Artificial Intelligence in Fashion Markets: Introduction of Natural Language Programming
The artificial intelligence in fashion markets is anticipated to account to US$ 270.0 Mn in 2018 and is expected to grow at a Car of 36.9% during the forecast period 2019 – 2027, to account to US$ 4,391.7 Mn by 2027.
The fashion industry across the globe is embracing and investing in disruptive technologies such as IoT, AI, predictive analytics, and big data, among others. This increasing adoption is driven by the successful implementation of AI, which resulted in enhanced operational efficiency, increased sales revenue, and improved customer experiences.
Apparel and clothing brands are looking for innovative ways to get their products in front of buyers and to significantly create awareness and demand in the market. Fashion brands are implementing machine learning and AI to maximize users' experience and to increase sales through intelligent automation.
Artificial Intelligence in fashion is anticipated to account to US$ 270.0 Mn in 2018 and is expected to grow at a CAGR of 36.9% during the forecast period 2019 – 2027, to account to US$ 4,391.7 Mn by 2027.
With the advent of AI technology, which learns in real-time and provides recommendations based on patterns, brands have a tremendous opportunity to apply AI in various processes to better understand the business environment and customers.
For instance, the popularly known fashion brand “Forever 21” is recently going through the bankruptcy phase. The major reason for the bankruptcy was lagging behind in the highly competitive fashion industry. The brand faced high competition form fashion giants such as H&M and Zara. The company struggled to keep pace with the shifting shopper's fashion trend.
AI allows fashion businesses to prioritize and automate decision making, analyze big complex structured and unstructured data to provide deeper insights and improve efficiency by accurate planning. With all these applications, AI enables fashion businesses to improve operational efficiency, lower operating costs, enhance customer service quality and customer experiences.
This evolution in digitization presents a huge opportunity for fashion businesses to utilize the huge volumes of user/process data to gain useful insights. The paradigm shifts of fashion companies embracing digitalization has reaped greater benefits for the enterprises and resulted in more revenue generation opportunities.
Also, with the advancement in computing and storage technology, computing power has increased multi-fold during the last decade. This has created new opportunities for managing and computing the big sets of data, and when coupled with AI technology, useful business and customer insights can be gained.
With AI applications like machine learning and deep learning, fashion companies have a tremendous opportunity to harness the data available for useful insights and thus increasing their revenue.
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. The proliferation of easy availability of the internet, smart devices, the advancement of technology, and others are some of the major reasons for the exponential increase in data generation.
The RFID and Bluetooth implementation to locate products and gather information is also increasing exponentially in the fashion industry. Moreover, the voice-enabled chatbots such as Amazon Alexa and Apple Siri are continuously generating an enormous amount of data every second.
By using these conversational solutions, fashion brands collect data by asking customer’s requirements, trends, and diving deeper into the purchase pattern.
The global artificial intelligence in fashion markets is segmented into five major regions, including North America, Europe, Asia Pacific, Middle East, and Africa, and South America. North America holds the major market share in the AI in the fashion market.
The region comprises early adopters of a large population base and a huge number of developing economies. The region is primarily backed by its ability to provide suitable infrastructure to the service providers and also by offering extensive growth opportunity to the service providers through its rapidly expanding technology market landscape.
Also, the continuous investment in leveraging the benefits of AI and machine learning towards facilitating efficient incident management and automation has fueled the market growth, especially among developed economies such as North America and Europe.
The market for artificial intelligence in fashion has been segmented on the basis of offerings, deployment, application, end-user industry, and geography. The artificial intelligence in fashion market based on offerings is sub-segmented into solution and services.
The solution segment is expected to hold the prime market share in the artificial intelligence in fashion market.
The major companies offering artificial intelligence in fashion include 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. Vue.ai, Heuritech, Wide Eyes, FINDMINE (US), Intelistyle, Lily AI, Pttrns.ai, and mode.ai are also offering the artificial intelligence platform and solutions for various fashion brands, which is facilitating the market to propel over the years.
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.
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