Global Artificial Intelligence (AI) to Drive Beauty and Cosmetics Market Worth US$13.34 Billion by 2030 – InsightAce Analytic

Global Artificial Intelligence (AI) in Beauty and Cosmetics Market

Global Artificial Intelligence (AI) in Beauty and Cosmetics Market Segment

Global Artificial Intelligence (AI) in Beauty and Cosmetics Market Segment

The global artificial intelligence (AI) in beauty and cosmetics market is valued at US$2.70 billion in 2021 and is expected to reach US$13.34 billion by 2030

Major market players operate in artificial intelligence (AIA.I.In Beauty and Cosmetics market includes L’Oreal (Modiface, Hair Coach), Beiersdorf (NIVEA SKiN GUiDE), Olay (Skin Care App)”

— Insightace analysis

NEW JERSEY, NJ, USA, Aug. 22, 2022 /EINPresswire.com/ — InsightAce Analytic Pvt. announces the publication of a market assessment report on the “Global Artificial Intelligence (AI) in Beauty and Cosmetics Market – by Service/Product (Custom Recommendation Tools, Marketing Measurement Platforms of performance, demand and supply chain forecasting tools, real-time customers (AI-based beauty service platforms and devices), application (skincare, haircare, makeup, fragrances and others), trends, industry competition analysis, revenue and forecast to 2030.”

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According to the latest research from InsightAce Analytic, the global artificial intelligence (AI) in beauty and cosmetics market is valued at US$2.70 billion in 2021, and it is expected to reach US$13.34 billion. by 2030, with a promising CAGR of 19.7% between 2021 and 2030.

In recent years, the beauty and cosmetics industry has dramatically increased the use of artificial intelligence (AI). Due to advances in AI technologies and the fact that the beauty industry is characterized as a personalized and attractive market that generates a large amount of data, beauty product manufacturers are forced to draw conclusions based on data on their strategies to remain competitive. The beauty industry has seen significant changes over the past ten years due to the introduction of new technologies and a change in consumer buying habits. The beauty industry has incorporated digital transformation into its business models to provide customers with personalized skincare regimens and cosmetics that meet their specific needs.
The increasing adoption of advanced technologies, such as artificial intelligence (AI) which offers new ways to interact with customers, bringing efficiency and personalized solutions to beauty customers, such as virtual trials and personalized products, can be attributed to the growth of artificial intelligence (AI) in the beauty and cosmetics market. It is expected that market expansion will be aided by increased consumer demand for beauty products and technological advancements. The Covid-19 outbreak has changed the buying habits of consumers in the cosmetics and cosmetics sector due to strict lockdown measures and the practice of social distancing in several countries. However, given the growing desire for personalized beauty and cosmetics items and the rapid development of the e-commerce industry, the COVID-19 dilemma is likely to present opportunities for beauty and cosmetics businesses. With the help of critical strategic partners and innovative services, leading organizations are constantly testing and releasing new features to meet market expectations. Continuous advancements in technology and emphasis on meeting the needs of businesses and end users are driving the expansion of the market.

North America is expected to be a major contributor to artificial intelligence (AIA). In the beauty and cosmetics market over the forecast years owing to the growth of the beauty and cosmetics industry and the presence of major e-commerce companies such as Amazon and Sephora. The alliances continuously test and launch new features with key strategic partners, responding to market demands with innovative services. Their concern to meet the demands of their customers, both brands and end consumers, as well as continuous technical improvement, contributes significantly to promoting the growth of the market. In addition, the Asia-Pacific Artificial Intelligence (AIA. In Beauty and Cosmetics) market is expected to rise significantly over the forecast period owing to rapidly increasing consumer spending and booming e-commerce sector in the region. the commercial space adapts to many models in growing markets such as China, India and Japan to improve consumer e-commerce shopping experience.

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Major market players are operating in artificial intelligence (AIA.I. Beauty and cosmetics market includes L’Oreal (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), Estée 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 on the market:
• In December 2021, Nykaa introduced L’Oréal’s innovative ModiFace virtual try-on technology. The introduction of this new technology is expected to improve the aesthetic experience of cosmetics fans when buying beauty products online. Photorealistic results and AI-assisted shade grading are possible with ModiFace technology. ModiFace technology on Nykaa’s website and mobile app enables virtual try-on, helping shoppers purchase desired beauty items across all categories, starting with the L’Oréal range.
• In September 2021, Perfect Corp. & Coty, Inc. has entered into a multi-channel collaboration agreement. The company plans to bolster its offering of virtual try-ons, online skin diagnostics and data-driven personalization for brands such as CoverGirl, Sally Hansen and Philosophy, as well as 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 being used to accelerate product development, support the company’s continued global expansion and enhance already industry-leading custom manufacturing capabilities.

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Market segments
Global Artificial Intelligence (AI) in Beauty and Cosmetics Market, by Service/Product, 2022-2030 (Value in Million US$)
• Personalized recommendation tools
• Performance marketing measurement platforms
• Demand forecasting and supply chain tools
• Real-time customer service platforms
• AI-powered beauty devices

Global Artificial Intelligence (AI) in Beauty and Cosmetics Market, by Application, 2022-2030 (Value in Million US$)
• Skin care
• Hair care
• To put on makeup
• Perfumes
• Others

Global Artificial Intelligence (AI) in Beauty and Cosmetics Market, by Region, 2022-2030 (Value in Million US$)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America Artificial Intelligence (AI) in Beauty and Cosmetics Market, by Country, 2022-2030 (Value in Million US$)
• WE
• Canada

Europe Artificial Intelligence (AI) in Beauty and Cosmetics Market, by Country, 2022-2030 (Value in Million US$)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe

Asia-Pacific Artificial Intelligence (AI) in Beauty and Cosmetics Market, by Country, 2022-2030 (Value in Million US$)
• India
• China
• Japan
• South Korea
• Australia and New Zealand

Latin America Artificial Intelligence (AI) in Beauty and Cosmetics Market, by Country, 2022-2030 (Value in Million US$)
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa Artificial Intelligence (AI) in Beauty and Cosmetics Market, by Country, 2022-2030 (Value in Million US$)
• GCC countries
• South Africa
• Rest of the Middle East and Africa

Why buy this report:
 Receive a comprehensive outlook analysis of the global Artificial Intelligence (AI) in Beauty and Cosmetics market
 To receive industry insights and future trends of the Artificial Intelligence (AI) in Beauty and Cosmetics market
 To analyze the drivers and challenges of the Artificial Intelligence (AI) in Beauty and Cosmetics market
 For information on Artificial Intelligence (AI) in Beauty & Cosmetics Market Value (in Million US$) forecast to 2030
 Significant investments, mergers and acquisitions in the Beauty and Cosmetics Artificial Intelligence (AI) market industry

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Donovan B. Sanford