Sol Rashidi holds eight patents and is the bestselling author of Your AI Survival Guide: Scraped Knees, Bruised Elbows, and Lessons Learned from Real-World Deployments. Sol has been in the data space since the late '90s and in the AI space since 2011, when she helped IBM launch Watson.
In an era where the distinction between authentic and counterfeit is increasingly blurred, the luxury goods market is turning to a powerful ally, Computer Vision . With the global market for luxury goods projected to reach $385 billion by 2025, according to a, the need for advanced authentication methods has never been more critical to combat counterfeits.
As an example, the luxury sneaker industry is at the forefront of this revolution, a market segment that has witnessed explosive growth. The sneaker resale market alone is expected to grow to $30 billion by 2030, as reported by. However, the sneaker market has a major challenge, the counterfeit shoe market has risen by an astounding 1200% from its $46.1 billion value in 2013 to a near $600 billion in 2023 as reported by.
Another market impacted by counterfeits is the luxury watch market - the counterfeits are so real these days that they sometimes fool authorized dealers. With a market expected to reach $9.3 billion by 2025,, the need for reliable authentication is paramount. Computer vision and AI-driven algorithms can help by analyzing watch details, from the dial to the movement, ensuring each timepiece's authenticity.
Adopting AI and CV by luxury brands can also opens doors to an enhanced consumer experience. Features like virtual try-ons, personalized recommendations, and interactive 3D models are just the tip of the iceberg. These technologies can transform consumers' interaction with luxury products, offering an immersive and reassuring shopping experience.
As the luxury goods market expands, the role of technologies like Computer Vision and AI becomes increasingly integral. For platforms specializing in luxury goods, partnering with technology startups isn’t just a step towards innovation - it may be a path towards future-proofing products and services to combat counterfeits.Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.
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