The generative ai in fashion global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Generative AI In Fashion Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The generative AI in fashion market size has grown exponentially in recent years. It will grow from $0.09 billion in 2023 to $0.13 billion in 2024 at a compound annual growth rate (CAGR) of 37.7%. The growth in the historic period can be attributed to rise of fashion tech startups, consumer insights and trend forecasting, cross-industry inspiration, and sustainability concerns.
The generative AI in fashion market size is expected to see exponential growth in the next few years. It will grow to $0.47 billion in 2028 at a compound annual growth rate (CAGR) of 38.1%. The growth in the forecast period can be attributed to increasing hyper-personalization, increasing sustainability solutions, increasing on-demand manufacturing, rise in demand for generating representative fashion models. Major trends in the forecast period include advancements in machine learning, virtual try-on technologies, customization trends, real-time trend analysis, ai-generated influencer fashion, and ai-powered styling.
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Scope Of Generative AI In Fashion Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative AI In Fashion Market Overview
Market Drivers –
The rising e-commerce industry is expected to propel the growth of generative AI in the fashion market going forward. E-commerce refers to the buying and selling of goods or services over the internet, typically through online platforms or websites. The rise in the e-commerce industry is due to convenience in shopping, shifting consumer preferences, social media, influencer marketing, and improved logistics. Generative AI in fashion enriches e-commerce by providing unique, personalized, and trend-driven products, optimizing supply chains, promoting sustainability, and boosting customer engagement, loyalty, and sales. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, the United States e-commerce sales for 2023 were estimated at $1,118.7 billion, marking a 7.6% rise from 2022. Therefore, the rising e-commerce industry is driving the growth of generative AI in the fashion market.
Market Trends –
Major companies operating in the generative AI in fashion market are focusing on technological advancements such as generative AI-driven platforms to automate the design process and create unique and customizable fashion concepts. A generative AI-driven platform for the apparel and fashion industry is a technological solution that leverages artificial intelligence (AI) algorithms to generate and create designs, patterns, and styles for clothing and accessories. For instance, in April 2024, Navan AI, a Singapore-based software company, launched niia.ai, a generative AI-driven platform designed to assist the apparel and fashion industry. Niia.ai is a subscription-as-a-service (SaaS) model FashionTech platform that enables apparel designers and makers to create, visualize, and commercialize their designs more efficiently. The platform leverages the power of generative AI to deliver significant time and cost savings to apparel designers while complementing their creativity. It enables fashion and furnishing brands to generate prints, designs, and studio-quality product try-on images within seconds using generative AI technology.
The generative AI in fashion market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-premises
3) By Category: Clothing, Accessories, Beauty And Cosmetics, Other Categories
4) By Application: Product Recommendation, Product Search and Discovery, Supply Chain Management and Demand Forecasting, Creative Designing & Trend Forecasting, Customer Relationship Management, Virtual Assistants, Other Applications
5) By End User: Fashion Designers, Fashion Stores
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Regional Insights –
North America was the largest region in the generative AI in fashion market in 2023. The regions covered in the generative AI in fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the generative AI in fashion market are Amazon.com Inc., Alphabet Inc., Adobe Inc., Zalando SE, Farfetch Group Limited, Stitch Fix Inc., Myntra Designs Pvt. Ltd., Choosy , Vue.ai, True Fit Corporation, Mode.ai , Synflux AI Lab LLP, Heuritech SAS, Bigthinx Technologies Pvt. Ltd., Dressformer Technologies Inc., Intelistyle Ltd., Omnivor , RivetAI Inc., Streamoid Technologies, Style.me Technologies Limited, Revery Inc., Stylumia Intelligence Technology Pvt. Ltd., ZyseMe
Table of Contents
1. Executive Summary
2. Generative AI In Fashion Market Characteristics
3. Generative AI In Fashion Market Trends And Strategies
4. Generative AI In Fashion Market – Macro Economic Scenario
5. Global Generative AI In Fashion Market Size and Growth
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32. Global Generative AI In Fashion Market Competitive Benchmarking
33. Global Generative AI In Fashion Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Generative AI In Fashion Market
35. Generative AI In Fashion Market Future Outlook and Potential Analysis
36. Appendix
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