Artificial Intelligence in Fashion Market to 2027 – Europe Market To Capitalize On Rising Demand From Multiple End-Use; Adobe, Facebook, Google, IBM, Oracle
The Europe artificial intelligence in fashion market accounted for US$ 69.2 Mn in 2018 and is expected to grow at a CAGR of 34.0% over the forecast period 2019-2027, to account for US$ 933.9 Mn in 2027.
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The Fashion Industry Is Getting More Intelligent With AI
The fashion industry is just as much about creating demand and brand awareness as it is about the manufacturing of fashion products. Clothing and apparel brands are constantly looking for new ways to get their goods in front of buyers and create awareness and demand in the market. Increasingly, fashion brands are using AI and machine learning to maximize users’ shopping experience, improve the efficiency of sales systems through intelligent automation, and enhance the sales processes using predictive analytics and guided sales processes.
Availability of massive amount of data due to increasing proliferation of digital services such as Chatbots and increase in operational efficiency & sales through intelligent automation is driving artificial intelligence in fashion market growth. In addition, implementation of natural language programming (NLP) to fashion industry pose significant opportunities for artificial intelligence in fashion market vendors. The fashion industry across the globe is embracing and investing in disruptive technologies such as IoT, AI, predictive analytics, and big data, among others. This increasing adoption is driven by the successful implementation of AI, which resulted in enhanced operational efficiency, increased sales revenue, and improved customer experiences. Apparel and clothing brands are looking for innovative ways to get their products in front of buyers and to significantly create awareness and demand in the market. Fashion brands are implementing machine learning and AI to maximize users’ experience and to increase sales through intelligent automation.
The artificial intelligence in fashion market is fragmented in nature due to the presence of several end-user industries, and the competitive dynamics in the market are anticipated to change during the coming years. In addition to this, various initiatives are undertaken by governmental bodies to accelerate the artificial intelligence in fashion market further. Technological advancements are moving at a fast pace especially in case of adoption of artificial intelligence. The governments of various European states are concerned with the legal and privacy implications of artificial intelligence and its applications. Many countries have raised concerns with the liability and responsibility in case any unwanted occurrence happening because of artificial intelligence; whether it is a manufacturer, developer, controller, or even a robot. The European countries are closely monitoring the developments related to artificial intelligence and machine learning technology and also planning to outline regulations/guidelines for a holistic development of AI and other related technologies.
The AI in fashion market by offering is segmented into solutions and services. Among the list of emerging technologies including, AI, IoT, blockchain, AR/VR, and 3D printing, the artificial intelligence has been at the forefront of disruption for every industry. Perhaps one of the most noticeable ways the fashion and technology have been incorporated is the capability to turn a diverse set of data into enriching, engaging information. The artificial intelligence in fashion market by offerings is dominated by the solutions segment in the year 2018 and is anticipated to continue its dominance in the forecast period. The fashion retailers are progressively moving towards advanced technologies which can streamline their business processes and help attain new customers. Moreover, finding current trends by various social media platforms and catering to the consumer’s every requirement has become challenging for the organizations. Hence, fashion brands and retailers are progressively adopting AI-based solutions, comprising platform and software tools such as SDKs, APIs, and ML models.
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The overall artificial intelligence in fashion market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the artificial intelligence in fashion market. It also provides an overview and forecast for the artificial intelligence in fashion market based on all the segmentation provided with respect to the European region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the artificial intelligence in fashion market. Some of the players present in artificial intelligence in fashion market are Adobe Inc., Amazon Web Services, Inc., Catchoom Technologies S.L., Facebook, Inc., Google LLC, Huawei Technologies Co., Ltd., IBM Corporation, Microsoft Corporation, Oracle Corporation, and SAP SE among others.
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