CHICAGO, Oct. 17, 2019 /PRNewswire/ -- According to a new market research report "AI in Fashion Market by Component (Solutions and Services), Application (Product Recommendation, Product Search & Discovery, and CRM), Deployment Mode, Category, (Apparel, Accessories, and Beauty & Cosmetics), End User, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global market size is expected to grow from USD 228 million in 2019 to USD 1,260 million by 2024, at a Compound Annual Growth Rate (CAGR) of 40.8% during the forecast period.
The key factors driving the AI in Fashion Market include customer's demand for a personalized experience, increasing the need for inventory management and the growing influence of social media in the fashion industry.
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Product recommendation application segment to hold the largest market size during the forecast period
With the rising adoption of social media and increasing customer awareness, fashion retailers are trying to provide every best possible service to their customers to enhance trust and hold them for a longer time. Hence, product recommendation has become important to engage customers in an effective way with the growing online sales trends, fashion retailers have started deploying AI-powered recommendation systems in order to make personalized product recommendations based on shoppers buying history, style, taste, and preferences. Therefore, the growth of this application would continue to grow during the forecast period.
Fashion store end user to hold the largest market size during the forecast period
Fashion stores include online fashion stores and offline fashion stores that have started deploying AI technologies into their operations. The fashion store end-user segment is estimated to account for the largest size during the forecast period. Increasing deployment of cloud-based AI-powered solution by fashion retailers has enabled brands to gain a competitive advantage over other players.
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North America to hold the largest market size during the forecast period
North America is expected to account for the largest market size in the AI in the fashion market by region during the forecast period. The region houses many key vendors, such as Google, Microsoft, IBM, and AWS. APAC is expected to grow at the highest CAGR during the forecast period with increasing awareness of inventory management and rising need for cost reduction. An increasing social media adoption among Asian countries has provided the platform for fashion retailers to promote their products through digital marketing technique and understand customer's preferences. This is expected to drive the adoption of AI in the fashion market in the APAC region.
The AI in Fashion Market comprises major solution providers, such as Microsoft (US), IBM (US), Google (US), AWS (US), SAP (Germany), Facebook (US), Adobe (US), Oracle (US), Catchoom (Spain), Huawei (China), Vue.ai (US), Heuritech (France), Wide Eyes (Spain), FINDMINE (US), Intelistyle (England), Lily AI (US), Pttrns.ai (Netherlands), Syte (Israel), mode.ai (US), and Stitch Fix (US). The study includes the in-depth competitive analysis of the key players in the AI in the fashion market with their company profiles, recent developments, and key market strategies.
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