Artificial Intelligence In Fashion Market is expected to grow at a CAGR of 36.9% during the forecast period 2019 â€“ 2027, to account to US$ 4,391.7 Mn by 2027.
PUNE, MAHARASHTRA, INDIA, November 28, 2019 /EINPresswire.com/ — Artificial intelligence in fashion Market is led by the North American region in 2018. The North American region includes the US, Canada, and Mexico. The region comprises early adopters of a large population base and a huge number of developing economies. The region is primarily backed by its ability to provide suitable infrastructure to the service providers and also by offering extensive growth opportunity to the service providers through its rapidly expanding technology market landscape. Also, the continuous investment in leveraging the benefits of AI and machine learning towards facilitating efficient incident management and automation has fueled the market growth, especially among developed economies such as North America and Europe. Whereas among emerging economies in Asia-Pacific and Middle East & Africa regions are expected to witness high demand during the forecast period.
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.
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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 customerâ€™s requirements, trends, and diving deeper into the purchase pattern. 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 shift of fashion companies embracing digitalization has reaped greater benefits for the enterprises and resulted in more revenue generation opportunities.
Global Artificial intelligence in fashion Market – Company Profiles
Amazon Web Services, Inc.
Catchoom Technologies S.L.
Huawei Technologies Co., Ltd.
NLP offers high-efficiency human experience and makes highly interactive chatbots. Vendors have a huge opportunity to improve their services by implementing NLP to its solutions. In the fashion industry, and NLP has capabilities to offer great help to fashion and apparel websites by filtering the majority of customerâ€™s issues and send it to different customers to clarify the issues. Business is taking efforts for better understanding and implementation of NLP. NLPâ€™s are capable of handling the number of systems that work together to handle end-to-end interactions between machines and humans. This technology enables users to interact more naturally. Business is making huge investments in developing NLP enabled solutions for the fashion industry.
The artificial intelligence in fashion market on the basis of offerings is segmented into solutions and services. In 2018, the solutions segment held the largest share in the global artificial intelligence in fashion market and it is anticipated to continue its dominance during the forecast period of 2019 to 2027.
The artificial intelligence in fashion market based on deployment is sub-segmented into cloud and on-premise. The cloud segment is expected to hold the prime market share in the artificial intelligence in fashion market and it is anticipated to continue its dominance during the forecast period. Organizations and retailers have been progressively recognizing the importance of artificial intelligence in the fashion industry and have started deploying them based on their requirements including designing, inventory management, manufacturing, and sales and marketing. Most of the SMEs are adopting SDKs, APIs, and ML models, which can be easily deployed on the cloud and does not require any infrastructure in the premises. Owing to ease of use and low-cost, SMEs are moving on cloud deployment as compared to on-premises.
The end-user industry segment of artificial intelligence in fashion market is segmented into apparel, accessories, cosmetics, and others. The fashion industry is progressively implementing the latest progress in AI to improve e-commerce productivity, enhance the retail experience, and offer promotional campaigns as well as clothes themselves. The apparel segment led the artificial intelligence in fashion market in 2018 and is anticipated to continue its dominance during the forecast period.
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Source: EIN Presswire