AI in Fashion Market Segmentation:
Categories
Clothing segment is poised to hold AI in fashion market share of over 35% by the end of 2035, owing to the surging demand for personalized experience in the clothing sector. AI uses historical purchase information from customer data, and makes predictions for customer preferences for new purchases, leading to a reduction in the clothing return percentage. AI smart mirrors are steadily gaining popularity among customers to visualize their outfits in different colors, sizes, styles without the need of changing them. For instance, in February 2022, MySize launched an AI-powered smart mirror to analyze the customer’s body style preferences and shape to suggest outfit combinations. Smart mirror technology eliminates the guesswork of picking a size and works to speed up the try-on process.
Application
The inventory management segment in AI in fashion market is set to hold a significant revenue share by 2035 due to the increasing need to maintain the inventory level for future sales in the fashion industry. AI-powered inventory systems by using algorithms such as market trends, historical sales information, and others help retailers, and manufacturers to never face the problem of under or over-stock. In January 2024, SAP SE launched new AI-driven capabilities to help retailers optimize their business processes. New SAP predictive replenishment will consider demand volatility, constraints, and business targets to determine the optimal order quantities with the lowest cost.
Our in-depth analysis of the global market includes the following segments:
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