Artificial intelligence (AI) in the beauty and cosmetics market

Artificial intelligence (AI) in the beauty and cosmetics market

The global Artificial Intelligence (AI) in beauty and cosmetics market is estimated to reach over USD 13.34 billion by 2030, growing at a CAGR of 19.7% during the forecast period.

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AI technologies have penetrated several industries in recent years and are expected to grow in the coming years. The beauty industry is experiencing a digital shift as the world emerges from the pandemic. The ability of AI technology to adapt to individual consumers and their distinct beauty demands makes it so valuable to beauty companies. Deep learning algorithms are powering AI beauty technology to help companies deliver personalization at scale to consumers. With these technologies, each customer can virtually test the products and receive a personalized product regimen. To stay competitive in the market, most beauty companies are already using AI in their strategy. Since AI has become more prevalent in skincare and beauty solutions, an increasing number of cosmetics companies are embracing virtual technology, as it provides an additional layer of analysis and virtual testing that helps the customer to make the most suitable purchase possible. The increasing use of artificial intelligence among beauty businesses, along with the introduction of more customer-centric technologies to build digital infrastructure, are expected to present significant growth opportunities over the forecast period.

Businesses are embracing technological advancements in their plans to stay competitive in the market by providing individualized products and services. Growing customer preferences for personalized solutions, increasing technical advancements across the beauty industry, and increased use of augmented reality (AR) in the beauty industry are some of the major drivers that are expected to drive the market over the projected period. Rising frequency of skin diseases, along with growing demand for anti-aging treatments, are likely to drive the market growth. The Covid-19 outbreak has changed consumer buying habits in the beauty and cosmetics industries. However, the market is further driven by the growing demand for personalized beauty and cosmetic products, as well as the rapid development of the e-commerce industry.

North America is expected to have the highest revenue share of artificial intelligence (AI) in the beauty and cosmetics market by 2030. This high share can be attributed to positive government initiatives encouraging the use of AI in the beauty industry. Growing technology-led research and innovation is driving the adoption of new technologies in beauty industries, which is likely to fuel regional growth. The overall market in North American countries has been boosted by the development of new products and an increasing number of start-ups have focused on bringing new and improved items to consumers. In Asia-Pacific, the market is expected to grow at a rapid rate during the forecast period. This expansion is due to the expansion of digitization and the dramatic increase in investment in artificial intelligence in the beauty industry.

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List of Top Artificial Intelligence (AI) in Beauty and Cosmetics Market Players:
L’Oreal (Modiface, Hair Coach)
Beiersdorf (NIVEA SKIN GUIDE)
Olay (skin care app)
Shiseido (Optune system)
CRIXlabs (DBA Quantified Skin)
Procter & Gamble (optical wand)
Your skin care
My Beauty Matches
EpigenCare Inc.
my skin
High.AI
Luna Fofo
See again
ANOKAI. CALIFORNIA.
Youth Laboratories
pure and mine
Glory Skin Care
Nioxin
New Kinpo group
Perfect company
Symrise (Philyra)
Function of Beauty LLC
Coty Inc. (Rimmel)
Estee Lauder
Sephora USA, Inc. (virtual artist)
spicy beauty
Givaudan
beautystack
Polyfins Technology Inc.

RECENT DEVELOPMENTS:
• In September 2022, JCPenney, in collaboration with Revive, will launch an artificial intelligence (AI) skincare advisor and hyper-real augmented reality (AR) makeup try-on technology to personalize the experience of customer purchase. Through this collaboration, JCPenney strengthens its position as the go-to shopping destination both in-store and online.
• In July 2022, L’Oréal partnered with the Nasscom Center of Excellence (CoE) to develop and deploy emerging technologies for use in the company’s business operations. The collaborative initiative will investigate possible applications of emerging technologies such as artificial intelligence, machine learning, Internet of Things (IoT), augmented reality, virtual reality, mixed reality, etc. for the cosmetic or dermatological industries. He would help L’Oréal with new product development, consumer reviews, personalization and process optimization.
• In May 2022, Proven Skincare will launch a personalized eye cream duo that contains a personalized daytime eye cream and a personalized nighttime eye cream. Proven Skincare will raise $60 million in a Settlement A round under the Securities and Exchange Commission in 2021. These funds will be used to invest in more innovation and AI talent, to increase national marketing efforts and worldwide for its existing items and to invest in new product lines and categories.
• In April 2022, Revieve® and Shiseido collaborated to launch a new beauty innovation in the makeup category. Shiseido’s commitment to beauty innovation is combined with Revive’s AI Selfie analysis, AI-powered personalized recommendations, and realistic virtual try-on technologies to deliver the first expert experience digital cosmetics in the world.

Segmentation of artificial intelligence (AI) in the beauty and cosmetics market –
By service/product
• Personalized recommendation tools
• Performance marketing measurement platforms
• Demand forecasting and supply chain tools
• Real-time customer service platforms
• AI-powered beauty devices
By end use
• Skin care
Hair care
• To put on makeup
• Perfumes
• Others
By region-
North America-
• United States
• Canada
• Mexico
Europe-
• Germany
• Great Britain
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia-Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East and Africa-
• GCC countries
• South Africa
• Rest of the Middle East and Africa

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This press release was published on openPR.

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