AI in Fashion Market Report 2024 (Global Edition)

Global AI in Fashion Market Report 2024 Market Size Split by Component (Solutions, Services), by Application (Product Recommendation, Product Search and Discovery, Supply Chain Management and Demand F...

AI in Fashion Market Report Description

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AI in Fashion Market Insights Video

Competitive Landscape of the AI in Fashion Market

Intense innovation, strategic partnerships, and a dynamic mix of established players and emerging start-ups characterize the competitive landscape of AI in the fashion market. Leading global technology companies, such as IBM, Microsoft, and Google, are driving advancements in AI applications tailored for the fashion industry.

AI in Fashion Industry News

• In July 2022, NBFC-giant HDFC on Tuesday announced its partnership with the leading customer relationship management (CRM) platform, Salesforce, to support its growth priorities. HDFC stated that Mulesoft's innovative API-led integration approach and low code integration capabilities would help the company innovate quickly around connecting systems and help create new experiences.

(Source: www.livemint.com/companies/news/hdfc-partners-with-salesforce-to-support-growth-11657024820434.html)

Top Companies Market Share in AI in Fashion Industry: (In no particular order of Rank)

• Microsoft Corporation
• Intelistyle
• Lily AI
• The International Business Machines Corporation (IBM)
• Google LLC
• Amazon Web Services Inc (AWS)
• SAP SE
• Facebook Inc
• Adobe Inc
• Oracle Corporation
• Huawei Technologies Co Ltd
• Vue.ai
• Heuritech
• Wide Eyes Technologies
• PTTRNS.ai
• Others
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

In terms of revenue, the North American AI in Fashion Market share was 40% of the total market

According to Cognitive Market Research, North America emerges as the largest region in the AI in Fashion market, commanding a substantial 40% market share with a market size of USD 450.08 million. The regional analysis underscores North America's dominance, attributed to its advanced technological infrastructure, early adoption of AI technologies, and mature fashion industry. With a strong emphasis on innovation, North American companies lead in developing and implementing AI solutions tailored for the fashion sector. The segmentation analysis reveals diverse applications across apparel, accessories, and beauty, showcasing the comprehensive integration of AI technologies. In conclusion, North America's significant market share and robust market size emphasize its pivotal role in shaping the global landscape for AI in Fashion, as the region continues to drive technological advancements and set industry standards.

Asia-Pacific emerges as the fastest-growing region in the AI in Fashion market, capturing a noteworthy 23% market share with a market size of USD 258.80 million. The regional analysis highlights Asia-Pacific's rapid technological adoption, burgeoning fashion industry, and increasing investment in AI-driven solutions. With a vast and tech-savvy population, the region is witnessing a surge in e-commerce, driving the demand for AI applications in the fashion sector. The segmentation analysis reveals diverse applications across apparel, accessories, and beauty, indicating a comprehensive integration of AI technologies. In conclusion, Asia-Pacific's impressive market share and accelerated growth underscore its pivotal role in propelling the global AI in Fashion market forward, fuelled by a dynamic technological landscape, evolving consumer behaviors, and proactive efforts to leverage the transformative potential of artificial intelligence in the fashion industry.

The current report Scope analyzes AI in Fashion Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America AI in Fashion Market

According to Cognitive Market Research, the global Ai In Fashion market size was estimated at USD 1125.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 450.08 million in 2023 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030. The regional analysis underscores North America's dominance, which is attributed to its advanced technological infrastructure, early adoption of AI technologies, and mature fashion industry. With a strong emphasis on innovation, North American companies lead in developing and implementing AI solutions tailored for the fashion sector. The segmentation analysis reveals diverse applications across apparel, accessories, and beauty, showcasing the comprehensive integration of AI technologies. In conclusion, North America's significant market share and robust market size emphasize its pivotal role in shaping the global landscape for AI in Fashion, as the region continues to drive technological advancements and set industry standards.

• According to Cognitive Market Research, the US had a major share in the AI in fashion market with a market size of USD 355.11 million in 2023, which is projected to grow at a CAGR of 39.5% during the forecast period. This is majorly due to the growing advanced technological infrastructure, product innovation, and inclusivity also play key roles in sustaining market growth and demand. 
• The Canada AI in Fashions market had a market share of USD 54.01 million in 2023 and is projected to grow at a CAGR of 40.5% during the forecast period. This is due to the increased early adoption of AI technologies and a mature fashion industry. 
• The Mexico AI in Fashions market is projected to witness growth at a CAGR of 40.2% during the forecast period, with a market size of USD 40.96 million in 2023.

 

Europe AI in Fashion Market

According to Cognitive Market Research, the global Ai In Fashion market size was estimated at USD 1125.2 Million out of which Europe market has more than 30% of the global revenue with a market size of USD 337.56 million in 2023 and will grow at a compound annual growth rate (CAGR) of 40.0% from 2023 to 2030. Europe emerges as a key player, showcasing a robust combination of technological advancements and a thriving fashion industry. A regional analysis highlights Europe's adoption of AI technologies across various segments of the fashion industry, from design and manufacturing to retail and customer engagement. Segmentation analysis underscores the diverse applications of AI in the European fashion market, with solutions ranging from virtual try-ons and personalized recommendations to supply chain optimization. In conclusion, Europe stands at the forefront of AI innovation in the fashion industry, with a rich tapestry of applications transforming the way fashion is created, marketed, and consumed. As AI technologies continue to evolve, Europe's fashion market is poised for sustained growth and innovation, contributing significantly to the global AI in the Fashion landscape. 

• According to Cognitive Market Research, the German AI in Fashions market size was valued at USD 66.84 million in 2023 and is projected to grow at a CAGR of 40.2% during the forecast period. This is majorly due to the robust combination of technological advancements, and inclusivity also plays a key role in sustaining market growth and demand. 
• The United Kingdom's AI in fashion market had a market share of USD 56.71 million in 2023 and is projected to grow at a CAGR of 40.8% during the forecast period. This is due to the increased demand for personalized shopping experiences and trend forecasting. 
• The France Ai In Fashions market is projected to witness growth at a CAGR of 39.2% during the forecast period, with a market size of USD 31.06 million in 2023.
• The Italy Ai In Fashions market is projected to witness growth at a CAGR of 39.4% during the forecast period, with a market size of USD 29.03 million in 2023.
• The Russian AI in Fashion market is projected to witness growth at a CAGR of 39.0% during the forecast period, with a market size of USD 52.32 million in 2023.
• The Spain Ai In Fashions market is projected to witness growth at a CAGR of 39.1% during the forecast period, with a market size of USD 27.68 million in 2023.
• The Portugal Ai In Fashions market is projected to witness growth at a CAGR of 38.7% during the forecast period, with a market size of USD 7.09 million in 2023.
• The Luxembourg Ai In Fashions market is projected to witness growth at a CAGR of 40.1% during the forecast period, with a market size of USD 10.46 million in 2023.
• The Greece Ai In Fashions market is projected to witness growth at a CAGR of 40.3% during the forecast period, with a market size of USD 4.05 million in 2023.
• The Rest of Europe's AI in Fashions market is projected to witness growth at a CAGR of 38.7% during the forecast period, with a market size of USD 52.32 million in 2023.

Asia Pacific AI in Fashion

According to Cognitive Market Research, the global AI in Fashion market size was estimated at USD 1125.2Million, out of which Asia-Pacific held the fastest growing market of more than 23% of the global revenue with a market size of USD 258.80 million in 2023 and will grow at a compound annual growth rate (CAGR) of 43.5% from 2023 to 2030. The regional analysis highlights Asia-Pacific's rapid technological adoption, burgeoning fashion industry, and increasing investment in AI-driven solutions. With a vast and tech-savvy population, the region is witnessing a surge in e-commerce, driving the demand for AI applications in the fashion sector. The segmentation analysis reveals diverse applications across apparel, accessories, and beauty, indicating a comprehensive integration of AI technologies. In conclusion, Asia-Pacific's impressive market share and accelerated growth underscore its pivotal role in propelling global AI in the Fashion market forward, fuelled by a dynamic technological landscape, evolving consumer behavior, and proactive efforts to leverage the transformative potential of artificial intelligence in the fashion industry.

• According to Cognitive Market Research, the China Ai In Fashions market size was valued at USD 116.46 million in 2023 and is projected to grow at a CAGR of 43.0% during the forecast period. This is majorly due to the rapid technological adoption, burgeoning fashion industry, and inclusivity also play key roles in sustaining market growth and demand. 
• The India Ai In Fashions market had a market share of USD 31.06 million in 2023 and is projected to grow at a CAGR of 45.3% during the forecast period. This is due to the increasing investment in AI-driven solutions. 
• The Japan Ai In Fashions market is projected to witness growth at a CAGR of 42.0% during the forecast period, with a market size of USD 35.71 million in 2023.
• The South Korean Ai In Fashions market is projected to witness growth at a CAGR of 25.88 during the forecast period, with a market size of USD 25.88 million in 2023.
• The Australian AI in Fashions market is projected to witness growth at a CAGR of 43.2% during the forecast period, with a market size of USD 13.46 million in 2023.
• The South East Asia Ai In Fashions market is projected to witness growth at a CAGR of 44.5% during the forecast period, with a market size of USD 17.86 million in 2023.
• The Rest of the Asia Pacific Ai In Fashions market is projected to witness growth at a CAGR of 43.3% during the forecast period, with a market size of USD 18.37 million in 2023.

South America AI in Fashion

According to Cognitive Market Research, the global AI in Fashion market size was estimated at USD 1125.2Million out of which the Latin America market of more than 5% of the global revenue with a market size of USD 56.26 million in 2023 and will grow at a compound annual growth rate (CAGR) of 40.9% from 2023 to 2030. The regional analysis highlights Latin America's growing interest in AI technologies, driven by increasing digitization and a burgeoning tech ecosystem. While the market size is relatively modest, the segmentation analysis reveals diverse applications across apparel, accessories, and beauty, indicating a broadening adoption of AI solutions. In conclusion, Latin America's emerging market share underscores its potential in the global AI in Fashion landscape. As the region continues to embrace digital transformation and technological innovation, Latin America presents an evolving landscape with opportunities for both local and international players to contribute to the market's growth, positioning itself as a noteworthy player in the dynamic and promising AI in Fashion market.

• According to Cognitive Market Research, Brazil's AI in fashion market size was valued at USD 24.08 million in 2023 and is projected to grow at a CAGR of 41.5% during the forecast period. This is majorly due to increasing digitization, and inclusivity also plays a key role in sustaining market growth and demand. 
• The Argentina Ai In Fashions market had a market share of USD 9.45million in 2023 and is projected to grow at a CAGR of 41.8% during the forecast period. This is due to the burgeoning tech ecosystemin the country. 
• The Colombia Ai In Fashions market is projected to witness growth at a CAGR of 40.7% during the forecast period, with a market size of USD 5.01 million in 2023.
• The Peru Ai In Fashions market is projected to witness growth at a CAGR of 41.1% during the forecast period, with a market size of USD 4.61 million in 2023.
• The Chile Ai In Fashions market is projected to witness growth at a CAGR of 41.2% during the forecast period with a market size of USD 4.05million in 2023.
• The rest of Latin America's AI in fashion market is projected to witness growth at a CAGR of 40.0% during the forecast period with a market size of USD 9.06 million in 2023.

Middle East and Africa AI in Fashion Market

According to Cognitive Market Research, the global Ai In Fashion market size was estimated at USD 1125.2Million out of which the Middle East and Africa market of more than 2.00% of the global revenue with a market size of USD 22.50 million in 2023 and will grow at a compound annual growth rate (CAGR) of 41.2% from 2023 to 2030. The regional analysis underscores the growing interest in AI technologies within the Middle East and Africa, driven by increasing digitalization, government initiatives, and a budding tech landscape. While the market size is comparatively modest, the segmentation analysis reveals varied applications across sectors like energy, healthcare, and finance, signifying a broadening adoption of AI solutions. In conclusion, the Middle East and Africa's modest market share emphasizes its potential for expansion in the global AI in Fashion landscape. As the region continues to invest in digital infrastructure and innovation, it presents an evolving landscape with opportunities for both local and global players to contribute to the market's growth in this dynamic and promising region.

• According to Cognitive Market Research, the GCC Countries Ai In Fashions market size was valued at USD 9.63 million in 2023 and is projected to grow at a CAGR of 42.0% during the forecast period. This is majorly due to the increasing digitalization, government initiatives, and inclusivity also play key roles in sustaining market growth and demand. 
• The South African Ai In Fashions market had a market share of USD 3.56 million in 2023 and is projected to grow at a CAGR of 42.2% during the forecast period. This is due to the budding tech landscape in the country. 
• The Egypt Ai In Fashions market is projected to witness growth at a CAGR of 41.5% during the forecast period with a market size of USD 2.36 million in 2023.
• The Turkey Ai In Fashions market is projected to witness growth at a CAGR of 40.7% during the forecast period with a market size of USD 1.94 million in 2023.
• The Nigeria AI in Fashions market is projected to witness growth at a CAGR of 40.3% during the forecast period, with a market size of USD 2.36 million in 2023.
• The Rest of the MEA Ai In Fashions market is projected to witness growth at a CAGR of 40.2% during the forecast period, with a market size of USD 2.66 million in 2023.

AI in Fashion Market Analysis

AI in Fashion Component Segment Analysis

According to Cognitive Market Research, solutions emerge as the dominant category, encompassing a wide range of AI-driven applications tailored specifically for the fashion industry. These solutions include predictive analytics for trend forecasting, virtual try-on experiences, personalized recommendation engines, and demand forecasting tools. Fashion companies are increasingly investing in AI solutions to enhance customer experiences, optimize supply chain processes, and stay competitive in an industry driven by rapidly changing trends. The dominance of solutions underscores the pivotal role AI plays in transforming various facets of the fashion lifecycle, from design and production to retail and customer engagement.

The fastest-growing category in the AI in the Fashion market is services, reflecting the industry's increasing need for specialized expertise and support in implementing and managing AI solutions. As fashion brands recognize the transformative potential of AI, there is a surge in demand for consulting, training, and support services to navigate the complexities of integrating AI into existing workflows. Service providers offer tailored solutions, ensuring seamless implementation and ongoing optimization, fostering the industry's accelerated adoption of AI technologies. The growth of services highlights the collaborative efforts between AI experts and fashion companies to harness the full potential of AI, driving innovation and efficiency in the rapidly evolving fashion landscape.

• Solutions
  • Software Tools
  • Platforms
• Services
  • Training and Consulting
  • System Integration and Testing
  • Support and Maintenance

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of AI in Fashion Industry. Request a Free Sample PDF!

AI in Fashion Application Segment Analysis

According to Cognitive Market Research, the dominant category is Product Recommendation. AI-driven recommendation engines play a pivotal role in enhancing the customer shopping experience by analyzing user preferences, purchase history, and browsing behavior to suggest personalized fashion items. This Application significantly influences consumer decision-making, fosters engagement, and contributes to increased sales for fashion retailers. The dominance of Product Recommendation underscores its central role in leveraging AI to cater to individual tastes and preferences, creating a more tailored and enjoyable shopping journey for customers.

The fastest-growing category in the AI in Fashion market is CRM, reflecting the industry's recognition of the importance of customer-centric strategies. AI-powered CRM solutions enable fashion brands to build and nurture relationships with customers through personalized communication, targeted marketing campaigns, and enhanced customer service. Fashion firms may enhance client engagement, cultivate brand loyalty, and obtain vital insights for ongoing enhancement by utilizing AI algorithms to evaluate customer data and interactions. The fashion business is becoming more and more customer-centric, and artificial intelligence (AI) is playing a critical role in improving the whole customer experience and fostering enduring relationships. This is demonstrated by the rapid expansion of CRM software.

• Product Recommendation
• Product Search and Discovery
• Supply Chain Management and Demand Forecasting
• Creative Designing and Trend Forecasting
• Customer Relationship Management
  Virtual Assistants
• Others (Fraud detection, fabric waste reduction, and price optimization)

The above Graph is for representation purposes only. This chart does not depict actual Market share.

AI in Fashion Category Segment Analysis

According to Cognitive Market Research, the dominant category is Apparel. The Application of AI technologies in apparel involves a wide range of solutions, from trend forecasting and design optimization to supply chain management and personalized shopping experiences. AI-driven algorithms analyze vast datasets to predict fashion trends, streamline production processes, and offer personalized recommendations to consumers. The dominance of the Apparel category reflects the extensive integration of AI technologies in the core processes of designing, manufacturing, and retailing apparel, making it a focal point for innovation and advancement within the fashion industry.

The fastest-growing category in the AI Fashion market is Beauty and cosmetics. As the beauty industry experiences a surge in e-commerce and a growing demand for personalized beauty solutions, AI plays a crucial role. AI applications in beauty and cosmetics include virtual try-on experiences, personalized skincare recommendations, and AI-powered makeup tools. The rapid growth of Beauty and cosmetics within the AI Fashion market underscores the increasing adoption of AI technologies to enhance the virtual beauty shopping experience, offering consumers innovative and personalized ways to explore and try beauty products online.

• Apparel
• Accessories
• Footwear
• Beauty and Cosmetics
• Jewelry and Watches
• Others (eyewear, home decor)

• Apparel
• Accessories
• Footwear
• Beauty and Cosmetics
• Jewelry and Watches
• Others

AI in Fashion End-User Segment Analysis

According to Cognitive Market Research, fashion stores emerge as the dominant category, signifying the significant impact of artificial intelligence on retail environments. Fashion stores leverage AI applications to revolutionize the customer shopping experience. From personalized recommendation engines that enhance product discovery to virtual try-on solutions that allow customers to visualize items before purchase, AI technologies optimize various aspects of retail operations. These innovations not only streamline inventory management but also contribute to a more engaging and tailored shopping journey for consumers, reflecting the transformative role of AI in shaping the future of fashion retail.

The fastest-growing category in the AI in Fashion market is Fashion Designers. With the integration of AI technologies into the creative process, designers experience a revolutionary shift in how they conceptualize and bring designs to life. AI tools assist fashion designers in trend analysis, pattern creation, and virtual prototyping, accelerating the design cycle and enhancing creativity. As designers increasingly embrace AI-powered solutions, the industry witnesses a rapid evolution in design methodologies and a heightened ability to predict and respond to market trends. The fastest-growing category underscores the pivotal role of AI in empowering fashion designers to innovate and adapt swiftly to the dynamic landscape of the fashion industry.

• Fashion Designers
• Fashion Stores

• Fashion Designers
• Fashion Stores

AI in Fashion Deployment Mode Segment Analysis

• On premise
• Cloud

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion