Artificial Intelligence (AI) In Beauty and Cosmetics Market to Witness Robust Expansion by 2031

Global artificial intelligence (AI) in beauty and cosmetics market is anticipated to grow at a significant CAGR of 19.6% during the forecast period (2024-2031). AI-powered skincare tools use computer vision and machine learning algorithms to analyze skin conditions, provide personalized skincare recommendations, and enable virtual try-ons and makeup simulations. It additionally analyze skin tone, undertones, and other factors to recommend personalized makeup shades. AI-powered recommendation engines analyze consumer data to provide personalized product suggestions. AI technologies aid in ingredient analysis and formulation optimization, supporting beauty companies develop innovative products. AI-driven chatbots and virtual advisors provide personalized beauty advice and answer product-related questions. Facial recognition technology tracks skin condition changes, enabling users to monitor skincare effectiveness. 

Recent developments in the market:

• In January 2023, Estée Lauder Companies launched its Voice-Enabled Makeup Assistant (VMA) app, an AI-powered mobile app designed to assist visually impaired users in applying makeup more confidently.
• In September 2022, Perfect Corp launched new AI tech that enables beauty brands to make personalised product recommendations tailored to consumers’ personality traits. A new addition to his suite of AI and AR-powered SaaS solutions.
• In December 2021, Nykaa launched AI-powered virtual try-on tech'ModiFace' for beauty shoppers. The ModiFace's virtual try-on technology utilizes an advanced face tracker algorithm to provide a real-time, true-to-life view of virtual cosmetics for safety and hygiene in the post-pandemic globe.

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Market Coverage

•The market number available for – 2023-2031

•Base year- 2023

•Forecast period- 2024-2031

Segment Covered- 

• By Product 
• By Application

Regions Covered-

•North America

•Europe

•Asia-Pacific

•Rest of the World

Competitive Landscape- Aiir Ltd.,Perfect Corp., HiMirror, L’Oréal S.A, and Unilever Group among others.

Artificial Intelligence (AI) In Beauty and Cosmetics Market Report Segment

By Product 

•Personalized Recommendation Tools

•Performance Marketing Measurement Platforms

•Demand Forecasting and Supply Chain Tools

•Real-time Customer Service Platforms

•AI-based Beauty Devices

By Application

•Skincare

•Haircare

•Make-up

•Fragrances

•Others (Nail Care,Oral Care, and Body Care)

A full Report of Artificial Intelligence (AI) In Beauty and Cosmetics Market is Available @  https://www.omrglobal.com/industry-reports/ai-in-beauty-and-cosmetics-market

Artificial Intelligence (AI) In Beauty and Cosmetics Market Report Segment by Region

North America                                                                                                           

·        United States

·        Canada                     

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan              

·                  South Korea

·                  Rest of APAC

Rest of the World

•Latin America

•Middle East and Africa 

Company Profiles

•Aiir Ltd.

•Amorepacific Corp.

•Beiersdorf AG

•Coty Inc.

•Estée Lauder Co.

•FOREO

•HiMirror

•Johnson & Johnson Services, Inc.

•L’Oréal S.A

•Meitu, Inc.

•ModiFace Inc. 

•Nu Skin Enterprises Inc.

•Perfect Corp.

•Posh, Inc.

•Proven

•Revieve

•Shiseido Cosmetics 

•SkinVision

•Unilever Group

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Article source: https://article-realm.com/article/Business/58255-Artificial-Intelligence-AI-In-Beauty-and-Cosmetics-Market-to-Witness-Robust-Expansion-by-2031.html