion by 2026 with a CAGR of 42.1%.
North America was the largest region in the fashion AI market in 2021. Asia Pacific is expected to be the fastest growing region in the forecast period. Regions covered in the AI in Fashion report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing influence of social media in the fashion industry is driving the growth of AI in the fashion market. Social networks are a main source of information for the fashion industry, as there are many opinions and information from all sources worldwide. Today’s fashion relies heavily on brand promotion and fashion influencers using social media to communicate their views on fashion.
For example, according to the Influencer Marketing Hub, a social media resource for influencers, the market for influencer marketing grew from $9.7 billion in 2020 to $13.8 billion in 2021. The growing popularity of influencers short video formats on platforms like TikTok, Facebook, and YouTube, as well as the impact of the global pandemic on consumers, which catalyzed social media consumption, and optimization of data collection, which marketers used for Social media ads are contributing to this growth. This growing influence of social media is driving the growth of the market.
Machine learning is shaping AI in the fashion market. Machine learning is a part of artificial intelligence that defines the capabilities of the machine to copy human behavior. A machine can understand, visualize and perform an action that helps provide better information and suggestions to customers based on their behavior. For example, in April 2021, Tommy Hilfiger, a well-known designer fashion brand, applied machine learning tools to product images from 15,000 and 600,000 publicly available runway images, and nearly 100,000 fabric pattern sites. Applied AI provided insights into Tommy Hilfiger style trends in colors, patterns and silhouettes.
In September 2021, Syte Company, an Israel-based software development company, acquired Slyce for an undisclosed amount. Through this acquisition, Syte wants to expand its market in North America and support new and old customers. Slyce is a US-based visual search company that has integrated applications and website technology for more than 60 retailers.
Scope
Covered Markets:
1) By category: clothing; Accessories; Footwear; beauty and cosmetics; Jewels
2) By Deployment Mode: Cloud; On the premise
3) By Components: Solution; Services
4) By Application: Customer Relationship Management; virtual assistants; product recommendation; product search and discovery; supply chain management and demand forecasting; Creative design and trend forecasting
5) By End Users: Fashion Designers; Fashion stores
Key Topics Covered:
1. Executive Summary
2. Characteristics of the AI market in fashion
3. Fashion AI Market Trends and Strategies
4. Impact of COVID-19 on AI in fashion
5. AI in the size and growth of the fashion market
6. AI in fashion market segmentation
7. AI in Fashion Market Country and Regional Analysis
8. Asia-Pacific AI in the fashion market
9. China’s AI in the fashion market
10. India AI in the fashion market
11. AI from Japan in the fashion market
12. AI from Australia in the fashion market
13. Indonesian AI in the fashion market
14. AI from South Korea in the fashion market
15. Western European AI in the fashion market
16. UK AI in the fashion market
17. AI from Germany in the fashion market
18. France AI in the fashion market
19. Eastern European AI in the fashion market
20. Russian AI in the fashion market
21. North American AI in the Fashion Market
22. US AI in the fashion market
23. AI from South America in the fashion market
24. Brazil AI in the fashion market
25. Middle East AI in the fashion market
26. Africa AI in the fashion market
27 AI in the Fashion Market Competitive Landscape and Company Profiles
28. Key mergers and acquisitions in the fashion AI market
29. Artificial Intelligence in the Fashion Market Future Prospects and Potential Analysis
30. Appendix
Companies mentioned
Microsoft IBM AWS SAP Facebook Adobe Oracle Catchoom Huawei Vue.ai Heuritech Wide Eyes FINDMINE Intelistyle Lily AI Pttrns.ai Syte mode.ai Stitch Fix Lily AI Heuritch Alphabet Inc.(Google)
For more information on this report, please visit https://www.researchandmarkets.com/r/glamn1
Source: www.businesswire.com