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)
No. of Pages:158
Report Code:
TIPRE00007522
Category:
Technology, Media and Telecommunications
North America Artificial Intelligence in Fashion Market
The artificial intelligence in the fashion market in North America is expected to grow from US$ 128.7 Mn in 2018 to US$ 2254.2 Mn by the year 2027, with a CAGR of 37.9% from the year 2019 to 2027.
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, artificial intelligence in fashion market 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.
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:
Exhibit: Mexico Artificial Intelligence in Fashion Market Revenue and Forecast to 2027 (US$ Mn)
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
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
North America Artificial Intelligence in Fashion Market Strategic Insights
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North America Artificial Intelligence in Fashion Market Segmentation Analysis
North America Artificial Intelligence in Fashion Market Report Highlights
North America Artificial Intelligence in Fashion Report Scope
Report Attribute
Details
Market size in 2018
US$ 128.7 Million
Market Size by 2027
US$ 2254.2 Million
CAGR (2019 - 2027)
37.9%
Historical Data
2016-2017
Forecast period
2019-2027
Segments Covered
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
By End-User Industry
Apparel
Accessories
Cosmetics
Regions and Countries Covered
North America
US
Canada
Mexico
Market leaders and key company profiles
Adobe Inc.
Amazon.com, Inc.
Catchoom
Facebook, Inc.
Google, Inc. (Alphabet Inc.)
Huawei Technologies Co., Ltd
IBM Corporation
Microsoft Corporation
Oracle Corporation
SAP SE
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North America Artificial Intelligence in Fashion Market Country and Regional Insights
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Identical Market Reports with other Region/Countries
How big is the North America Artificial Intelligence in Fashion Market?
The North America Artificial Intelligence in Fashion Market is valued at US$ 128.7 Million in 2018, it is projected to reach US$ 2254.2 Million by 2027.
What is the CAGR for North America Artificial Intelligence in Fashion Market by (2019 - 2027)?
As per our report North America Artificial Intelligence in Fashion Market, the market size is valued at US$ 128.7 Million in 2018, projecting it to reach US$ 2254.2 Million by 2027. This translates to a CAGR of approximately 37.9% during the forecast period.
What segments are covered in this report?
The North America Artificial Intelligence in Fashion Market report typically cover these key segments-
Offerings (Solutions, Services)
Deployment (On-premise, Cloud-based)
Application (Product Recommendation, Virtual Assistant, Product Search and Discovery, Creative Designing and Trend Forecasting, Customer Relationship Management)
End-User Industry (Apparel, Accessories, Cosmetics)
What is the historic period, base year, and forecast period taken for North America Artificial Intelligence in Fashion Market?
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Artificial Intelligence in Fashion Market report:
Historic Period : 2016-2017
Base Year : 2018
Forecast Period : 2019-2027
Who are the major players in North America Artificial Intelligence in Fashion Market?
The North America Artificial Intelligence in Fashion Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
Adobe Inc.
Amazon.com, Inc.
Catchoom
Facebook, Inc.
Google, Inc. (Alphabet Inc.)
Huawei Technologies Co., Ltd
IBM Corporation
Microsoft Corporation
Oracle Corporation
SAP SE
Who should buy this report?
The North America Artificial Intelligence in Fashion Market report is valuable for diverse stakeholders, including:
Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.
Essentially, anyone involved in or considering involvement in the North America Artificial Intelligence in Fashion Market value chain can benefit from the information contained in a comprehensive market report.
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