Asia Pacific Artificial Intelligence in Fashion Market

The artificial intelligence in the fashion market in Asia Pacific is expected to grow from US$ 55.1 Mn in 2018 to US$ 1015.8 Mn by the year 2027, with a CAGR of 39.0% from the year 2019 to 2027.

Driving factors such as the accessibility of massive amounts of data from different data sources and real-time consumer behavior insights and increased operational efficiency are driving the adoption of artificial intelligence in fashion market. Further, the advent of natural language programming (NLP) to the fashion industry is expected to facilitate significant growth opportunities for artificial intelligence in fashion market. NLP offers high-efficiency human experience and makes highly interactive chatbots. Vendors have a huge opportunity to improve their services by implementing NLP to its solutions. In the fashion industry, and NLP has capabilities to offer great help to fashion and apparel websites by filtering the majority of customer’s issues and send it to different customers to clarify the issues. Business is taking efforts for better understanding and implementation of NLP. NLP’s are capable of handling the number of systems that work together to handle end-to-end interactions between machines and humans.

This technology enables users to interact more naturally. Business is making huge investments in developing NLP enabled solutions for the fashion industry. For instance, Zalando SE, Germany based Fashion Company, implemented the NLP model to its website based on PyTorch and Python.

On the basis of offerings, artificial intelligence in fashion market is segmented into solutions and services. Cognitive computing and artificial intelligence are increasing agility for retailers. Significant investments are being made by some of the leading IT companies as well as fashion retailers. In 2018, the retail industry invested approximately US$3.4 billion, more than any other sector, in artificial intelligence for capabilities such as expert shopping advisors, automated customer-service agents, and omnichannel merchandising. Thus, substantial investments and ongoing contracts among leading IT companies and fashion brands to develop advance software are propelling the growth of artificial intelligence in fashion market at a rapid pace. The solution segment led the artificial intelligence in fashion market in 2018 and is anticipated to dominate the market in the forecast period.

China dominated the artificial intelligence in fashion market in 2018 and is expected to dominate the market with the highest share in the Asia Pacific region through the forecast period. China is the biggest supplier of apparel to European countries. Some of the apparel companies are shifting their manufacturing units to Bangladesh and Vietnam due to lower labor costs. Pertaining to this factor, the country’s textile and apparel producers are struggling through an industrial restructuring. On the other hand, China still holds the position of largest clothing exporter worldwide with enormous production capacities. Also, the Chinese market is about to overtake the US fashion industry market in the forthcoming period because of the demand from the luxury segment. Therefore, the country has an opportunity to take benefit of artificial intelligence in fashion industry as the Chinese market is unique and is also crucial for the luxury fashion business. The figure given below highlights the revenue share of the rest of Asia Pacific in the artificial intelligence in fashion market in the forecast period:

Exhibit: Rest of Asia Pacific Artificial Intelligence in Fashion Market Revenue and Forecast to 2027
(US$ Mn)

ASIA PACIFIC 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

• China
• India
• Japan
• Australia
• South Korea
• Rest of APAC

Artificial Intelligence in Fashion Market - Companies Mentioned

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

Asia Pacific Artificial Intelligence in Fashion Market Strategic Insights

Asia Pacific Artificial Intelligence in Fashion Market Segmentation Analysis

Asia Pacific Artificial Intelligence in Fashion Market Report Highlights

Asia Pacific Artificial Intelligence in Fashion Report Scope

Asia Pacific Artificial Intelligence in Fashion Market Country and Regional Insights