Among other applications, machine learning algorithms can accurately predict inventory demand, reducing waste and unsold inventory costs. In short, AI for fashion is changing the way fashion companies design and manufacture their products and the way they are marketed and shipped to customers.
According to the report, The artificial intelligence in the fashion market in Europe is expected to grow from US$ 69.2 Mn in 2019 to US$ 933.9 Mn by the year 2027, with a CAGR of 34.0% from the year 2020 to 2027.
In the past few years, AI and its applications, such as Machine Learning (ML), Natural Language Processing (NLP), Expert Systems, Automated Speech Recognition, AI Planning, and Computer Vision, have gained considerable traction in terms of both R&D and use cases across the globe. Multiple industry verticals have implemented AI technology for various use cases that require real-time analytics with self-learning technology to gain useful business insights.
The Technology, Media and Telecom sector is a group of industries that includes the majority of companies focused on new technologies. As this industry segment is widespread, it may be convenient to divide TMT into sub-sectors such as hardware, semiconductor, software, media and communications.
The Europe Artificial Intelligence in Fashion market is growing along with the Technology, Media and Telecommunications industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
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France led the Europe artificial intelligence in fashion market in 2018 and is expected to continue its dominance during the forecast period. France, Germany, and Italy are at the forefront of artificial intelligence in fashion market in the European region. This is due to the fact that these countries house several well-established, financially balanced, and massive customer base clothing and accessory companies. The remarkable customer base with huge financials has enabled these companies to invest in artificial technologies to boost their customer shopping experience, thereby, driving their business.
These factors are expected to offer broad growth opportunities in the Technology, Media and Telecommunications industry and this is expected to cause the demand for artificial intelligence in the fashion assays in the market.
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EUROPE ARTIFICIAL INTELLIGENCE IN FASHION MARKET SEGMENTATION
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