(PharmaNewsWire.Com, September 06, 2024 ) Global Artificial Intelligence (A.I.) in Beauty and Cosmetics Market worth US$ 13.34 Billion by 2030 - Exclusive Report by InsightAce Analytic
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Artificial Intelligence (AI) In Beauty and Cosmetics Market- by Service/Product (Personalized Recommendation Tools, Performance Marketing Measurement Platforms, Demand Forecasting & Supply Chain Tools, Real-Time Customer Service Platforms, and AI-based Beauty Devices), Application (Skincare, Haircare, Make-Up, Fragrances, and Others), Trends, Industry Competition Analysis, Revenue and Forecast To 2030."
In recent years, the beauty and cosmetics sector has significantly increased the use of artificial intelligence (A.I.). Due to advancements in A.I. technologies, and the beauty industry is characterized as a personalized and engaging market that generates a large amount of data, beauty manufacturers are compelled to make data-driven findings on their strategies to remain competitive. The beauty industry has undergone significant change in the last ten years as a result of the introduction of new technologies and a shift in consumer purchasing habits. The beauty industry has been incorporating digital transformation into its business models in order to provide customers with customized skincare regimens and cosmetics catered to their specific needs.
The rising adoption of cutting-edge technology, such as artificial intelligence (A.I.) that offers new ways to engage with customers, bringing efficiency and customized solutions to the beauty clientele, such as virtual try-on and personalized products, can be attributed to the growth of artificial intelligence (A.I.) in the beauty and cosmetics market. It is projected that market expansion will be aided by increased consumer demand for beauty goods and technological advancements.
The Covid-19 outbreak has changed consumer purchasing habits across the cosmetics and cosmetic business as a result of strict lockdown measures and the practice of social distancing in several nations. However, given the rising desire for customized beauty and cosmetic items and the quickly developing eCommerce industry, the COVID-19 dilemma is probably going to present chances for beauty and cosmetic firms. With the help of critical strategic partners and innovative services, leading organizations continuously test and release new features to meet market expectations. The ongoing advancement of technology and its emphasis on meeting the needs of both companies and end users are what is driving the market's expansion.
North America is anticipated to be a significant contributor to Artificial Intelligence (AIA. In Beauty and Cosmetics market over the forecast years because of the growth of the beauty and cosmetics business and the presence of big e-commerce companies such as Amazon and Sephora. Influential alliances constantly test and launch new features with key strategic partners, fulfilling market demands with innovative services. Their focus on servicing the demands of their clients, both brands and end-consumers, as well as continuous technical improvement, are significant contributors to promoting market growth in this region. In addition, the Asia Pacific Artificial Intelligence (AIA. In Beauty and Cosmetics market is expected to boost significantly during the forecast period because of prompt rising consumer spending and the rise of the region's e-commerce sector. The beauty e-commerce space is adjusting to numerous models in rising markets such as China, India, and Japan to improve consumers' e-commerce buying experience.
Major market players are operating in the Artificial Intelligence (AIA.I.In Beauty and Cosmetics market include
L'Orιal's (Modiface, Hair Coach), Beiersdorf (NIVEA SKiN GUiDE), Olay (Skin Care App), Yours Skincare, My Beauty Matches, EpigenCare Inc., mySkin, Haut.AI, Luna Fofo, Revieve, Shiseido (Optune System), CRIXlabs (DBA Quantified Skin), Procter & Gamble (Opte Wand), ANOKAI. CA., Youth Laboratories, Function of Beauty LLC, Coty Inc. (Rimmel), Estιe Lauder, Sephora USA, Inc. (Virtual Artist), Pure & Mine, Glory Skincare, Nioxin, New Kinpo Group, Perfect Corp, Symrise (Philyra), Spruce Beauty, Givaudan, Beautystack and Polyfins Technology Inc among others
Recent collaborations and agreements in the market:
In December 2021, Nykaa introduced L'Orιal's innovative, ModiFace, Al-powered virtual try-on technology. Introducing this new technology is expected to improve cosmetics fans' aesthetic experience when purchasing beauty goods online. Photorealistic results and AI-assisted shade calibration are possible with ModiFace technology. The ModiFace Technology on Nykaa's website and mobile app allow for virtual try-on, assisting shoppers in purchasing their desired beauty items across categories, beginning with the L'Orιal line.
In September 2021, Perfect Corp. & Coty, Inc. entered into a multi-channel collaboration agreement. The Company plans to bolster its offering in virtual try-on, online skin diagnostics, and data-driven customization for brands such as CoverGirl, Sally Hansen, and philosophy, as well as for Coty's extensive fragrance collection, through this collaboration.
In December 2020, Function of Beauty received a $150 million strategic minority investment from L Catterton. The funds are used to speed up product development, support the Company's ongoing global expansion, and improve the Company's already industry-leading bespoke manufacturing capabilities.
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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