North America AI in Fashion Market expected to grow at a CAGR of 37.9% by 2027
NEW YORK, Dec. 26, 2019
The North America artificial intelligence in fashion market accounted for US$ 128.7 Mn in 2018 and is expected to grow at a CAGR of 37.9% over the forecast period 2019-2027, to account for US$ 2254.2 Mn in 2027. Artificial Intelligence in fashion market is expected to experience remarkable growth in the coming years due to the rising technological advancements and expanding services and facilities in artificial intelligence in the fashion arena. Also, the availability of the massive amount of data due to the increased proliferation of digital services across the globe is anticipated to provide a strong thrust to the growth of artificial intelligence in fashion market. The penetration of advanced technology in the fashion sector worldwide and the real-time consumer behaviour insights and increased operational efficiency are driving the adoption of artificial intelligence in the fashion industry also present a bright outlook ahead for the artificial intelligence in fashion market in the coming years. However, Data privacy and security concerns across the sector would pose a stern challenge to the growth of the artificial intelligence in fashion market in the coming years. Despite these hindrances, the introduction of Natural Language Programming (NLP) to the fashion industry is a massive opportunity for AI in fashion vendors are anticipated to offer ample growth opportunities for the players operating in the artificial intelligence in fashion market during the forecast period of 2019 to 2027.
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.
The North American countries are developing various policies and outlining best practices to implement artificial intelligence for promoting innovation in various industry sectors. Further, the political agendas for North American countries are aligned with the development of Machine Learning (ML) and Artificial Intelligence (AI).
Artificial intelligence technologies such as self-adapting machine learning, deep learning or Natural language processing are expected to transform the way businesses work. Governments of various North American countries are working on drafting robust and comprehensive set of regulations and policies for a holistic development of artificial intelligence in this region.
The end-user industry segment of artificial intelligence in fashion market is segmented into apparel, accessories, cosmetics, and others. The apparel segment led the North America market in 2018 and is expected to continue its dominance during the forecast period.
The apparel end-user includes clothing, sportswear, and footwear sectors. The use of AI technology is the apparel industry can be applied in all phases, including preproduction, production, as well as postproduction.
The AI technology in apparel manufacturing can be used for several processes, including fiber grading, yarn properties estimation, fabric fault analysis, as well as dye recipe prediction. In the supply chain, AI-based models can be utilized to integrate and share information at any point in supply chain management.
A number of AI approaches can be applied in supply chain planning, demand forecasting, optimization of the network, managing the logistics, sample management, inventory management; as well as inventory replenishment.
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 North American 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, Facebook, Inc., Google LLC, Huawei Technologies Co., Ltd., IBM Corporation, Microsoft Corporation, Oracle Corporation, and SAP SE among others.
The end-user industry segment of artificial intelligence in fashion market is segmented into apparel, accessories, cosmetics, and others. The apparel segment led the North America market in 2018 and is expected to continue its dominance during the forecast period. The apparel end-user includes clothing, sportswear, and footwear sectors. The use of AI technology is the apparel industry can be applied in all phases, including preproduction, production, as well as postproduction.
With AI being increasingly used during the production stages of apparel and fashion accessories, more and more manufacturers of sportswear and footwear sectors will use the technology for product customization to satisfy the end-user. Partner with iDesigniBuy and integrate our Product Customization Software to your offerings to win prospects and drive your customers to shop for more.
