Fashion Trend Forecasting Service Market Size, Share, Growth, and Industry Analysis, By Type (On-Premises and Cloud Based), By Application (Apparel Companies and ODMs (Original Design Manufacturers)) and Regional Insights and Forecast to 2032

Updated On: 10 June 2024

FASHION TREND FORECASTING SERVICE MARKET REPORT OVERVIEW

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The global fashion trend forecasting service market size expanded rapidly in 2022 and will grow substantially by 2029, exhibiting a prodigious CAGR during the forecast period.

The fashion forecasting services which help predict future trends are thus key in the fashion industry and render valuable information. These organizations conduct thorough studies that include information on fashion trends, consumer behaviour trends and the driving forces in fashion to generate accurate predictions of tomorrow's fashion trends. Through examining such attributes as colour, fabric, texture and style experts help both designers and brands across core markets such as ready-to-wear, haute couture, mass market and streetwear. Their holistic approach to strategic planning ensures that decisions made are informed and stakeholders can proactively seize and shape evolving trends. So, fashion trend forecasters come out as invaluable partners since they aid in guiding innovation and ensuring relevance in the highly dynamic fashion industry.

Fashion trend forecasting services perform the invaluable duty of crafting a complete visual story for the forthcoming seasons, a story which consists of silhouettes, design elements, prints, colours and accessories. With constant tracking of trends always changing, designers can make staffed decisions serving as a basis for their collections that are renewed, proving to be fresh and innovative enough to compete with others. The approach towards being active is what not only helps in building innovations but also keeps pace with the rapidly changing fashion industry.

COVID-19 Impact: Pandemic helpd forecasters to emphasize their roles in the decreased customer engagement as valued sources for brands

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

In the course of the pandemic, forecasters have emerged as invaluable data specialists in providing market information facing ever-decreasing consumer engagement and consequent data holes. Their relevance has increased even more as they play the role of backfilling the shortage of data that has resulted from the lessened involvement of customers. Indeed, forecasters provide a valuable service by compiling market research and giving real-time data to brands that are operating in ambiguous environments.

LATEST TRENDS

"AI-powered visual search allows the development of fashion trends forecasting and creates a market"

AI-based visual search is technologically driven, changing the way that customers find fashion items by taking advantage of the image search function that enables user experience by improving customer convenience within the fashion trend forecasting service market. This AI-based technology uses image analysis AI algorithms to find matching outfits. Users only need to upload the photo to compare their fashion items with others. Using the outstanding ability of AI can highly improve the search accuracy and efficiency of fashion trend forecasting platforms, so the searched product can be easily found just by visual preference.

FASHION TREND FORECASTING SERVICE MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into On-Premises and Cloud Based.

• On-Premises: Fashion trend forecasting services with an on-premises installation include installing equipment, software and systems directly in the company's physical premises. This strategy gives the organization more control and flexibility but usually relies on high initial investment and constant maintenance. It provides increased security for data as sensitive data is stored internally but could demand dedicated resources for upkeep instead of cloud alternatives.

• Cloud-Based: Cloud-based fashion trend forecasting systems utilize distant servers that can be accessed through the internet, which allows for scalability and flexibility to fashion business centres. They give convenient trend forecasting and data collecting from any place and hence strengthen both collaboration and agility. They feature automatic updates, data backups and scalable source options, making communication easy as well as offering excellent mobility for industry players.

By Application

Based on application the global market can be categorized into Apparel Companies and ODMs (Original Design Manufacturers).

• Apparel Companies: The fashion trend forecasting services of apparel companies enable them to forecast upcoming trends in colours, fabrics and styles to achieve competitiveness. Through executing market scrutiny and consumer behaviour analysis, such services guide product development as well as marketing strategy planning. Such a correlation with trends also helps in brand positioning and market relevance which in turn makes it much easier to launch profitable collections.

• ODMs (Original Design Manufacturers): ODMs (Original Design Manufacturers) play a vital role in fashion, producing goods based on clients' designs. Fashion trend forecasting services now play a key role for ODMs to feel the customer's interest in making their designs. When ODMs tune into the forecasted trends and synchronize their manufacturing with that information, they successfully meet clients' needs.

DRIVING FACTORS

"Millennials and Gen Z want to receive personal treatment which boosts the market"

The boosting number of millennials who embrace fashion and the emergence of Gen-Z brand consumers present a rigorous market demand for global fashion trend forecasting services market growth. With this in mind, these services provide custom recommendations, virtual try-on tools and many others such as explicit style inspiration platforms to these segments. Companies in these services are vying hard to win over the hearts of millennials and Gen Z consumers. Resultantly, the services have attracted a considerable number of consumers of fashion goods. With their captivating appeal such as customized presentations and virtual models, these services are loved and sought after by both of these segments. From so, the integration of these services in the fashion environment is more frequently seen, because of the urge to enrich and satiate the evolving standards of millennials and Gen Z who are visually oriented and care about uniqueness and modern fashion.

"Growth in e-commerce accelerated the demand for such a service in the fashion market"

With the rise in online shopping and the growing demand for fashion trend forecasting services, the fashion industry has experienced continued expansion. Along with online shopping platforms, these services have now become irreplaceable for e-commerce merchants. These services have been improved and are now applied for personalized shopping, well-refined product searching and better customer interaction and they also help to increase loyalty of the customers. Merchants that sell online will be able to come up with forecasting services which will provide them with opportunities to 'curate personalized recommendations'.

RESTRAINING FACTORS

"Generating and utilization of a huge amount of consumer data gives rise to data privacy and security issues"

The collection and use of a large amount of customer data lead to concerns about data protection and security. Fashion brands must make transparency of data usage, as well as compliance with relevant regulations and impermeable security measures, a top priority, to mitigate the concerns created and stop the noxious marketing attempts. Companies in the fashion industry should highlight the methods they use for data collection and use, aligning their practices with legal acts and achieving secure authorization.

FASHION TREND FORECASTING SERVICE MARKET REGIONAL INSIGHTS

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"North America region takes up the biggest share as it is the world’s largest market for fashion brands and technologies"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

The share of the North American fashion trend in the global fashion trend forecasting service market share is significant mainly because of the presence of famous brands and technologies implemented. The area gained a reputation for the first use of fashion trend forecasting services which the region is abounding in fashion-oriented startups that offer special applications. The fashion industry in North America is a trendsetter in innovation and sets the tone. The region’s technological infrastructure and dynamic marketplace are influential factors.

KEY INDUSTRY PLAYERS

"Key industry players can grasp a leg up in trend forecasting contributing to market progression"

The fashion industry players who have successfully integrated forecasting services into their practice are taking advantage of meaningful relationships with consumers. This has translated to a bigger customer base for the display of new collections and business expansion. The major industry players engage in trend forecasting to forecast and adjust to change consumers’ preferences, thereby maintaining the value of their products to the target consumers.

List of Market Players Profiled

• Doneger Group (U.S.)
• Fashion Snoops (U.S.)
• Trendcouncil (U.S.)
• Heuritech (France)
• ModaCable (Italy)
• Eclectic trends (Spain)
• TRENDZOOM (U.K.)
• WGSN (U.K.)
• Trendstop (U.K.)
• Patternbank (U.K.)
•  F-trend (India)
• Neural Pocket (Japan)

INDUSTRIAL DEVELOPMENT

October 2023: Key clothing industry big shots such as H&M and Zara seem to be using artificial intelligence (AI) in their supply chain for operations to make them fast in their tasks and maximise profits. H&M uses AI algorithms and data analytics to forecast trends and optimize inventory while minimizing waste, while Zara employs AI for various functions such as order fulfilment and customer engagement. With AI at their disposal, retailers can provide customized experiences, raising the level of customer loyalty and profit.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.