The increase in adoption of artificial intelligence in fashion industry to enhance operational efficiency and improve customer experiences and availability of a huge amount of data originating from different data sources are the major factors that are driving the growth of artificial intelligence in the fashion market. However, concerns related to data privacy and security are anticipated to hinder the market growth in the coming years. Data privacy concerns over the use of AI across fashion industry have been increasing majorly due to a lack of strong data protection laws in many regions/countries. The growth and functioning of AI in the fashion industry are majorly dependent on data collection and data analytics. For this, businesses and customers give AI access to large sets of data, which includes confidential information. With an increase in digital services and data storage on the cloud, concerns related to data security and privacy have also increased. Hence, it is a necessity that AI technologies and solutions providers develop solutions with inbuilt security features to boost investors’ confidence in this technology.

On the basis of application, is segmented into product recommendation, virtual assistant, product search and discovery, creative designing and trend forecasting, customer relationship management, and others. The product recommendation of artificial intelligence in fashion market led the market in 2018 and is expected to continue its dominance during the forecast period. In today’s omnichannel retailing space, product recommendations have turn out to be a significant retailer strategy. The growing range of products and information offered has resulted in intensifying diversity of consumers’ demand, which has become a challenge for fashion brands to offer the right products harmonized with customer preferences. A recommendation engine enables these brands to considerably enhance revenues, Click-Through Rates, conversions, as well as other vital metrics. It can have progressive effects on the user experience, thereby rendering greater customer satisfaction and retention.

Artificial Intelligence in Fashion Industry 2020 Global Market Analysis report gives the In-depth analysis of historical data along with size, share, growth, demand, revenue and forecast of the global Artificial Intelligence in Fashion and estimates the future trend of market on the basis of this detailed study. The report shares market performance both in terms of volume and revenue and this factor which is useful & helpful to the business.

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Artificial Intelligence in Fashion Market - Companies Mentioned

Canada is anticipated to be the fastest growing country in the Artificial Intelligence in Fashion market in 2018. The growing number of entrepreneurs and young jobseekers are one of the significant drivers for the Artificial Intelligence in Fashion market in Canada. They often prefer an internet platform where they can find new and several forms of employment. The online exam uses the internet to conduct assessments where the applicants are assessed on a fully-automated platform. Thus, the rising preference among corporates to opt for online exams is anticipated to fuel the Artificial Intelligence in Fashion market demand during the forecast period. The figure given below highlights the revenue share of Mexico in the Artificial Intelligence in Fashion market in the forecast period:

Adobe Inc.
Amazon.com, Inc.
Catchoom
Facebook, Inc.
Google, Inc.  (Alphabet Inc.)
Huawei Technologies Co., Ltd
IBM Corporation
Microsoft Corporation
Oracle Corporation
SAP SE

The US led the North America artificial intelligence in fashion market in 2018 and is expected to continue its dominance during the forecast period. The US is the largest fashion market in the North American continent, as well as the globe. The fashion brands continue to invest substantial amounts in researching on prevailing and upcoming trends and also leverage their technologies to boost the industry. The fashion industry in the US is majorly boosted by the unique demand for value brand and luxury items. Very recently, several fashion brands have started to incorporate voice assistants and chatbots to influence customers and enhance their shopping experience. The Google Assistance, Amazon Alexa, Microsoft Cortana, and Amazon Alexa are some of the voice assistance technologies, the fashion brands in the US are leveraging on in the current scenario. The figure given below highlights the revenue share of the Mexico in the artificial intelligence in fashion market in the forecast period:

NORTH AMERICA ARTIFICIAL INTELLIGENCE IN FASHION MARKET SEGMENTATION

By Offerings

Solutions
Services
By Deployment                                        

On-Premise
Cloud-Based
By Application

Product Recommendation
Virtual Assistant
Product Search and Discovery
Creative Designing and Trend Forecasting
Customer Relationship Management
Others
By End-User Industry

Apparel
Accessories
Cosmetics
Others
By Country

US
Canada
Mexico
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