The Business Research Company’s Apparel Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, April 19, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
According to fashion market research, apparel manufacturing companies are investing in artificial intelligence (AI) and machine learning to predict themes in trending patterns, silhouettes, colors, styles, and customer sentiment around the product. Tommy Hilfiger announced a partnership with IBM and the fashion institute of technology to develop an artificial intelligence system with Infor Design and Tech lab for a project called Reimagine Retail, to show how AI capabilities including computer vision, natural language understanding, and deep learning techniques specifically trained with fashion data. These machine-learning tools were applied to 15,000 of Tommy Hilfiger’s product images, 600,000 publicly available runway images, and nearly 100,000 patterns from fabric sites. AI produced insights on Tommy Hilfiger’s style and silhouettes, trending colors, and AI generated patterns. Another company, San Francisco-based, Stitch Fix that delivers clothing to customers with the help of online stylists is working with AI. Stitch Fix is now designing garments created by algorithms that identify trends and styles missing in the inventory based on the combinations of the consumers’ selections of their favorite colors, patterns, and textiles that are picked by AI systems.
The global apparel market is segmented by type into women’s wear, men’s wear, kids wear, by distribution channel into retail stores, online stores, and by type of fiber into man-made fibers, cotton fibers, animal-based fibers, vegetable-based fibers. Subsegments covered are dresses & skirts, women’s trousers, blouses, women’s jerseys, sweatshirts & pullovers, women’s coats and jackets, women’s suits & ensembles, women’s blazers, night & underwear (women & girls), women’s t shirts & slarlets, women’s sports & swimwear, other women’s wear, men’s trousers, men’s shirts, men’s jerseys, sweatshirts & pullovers, men’s coats and jackets, men’s blazers, men’s suits, night & underwear( men’s and boy’s), men’s t shirts & slarlets, men’s sports & swimwear, other men’s wear, infant and toddler clothes, young children clothes.
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The global apparel market size is expected to grow from $527.8 billion in 2020 to $635.7 billion in 2021 at a compound annual growth rate (CAGR) of 20%. Apparel market growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $842.3 billion in 2025 at a CAGR of 7%.
Major companies in the apparel industry include NIKE Inc, Adidas AG, VF Corporation, PVH Corp, Hanesbrands Inc.
Apparel Global Market – By Type (Women’s Wear, Men’s Wear, Kids Wear), By Type Of Fiber (Man-Made Fibers, Cotton Fibers, Animal Based Fibers, Vegetable Based Fibers), By Distribution Channel (Online Sales, Offline Sales), And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides apparel market overview, forecast apparel market size and growth for the whole market, apparel market segments, and geographies, apparel market trends, apparel market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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