The Future of Fashion: Technology & the Industry | CB Insights Research (2024)

FAQs

What is the future of technology in the fashion industry? ›

Robots that sew and cut fabric, AI algorithms that predict style trends, clothes to be worn in virtual reality — an array of innovations show how technology is automating, personalizing, and speeding up the fashion space.

Fashion executives are anticipating a tough year ahead as the global economic slowdown threatens to reverse the industry's rapid post-pandemic recovery. According to McKinsey's 'The State of Fashion' report, 84% of industry leaders expect market conditions to worsen or stay the same in 2023.

Technology changes the way we experience fashion. Technologies are changing the way people shop, through social media apps, retail shops and augmented realities. Brands are adapting to changes in order to get their products in front of their customer.

Fashion market research can help a business identify new target markets, understand how existing customers feel about their brand, gain insights into fashion spending, and explore how marketing campaigns can affect buying behavior.

This shows the extent to which influencer marketing and digitalization have allowed marketing to become very powerful. To sum it up, new technologies like 3D body scanning, augmented reality and even 3D virtual sampling have made the fashion industry more and more capable over the years.

Platforms like Cladwell and Save Your Wardrobe let users make a digital catalogue of their wardrobe and offer ways to upcycle their garments so they last longer.

Sustainability. Sustainability is still the biggest problem the fashion industry is now facing, despite the fact that it is the second most polluting industry on the planet. The creation of clothing consumes a great deal of natural resources and generates a tonne of harmful waste that is dumped directly into waterways.

These plastic-based textiles have a significant impact on the environment and climate throughout their life cycle due to emissions of greenhouse gases and pollutants. The textile sector is a growing contributor to the climate crisis, with about 1% of crude oil production used to produce synthetic fibres.

AI in fashion design, 3D printers for clothes, lab-made leather alternatives, body scanners, augmented reality and virtual reality, and more are examples of modern technologies used in fashion.

Why digital fashion is the future? ›

Virtual clothes perpetuate the idea that fashion is for all body types and identities. Anyone can wear anything in the metaverse, revolutionizing “one size fits all.” Brands dabbling in virtual fashion is a demonstration of their dedication to inclusivity.

Fast fashion is one sector picked to surge. A report by Research and Markets predicts it to reach $163.4 billion by 2025 and $211.9 billion by 2030. That's an annual growth rate of 5.3% over five years. So, too, is global athleisure.

Despite all the bad press, fast fashion isn't going anywhere as long as people keep making babies. According to the Fast Fashion Global Market Report 2022, a growing youth population drove the rise of the fast-fashion market.