Categories: Market Research

AI in Fashion Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The AI in Fashion Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s AI in Fashion Global Market Report 2024, The AI in fashion market size has grown exponentially in recent years. It will grow from $0.91 billion in 2023 to $1.28 billion in 2024 at a compound annual growth rate (CAGR) of 41.6%. The growth in the historic period can be attributed to visual search and recognition, supply chain optimization, virtual try-on solutions, fraud detection, sustainable practices.

The AI in fashion market size is expected to see exponential growth in the next few years. It will grow to $4.95 billion in 2028 at a compound annual growth rate (CAGR) of 40.2%. The growth in the forecast period can be attributed to voice-activated shopping, predictive trend analysis, dynamic pricing strategies. Major trends in the forecast period include virtual try-on experience, personalized recommendations, computer vision for style recognition, supply chain optimization, chatbots and virtual assistants.

The growing influence of social media on the fashion industry is driving the growth of AI in fashion market. Social media is a primary source of information for the fashion industry as there are many opinions and information from all sources globally. Fashion today is mainly dependent on brand promotion and fashion influencers that use social media to communicate their views on fashion. For instance, according to influencer marketing hub, a social media resource for influencers, the marketing influencer market size will grow from $ 9.7 billion in 2020 to $ 13.8 billion in 2021. The increasing popularity of short video formats on platforms like TikTok, Facebook, and YouTube, as well as the impact of the global pandemic on consumers, which catalyzed social media consumption, and the optimization of data collection, which marketers used for social media ads, are all contributing to this growth. Such growing influence of social media is driving the growth of the ai in fashion market.

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The AI in fashion market covered in this report is segmented –

1) By Category: Apparels, Accessories, Footwear, Beauty And Cosmetics, Jewelry

2) By Deployment Mode: Cloud, On-premise

3) By Components: Solution, Services

4) By Application: Customer Relationship Management, Virtual Assistants, Product Recommendation, Product Search And Discovery, Supply Chain Management And Demand Forecasting, Creative Designing And Trend Forecasting

5) By End Users: Fashion Designers, Fashion Stores

Major companies operating in the AI in fashion market are focused on developing innovative technologies such as virtual try-on tools. Virtual try-on tools are digital technologies that allow users to virtually experience or try on products, typically in the context of online shopping. For instance, in June 2023, Google LLC, a USA-based technology company launched the ‘AI Try-On’ platform. Customers can select products labeled with a Try On badge to virtually test how tops from brands such as H&M, Loft, Everlane, and Anthropologie would appear on different models. This technology aids consumers in visualizing how the clothing might look on individuals with diverse characteristics, including various sizes (from XXS to 4XL), skin tones, body shapes, and hair types.

The ai in fashion market report table of contents includes: