The Artificial Intelligence (AI) In Beauty and Cosmetics Market Size is valued at 3.22 Billion in 2022 and is predicted to reach 15.75 Billion by the year 2031 at a 19.6 % CAGR during the forecast period for 2023-2031.
The beauty and cosmetic industry is experiencing a huge upsurge in the use of Artificial Intelligence (AI). Artificial Intelligence enables the industry to leverage the business by using various applications including developing recommendation engines to find new potential consumers, augmented reality & virtual mirrors enable consumers to select the best product as per their requirements and natural language which is personal beauty assistance expected to create the lucrative opportunity near the future. For instance, Let’s Get Ready is a virtual personal beauty assistant that offers more than 2,000 combinations of makeovers based on individual data. Let’s Get Ready displays visual tutorials, curated looks, beauty tips, and recommended products.
Artificial Intelligence (AI) understands the data behind shopping habits that can be utilized to create virtual retail experiences by using digital platforms. Moreover, based upon similar products shoppers have viewed, liked, or purchased, Cosmetic companies can offer customized recommendations to consumers. Increasing in the e-commerce industry and technological advancement are expected to show lucrative growth in Artificial Intelligence in the beauty and cosmetic market. Moreover, an adaptation of these technologies by the cosmetic industry is expected to drive lucrative growth on market. For instance, at L’Oreal has developed an AI-based skin tracker sensor that can recommend the skin needs.
Market Segmentation
The global artificial intelligence (AI) in the beauty and cosmetics market is segmented on the basis of service/products, application, and region. Based on the service/products, the market is divided into personalized recommendation tools, performance marketing measurement platforms, demand forecasting & supply chain tools, real-time customer service platforms, and AI-based Beauty Devices. On the basis of application, the market is segmented into skincare, haircare, make-up, fragrances, and others. Based on region, the market is studied across North America, Asia-Pacific, Europe, and LAMEA. Among that, Europe held the largest share of the market, followed by America and the Asia Pacific. On the other hand, North America is expected to dominate the market during the analysis of the forecast period.
The key players of this market include L’Oréal’s (Modiface, Hair Coach), Beiersdorf (NIVEA SKiN GUiDE), Olay (Skin Care App), Shiseido (Optune System), CRIXlabs (DBA Quantified Skin), Procter & Gamble (Opte Wand), Yours Skincare, My Beauty Matches, EpigenCare Inc., mySkin, Haut.AI, Luna Fofo, Revieve, ANOKAI. CA., Youth Laboratories, Pure & Mine, Glory Skincare, Nioxin, New Kinpo Group, Perfect Corp, Symrise (Philyra), Function of Beauty LLC, Coty Inc. (Rimmel), Estée Lauder, Sephora USA, Inc. (Virtual Artist), Spruce Beauty, Givaudan, Beautystack and Polyfins Technology Inc among others
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