Asia Pacific Artificial Intelligence in Fashion Market to 2027 - Regional Analysis and Forecasts by Offerings (Solutions and Services); Deployment (On-premise and Cloud-based); Application (Product Recommendation, Virtual Assistant, Product Search and Discovery, Creative Designing and Trend Forecasting, Customer Relationship Management, and Others); End-User Industry (Apparel, Accessories, Cosmetics, and Others)
The Asia Pacific artificial intelligence in fashion market accounted for US$ 55.1 Mn in 2018 and is expected to grow at a CAGR of 39.0% over the forecast period 2019-2027, to account for US$ 1015.8 Mn in 2027. Real-time consumer behavior insights and increased operational efficiency are driving the adoption of artificial intelligence in fashion industry. Moreover, the availability of a large amount of data originating from different data sources is one of the key factors driving the growth of AI technology across the fashion industry. Artificial Intelligence has already disrupted several industries, including the retail and fashion industry. The fashion industry so far has been one of the primary adopters of the technology. The fashion retailers these days are leveraging several revolutionary technologies, including machine learning, like augmented reality (AR) and artificial intelligence (AI), to make seamless shopping experiences across the channels, from online models to brick and mortar stores. Fashion retailers are progressively moving towards the AI integration within their supply chain, where more focus is being on customer-facing AI initiatives. Further, an AI integrated search engine is expected to reshape the way fashion designers develop new product designs. Store operations and in-store services will also be greatly benefited from AI integration in the fashion industry.
The artificial intelligence in fashion market is fragmented in nature due to the presence of several end-user industries, and the competitive dynamics in the market are anticipated to change during the coming years. In addition to this, various initiatives are undertaken by governmental bodies to accelerate the artificial intelligence in fashion market further. The governments of various countries in this region are trying to attract FDIs in the technology sector with the increasing need for enhanced technology-related services. For instance, China’s government relaxed the restrictions on new entries with an objective to encourage overseas and private capital to invest in its economy. This factor is anticipated to drive the demand for artificial intelligence in fashion market in this region.
The artificial intelligence in fashion market by deployment type is segmented into on-premise and cloud. During the forecast period of 2019 to 2027, the cloud-based segment is anticipated to be the largest contributor in artificial intelligence in fashion market. The artificial intelligence in fashion market is experiencing a paradigm shift from traditional on-premise deployment to cloud-based deployments in the current scenario. This trend is predominantly driven by the presence of a new category of cloud-only solutions, which help in minimizing integration complexities and installation costs with quick setup.
The overall artificial intelligence in fashion market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the artificial intelligence in fashion market. It also provides an overview and forecast for the artificial intelligence in fashion market based on all the segmentation provided with respect to the Asia Pacifica region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the artificial intelligence in fashion market. Some of the players present in artificial intelligence in fashion market are Adobe Inc., Amazon Web Services, Inc., Catchoom Technologies S.L., Facebook, Inc., Google LLC, Huawei Technologies Co., Ltd., IBM Corporation, Microsoft Corporation, Oracle Corporation, and SAP SE among others.
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