InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled “Global Artificial Intelligence (A.I.) in Beauty and Cosmetics Market by (Service/Product (personalized recommendation tools, performance marketing measurement platforms, demand forecasting & supply chain tools, real-time customer service platforms, and AI-based Beauty Devices), Application (skincare, haircare, make-up, fragrances, and others)) – Market Outlook and Industry Analysis 2030” According to company’s newest research, the global Artificial Intelligence (A.I.) in Beauty and Cosmetics Market is worth US$ 5.75 Billion in 2021 and is predicted to reach US$ 12.4 Billion in 2030, with a promising CAGR of 9.0 % between 2022 and 2030.
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Artificial Intelligence (AI) is increasingly being used in the Beauty & Cosmetics field as a strategic tool for generating data-driven decisions, complementing human decision-making. The beauty industry has been transitioning to a more digital business strategy with a significant online presence. Beauty companies are moving away from advertising their products to raise awareness (a product-centric approach) and toward a more customer-centric approach, leveraging technological advancements in their strategies to stay competitive in the market by offering personalized products and services. Beauty experts’ companies are embracing artificial intelligence-based technologies such as big data, machine learning, deep learning, natural language processing, and facial recognition. Consumers are key to any brand campaign, and so getting to know them as thoroughly as possible is one of the primary goals of any business. Additionally, beauty brands are utilizing Augmented Reality to allow clients to digitally “try on” things before making a purchase. L’Oréal, for example, now owns the Augmented Reality and Artificial Intelligence company ModiFace, which enables consumers to try on makeup from the world’s largest cosmetic brands using augmented reality.
Artificial intelligence solutions provide data and insights that can be used to optimize the supply chain model. Additionally, beauty businesses can watch markets online or install trackers and sensors in stores to collect data that can be used to forecast trends, detect product shortages, and change product distribution based on local desires. In the cosmetics sector, real-time customer service solutions such as Chatbots have grown increasingly popular for purchasing journeys. For example, Sephora, an international retailer of personal care and beauty products, is investing in artificial intelligence and teaming with customization experts such as Dynamic Yield to provide customers with individualized product recommendations. Sephora is utilizing a variety of artificial intelligence (AI) technologies throughout their app and in-store to assist in driving retail sales and to make the in-store shopping experience more frictionless and attractive for younger consumers. These technologies are increasing consumer interaction with content and thereby increasing sales. For instance, Sephora Visual Artist has resulted in customers attempting 200 million colours during over 8.5 million visits to the Sephora Virtual Artist feature.
Over the last few years, advances in artificial intelligence (AI) and machine learning have penetrated the beauty industry. Consumers are empowered to be the masters of their aesthetic care especially with the emergence of personalized skin care, augmented reality applications, and at-home skin examination equipment. growing consumer inclinations toward personalized solutions, increased technological development throughout the beauty sector, and increasing usage of Augmented Reality (AR) in the beauty industry are some of the main factors estimated to drive the market over the forecast period. The rising prevalence of skin problems, as well as the rising demand for anti-aging treatments, are expected to fuel market expansion.
The outbreak of Covid-19 has shifted consumer purchasing patterns across the beauty and cosmetic industry. However, due to the growing demand for personalized beauty and cosmetic products and the quickly evolving eCommerce sector, the COVID-19 crisis is expected to generate opportunities for beauty and cosmetic firms.
As of 2021, North America has the largest revenue share in the Artificial Intelligence (A.I.) in Beauty & Cosmetics market. This rise has been fueled by several factors, such as the presence of large e-commerce companies like Amazon and Sephora, as well as a growing number of international companies that are investing resources into research and development activities
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Most beauty companies are already using AI in their plans to remain competitive in the market. This potential has already been recognized by companies such as L’Oréal, PROVEN and others. As an example, artificial intelligence (AI) is revolutionizing the way beauty brands operate through procedures, such as providing more efficient and effective services, monitoring consumer preferences, forecasting and planning demand, and optimizing supply chain channels.
- In March 2022, Perfect Corp.’s Artificial Intelligence and Augmented Reality solutions will enable DBS to provide an outstanding digital beauty experience to its clients. Customers of DBS will now have access to a virtual skin examination as well as a customized skincare product regimen prescription based on a variety of skin issues. Customers of DBS will also be able to use Perfect Corp.’s ultra-realistic virtual try-on experience for a wide range of beauty goods before making a purchase.
- In March 2022, Ulta Beauty and Haut.AI have formed a strategic alliance. Ulta Beauty and Haut.AI have teamed together with the purpose of co-creating revolutionary digital skincare solutions and providing even better experiences to beauty enthusiasts. Ulta Beauty and Haut.AI share a mission of assisting consumers in achieving short-term skincare goals while also maintaining and improving skin over time.
- In Dec 2021, Nykaa launched a virtual try-on tool driven by AI. ModiFace is a tool created by L’Oreal. With the introduction of this new technology, the Company expects to provide a better beauty experience for cosmetics enthusiasts while purchasing beauty items online. Photo-realistic results and AI-assisted shade calibration are possible with ModiFace technology. The ModiFace Technology allows buyers to virtually try on beauty goods on Nykaa’s website and mobile app, assisting them in purchasing their preferred beauty items across categories, beginning with the L’Oréal line of products.
- In May 2021, Perfect Corp. partnered with Bobbi Brown Cosmetics to develop a new tailored online beauty consultation. Consumers can receive customized, rapid product recommendations via virtual try-on by seasoned Bobbi Brown makeup artists for a hyper-personalized experience with the interactive augmented reality (AR) and artificial intelligence (AI)-powered mobile web experience.
The following key companies are engaged in the Artificial Intelligence (A.I.) in Beauty and Cosmetics market:
Beiersdorf (NIVEA SKiN GUiDE), L’Oréal’s (Modiface, Hair Coach), Olay (Skin Care App), CRIXlabs (DBA Quantified Skin), Shiseido (Optune System), Procter & Gamble (Opte Wand), My Beauty Matches, Yours Skincare, EpigenCare Inc., mySkin, Haut.AI, Luna Fofo, Revieve, ANOKAI. CA., Pure & Mine, Youth Laboratories, Spruce Beauty, Nioxin, New Kinpo Group, Perfect Corp, Symrise (Philyra), Sephora USA, Inc. (Virtual Artist), Function of Beauty LLC, Estée Lauder, Coty Inc. (Rimmel), Givaudan, Beautystack and Polyfins Technology Inc and Other Prominent Players.
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