May 29, 2020 3:55 AM ET
iCrowd Newswire – May 29, 2020
Latest market study on “Artificial Intelligence in Fashion Market to 2027 by Offerings (Solutions and Services); Deployment (On-premise and Cloud-based); Application (Product Recommendation, Virtual Assistant, Product Search and Discovery, Creative Designing and Trend Forecasting, Customer Relationship Management, and Others); End-User Industry (Apparel, Accessories, Cosmetics, and Others); – Global Analysis and Forecast”, the artificial intelligence in fashion market is estimated to reach US$ 4,391.7 Mn by 2027 from US$ 270.0 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
Real time consumer behaviour insights and increased operational efficiency are driving the adoption of artificial intelligence in fashion industry
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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.
With the advent of AI technology, which learns in real-time and provides recommendations based on patterns, brands have a tremendous opportunity to apply AI in various processes to better understand the business environment and customers. For instance, the popularly known fashion brand “Forever 21” is recently going through the bankruptcy phase. The major reason for the bankruptcy was lagging behind in the highly competitive fashion industry. The brand faced high competition form fashion giants such as H&M and Zara. The company struggled to keep pace with the shifting shopper’s fashion trend. AI allows fashion businesses to prioritize and automate decision making, analyze big complex structured and unstructured data to provide deeper insights and improve efficiency by accurate planning. With all these applications, AI enables fashion businesses to improve operational efficiency, lower operating costs, enhance customer service quality and customer experiences.
Product development is observed as the most adopted strategy in global artificial intelligence in fashion market. Few of the recent market developments are listed below:
2019: SAP SE unveiled its plan to develop its new software, S/4HANA 1709, for fashion industry. This new software offers new features such as, Seasonality, Application variants, Improved Mass re-ATP, Value added services, New Back order processing, Multi Store order, Order scheduling, and others.
2018: Microsoft developed an AI toolkit to help enterprises build virtual assistants. The new toolkit offers developers the ability to pick and choose from prebuilt conversational component, and can also be customized after the integration with the application.
2017: IBM contributes towards its Watson Data Platform designed for developers and data scientists, business team for easy access of applications like analytics, machine learning and AI.
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Keywords: Artificial Intelligence In Fashion, Artificial Intelligence In Fashion Market, Artificial Intelligence In Fashion Market 2020, Artificial Intelligence In Fashion Market 2027