Artificial Intelligence In Fashion Market Scope 2031
The artificial intelligence in fashion market size is projected to reach US$ 17.41 billion by 2031 from US$ 1.09 billion in 2023. The market is expected to register a CAGR of 41.4% in 2023–2031. The growing adoption of AI technology among fashion brands for analyzing consumer buying behavior is likely to remain a key artificial intelligence in fashion market trends.
Artificial Intelligence In Fashion Market Analysis
Artificial intelligence in the fashion market is growing at a rapid pace due to the increasing demand for AI in product design and development and the high customer demand for a personalized experience. The market is expanding steadily, driven by the growing demand for AI for inventory management. Moreover, the growing demand for fashion sustainability and the growth of fast fashion retail are providing lucrative opportunities for market growth.
Artificial Intelligence In Fashion Market Overview
Artificial intelligence is transforming the fashion industry by improving many areas of the product lifecycle and redefining how apparel is produced, sold, and worn. The cutting-edge technology provides transformative capabilities for designers, retailers, and consumers. Fashion designers use artificial intelligence to maximize their creative potential and drive design innovation. Designers may produce new and innovative ideas by using AI algorithms to examine massive amounts of historical fashion data and identify potential trends in the fashion industry.
AI-powered recommendation systems improve the customer purchasing experience by providing individualized product suggestions based on individual interests. AI supports fashion brands in evaluating user data such as browsing history, purchase behavior, and style preferences and creates personalized suggestions based on consumers' tastes and interests. This customization improves customer engagement, builds brand loyalty, and increases sales conversions.
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Artificial Intelligence In Fashion Market: Strategic Insights
Market Size Value in US$ 270.0 Million in 2018 Market Size Value by US$ 4,391.7 Million by 2027 Growth rate CAGR of 36.9% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Artificial Intelligence In Fashion Market: Strategic Insights
| Market Size Value in | US$ 270.0 Million in 2018 |
| Market Size Value by | US$ 4,391.7 Million by 2027 |
| Growth rate | CAGR of 36.9% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Artificial Intelligence In Fashion Market Drivers and Opportunities
Increasing Demand for AI in Product Designing and Development is Driving the Market
AI plays an important part in product design and development in the fashion industry. The industry thoroughly integrated AI-powered tools into the creative processes to streamline and improve many design aspects, increasing efficiency and encouraging innovation throughout the product's lifecycle. AI is significantly used for pattern optimization in product designing and maximizing material efficiency is driving the market. AI algorithms examine design criteria and material qualities to develop optimum patterns that reduce waste while maximizing resource utilization. The technology also assists designers in meeting cost savings and environmental sustainability objectives while keeping design integrity. These factors are anticipated to fuel the market during the forecast period.
Growing Demand for Fashion Sustainability – An Opportunity in the Artificial Intelligence In Fashion Market
The fashion industry is increasingly focusing on sustainable methods and ethical material sourcing. AI plays an important role in facilitating the selection of sustainable materials for products, providing vital insights and assistance to fashion companies. AI algorithms help examine many elements while evaluating materials for sustainability. These elements include ethical sourcing procedures, cost-effectiveness considerations, and environmental impact studies. By evaluating large datasets and complex factors, AI allows fashion companies to make informed decisions about the materials used in their products and balance sustainability aspirations with business objectives.
Furthermore, rising consumer awareness and environmental concerns increase the adoption of AI algorithms to meet the growing need for sustainable fashion. Increasing concern among consumers related to the environmental impact of clothes encourages fashion brands to implement sustainable practices throughout their manufacturing and supply chains. These factors are generating significant growth opportunities for the market.
Artificial Intelligence In Fashion Market Report Segmentation Analysis
Key segments that contributed to the derivation of the artificial intelligence in fashion market analysis are offerings, deployment, application, and end-user industry.
- Based on offerings, the artificial intelligence in fashion market is divided into solutions and services. The solutions segment held a larger market share in 2023.
- On the basis of deployment, the market is bifurcated into on-premise and cloud-based. The cloud-based segment held a larger market share in 2023.
- Based on application, the artificial intelligence in fashion market is divided into product recommendation, virtual assistant, product search and discovery, creative designing and trend forecasting, customer relationship management, and others. The product recommendation segment held a larger market share in 2023.
- In terms of end-user industry, the artificial intelligence in fashion market is categorized as apparel, accessories, cosmetics, and others. The apparel segment held a larger market share in 2023.
Artificial Intelligence In Fashion Market Share Analysis by Geography
The geographic scope of the artificial intelligence in fashion market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, the North America market accounted for the largest artificial intelligence in fashion market share, due to the growing adoption of AI technology in the fashion industry. Technological improvements and the early use of artificial intelligence in fashion applications are driving the market. Similarly, emerging fashion trends in countries such as the US and Canada are surging demand for AI technology for productivity enhancement, sales optimization, and sustainability. Additionally, the dynamic nature of the fashion industry and constant changes in consumer demand increase the demand for AI to drive innovation and competition.
Artificial Intelligence In Fashion Market Report Scope
Artificial Intelligence In Fashion Market News and Recent Developments
The artificial intelligence in fashion market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for artificial intelligence in fashion and strategies:
- In March 2023, LS&Co. announced a partnership with Lalaland.ai, a digital fashion studio that builds customized AI-generated models. Both companies are planning to test and use AI-generated models to supplement human models, increasing the number and diversity of models for products in a sustainable way. (Source: LS&Co., Press Release, 2023)
Artificial Intelligence In Fashion Market Report Coverage and Deliverables
The “Artificial Intelligence In Fashion Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offerings ; Deployment ; Application ; End-User Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The incremental growth expected to be recorded for the global artificial intelligence in fashion market during the forecast period is US$ 16.32 billion.
The global artificial intelligence in fashion market is expected to reach US$ 17.41 billion by 2031.
The key players holding majority shares in the global artificial intelligence in fashion market are Adobe Inc., Alphabet Inc. (Google), Amazon.com, Inc., Huawei Technologies Co., Ltd., and IBM Corporation.
The growing adoption of AI technology among fashion brands for analyzing consumer buying behavior to play a significant role in the global artificial intelligence in the fashion market in the coming years.
The increasing demand for AI in product design and development and the high customer demand for a personalized experience are the major factors that propel the global artificial intelligence in fashion market.
The global artificial intelligence in fashion market was estimated to be US$ 1.09 billion in 2023 and is expected to grow at a CAGR of 41.4% during the forecast period 2023 - 2031.s
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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