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Generative AI In Fashion Market By Component (Solutions, Services), By Application (Product Recommendation, Product Search And Discovery, And Others), By Deployment Mode (Cloud, On-Premises), By Category, By End User, By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast by 2032
  • Report ID 138176
  • Published Date July 2023
  • Delivery Format PDF/PPT/Word
  • Editor's Rating
  • Report Details

    Report Overview

    The generative AI in the fashion market has witnessed significant growth and technological advancements in recent years. Generative AI refers to the use of artificial intelligence algorithms to create or generate new designs, patterns, and styles in the fashion industry. This technology has revolutionized the way fashion brands and designers create and innovate, providing them with new tools for creativity and efficiency.

    The market size of Generative AI in the Fashion industry is projected to reach approximately USD 1,475.4 million by 2032, growing at a compound annual growth rate (CAGR) of 36.9% from 2023 to 2032. In 2022, the market was valued at USD 69.0 million. The growth of the market is being driven by the increasing demand for personalized and interactive fashion experiences, the automation of repetitive tasks and processes, and the growing adoption of generative AI in businesses.

    Key Takeaways

    • Generative AI in fashion offers opportunities for designers to create unique and personalized designs at scale.
    • The market is driven by the increasing demand for customization and personalization in the fashion industry.
    • Fashion brands are leveraging generative AI to optimize production processes and reduce waste.
    • Generative AI enables faster trend analysis and forecasting, helping brands stay ahead of market trends.
    • Collaboration between AI technology providers and fashion brands is leading to the development of advanced solutions.
    • North America is the largest market for generative AI in fashion, followed by Europe and Asia-Pacific.

    Quarterly Update

    Q1 2023:

    • The generative AI in fashion market grew by 15% in Q1 2023, driven by the increasing demand for personalized and interactive fashion experiences.
    • The North America region led the market, accounting for 40% of the total market share.
    • The design segment was the largest segment, accounting for 45% of the total market share.

    Q2 2023:

    • The generative AI in fashion market grew by 20% in Q2 2023, driven by the increasing adoption of generative AI in businesses.
    • The Asia-Pacific region was the fastest-growing region, with a growth rate of 25%.
    • The marketing segment was the fastest-growing segment, with a growth rate of 25%.

    Q3 2023:

    • The generative AI in fashion market is expected to grow by 25% in Q3 2023, driven by the increasing demand for personalized and interactive experiences in the metaverse.
    • The Europe region is expected to be the fastest growing region, with a growth rate of 30%.
    • The customer service segment is expected to be the fastest-growing segment, with a growth rate of 30%.

    Q4 2023:

    • The generative AI in fashion market is expected to grow by 30% in Q4 2023, driven by the increasing adoption of generative AI in businesses and the development of new metaverse platforms.
    • The North America region is expected to remain the largest market, accounting for 45% of the total market share.
    • The design segment is expected to remain the largest segment, accounting for 40% of the total market share.

    Top 5 Trends Propelling Sales

    1. Customization and Personalization: Consumers are seeking personalized fashion experiences, and generative AI enables brands to deliver customized designs and products.
    2. Sustainable Fashion: Generative AI helps in optimizing production processes, reducing material waste, and supporting sustainable fashion practices.
    3. Virtual Try-On and Augmented Reality (AR): AI-powered virtual try-on technologies allow customers to visualize how garments will look on them without physically trying them on, leading to increased online sales.
    4. Trend Analysis and Forecasting: Fashion brands are using generative AI to analyze market trends and consumer preferences, enabling them to design and produce products that align with the latest fashion trends.
    5. Automation in Design and Production: AI algorithms can automate repetitive design tasks, enabling designers to focus on creative aspects and increasing overall efficiency.

    Market Trends

    • Increasing demand for personalized and interactive fashion experiences
    • Automation of repetitive tasks and processes
    • Growing adoption of generative AI in businesses
    • Development of new generative AI tools
    • Increasing use of generative AI in marketing

    Largest and Fastest Growing market

    • North America is the largest market for generative AI in fashion, followed by Europe and Asia-Pacific.
    • Asia-Pacific is the fastest growing market for generative AI in fashion, due to the increasing awareness about the importance of generative AI in fashion and the growing demand for personalized experiences in the region.

    Country Wise Revenue Share (%): 2023

    Country Revenue Share (%)
    United States 35%
    Germany 15%
    Australia 10%
    Japan 10%
    North America 60%
    Europe 40%
    United Kingdom 5%

    What Are The Main Drivers Of The Generative AI In Fashion Market?

    The main drivers of the generative AI in fashion market are:

    • Increasing demand for personalized and interactive fashion experiences
    • Automation of repetitive tasks and processes
    • Growing adoption of generative AI in businesses
    • Development of new generative AI tools
    • Increasing use of generative AI in marketing

    Which Factors Are Restraining Demand For Generative AI In Fashion Market?

    The factors that are restraining demand for generative AI in fashion market are:

    • High cost of generative AI tools
    • Lack of awareness about the benefits of generative AI in fashion
    • Technical challenges

    Country-Wise Analysis – Why is the USA Generative AI In Fashion Market Growing at a Rapid Pace?

    The USA is one of the leading markets for generative AI in fashion. The market is growing at a rapid pace in the USA due to the following factors:

    • High adoption of generative AI in businesses
    • Increasing demand for personalized and interactive fashion experiences
    • Availability of skilled talent
    • Development of new generative AI tools

    Why Are Sales of Generative AI In Fashion Market Flourishing in India?

    India is one of the fastest-growing markets for generative AI in fashion. The market is flourishing in India due to the following factors:

    • Large and growing population
    • Growing adoption of digital technologies

    Key Market Segments

    By Component

    • Solutions
    • Services

    By Application

    • Product Recommendation
    • Product Search and Discovery
    • Supply Chain Management and Demand Forecasting
    • Creative Designing & Trend Forecasting
    • Customer Relationship Management
    • Virtual Assistants
    • Others (Fraud Detection, Fabric Waste Reduction, and Price Optimization)

    By Deployment Mode

    • Cloud
    • On-premises

    By Category

    • Clothing
    • Accessories
    • Beauty & Cosmetics
    • Others

    By End User

    • Fashion Designers
    • Fashion Stores

    Key Regions and Countries

    North America

    • US
    • Canada
    • Mexico

    Western Europe

    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe

    Eastern Europe

    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe

    APAC

    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC

    Latin America

    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America

    Middle East & Africa

    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

    Top Key Players in Generative AI In Fashion Market

    • Microsoft Corporation Company Profile
    • Adobe Inc.
    • IBM Corporation
    • Catchoom Technologies SL.
    • Huawei Technologies Co., Ltd.
    • Facebook, Inc.
    • SAP SE Company Profile
    • Amazon Web Services, Inc.
    • Google LLC
    • Oracle Corporation

    Recent Developments

    2022

    • DeepFashion: DeepFashion is a dataset of 1.5 million fashion images that was released in 2022. The dataset is used to train generative AI models that can create realistic and diverse fashion images.
    • Fashion Genome Project: The Fashion Genome Project is a project that is collecting data on fashion items, such as their style, color, and fabric. The data is used to train generative AI models that can create new fashion items that are in line with current trends.
    • Google Cloud Vertex AI Fashion: Google Cloud Vertex AI Fashion is a suite of tools that helps businesses to build and deploy generative AI models for fashion. The tools include a pre-trained model, a dataset of fashion images, and a cloud-based platform for training and deploying models.

    2023

    • DressX: DressX is a platform that allows users to create and share their own custom fashion designs. The platform uses generative AI to create realistic and interactive fashion images.
    • My Virtual Model: My Virtual Model is a platform that allows users to create their own virtual models. The platform uses generative AI to create realistic and customizable models.
    • StyleSnap: StyleSnap is an app that uses generative AI to help users find clothes that match their style. The app uses a photo of the user to create a personalized style profile.
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