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N American AI in fashion market to grow at 37.9% till 2027

22
Jan '20
Pic: Shutterstock
Pic: Shutterstock
The North American artificial intelligence (AI) in fashion market accounted for $128.7 million in 2018 and is expected to grow at a compounded annual growth rate of 37.9 per cent from 2019 to 2027, to account for $2254.2 million in 2027, according to US firm ReportLinker, which said vast data is anticipated to offer a strong thrust to the growth of this market.

Artificial Intelligence in fashion market is expected to witness a remarkable growth in the coming years due to the rising technological advancements and expanding services and facilities in artificial intelligence in the fashion arena, a report by the company said.

The penetration of advanced technology in the fashion sector worldwide, the real-time consumer behaviour insights and increased operational efficiency are driving the adoption of artificial intelligence in the fashion industry.

However, data privacy and security concerns across the sector would pose a stern challenge to the growth of this market in the coming years. Despite these hindrances, the introduction of natural language programming to the fashion industry is a massive opportunity for AI in fashion vendors are anticipated to offer ample growth opportunities for the players operating in this market during the forecast period.

This market is fragmented in nature due to the presence of several end-user industries, and the competitive dynamics in the market are anticipated to change during the coming years. In addition, various initiatives are undertaken by governmental bodies to accelerate this market further.

The North American countries are developing various policies and outlining best practices to implement artificial intelligence for promoting innovation in various industry sectors. Further, the political agendas for North American countries are aligned with the development of machine learning and AI.

Fibre2Fashion News Desk (DS)


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