Artificial intelligence (AI) is one of the key drivers of the Fourth Industrial Revolution, and it is changing the way we think, work, and interact with data and technology. For the consumer goods industry, AI provides the power of personalization, process automation, augmented decision making, and digital supply chain networks, which have traditionally required human intelligence. With the advent of artificial intelligence, smart technology, and machine learning, increasing numbers of companies are embracing product personalization and offering knowledge-based beauty routines to their consumers. The global cosmetics product market will reach a value of $806 billion USD by 2023, according to an Orbis Research report.
Artificial intelligence, it is said, will power the fourth industrial revolution, changing the way we work, live and interact.
It is rapidly disrupting all kinds of industries, and in beauty, companies from the largest multinationals to independent start-ups are increasingly investing in AI to bring groundbreaking innovations to consumers.
The Future of Beauty Is Powered by Artificial Intelligence—But Is That a Good Thing?
How brands are adapting new technology to revolutionize shopping, shade matching, and more.
Welcome to the beauty industry’s golden age of artificial intelligence. What once was considered a novel, even borderline science-fiction idea is now becoming much more accessible to the masses thanks to new innovations across nearly every product category. And while this trend had already emerged in the luxury beauty space thanks to interest in new technology and customization features (like the handheld makeup printer developed with the Defense Department, or the NASA-backed skin-care micro mist), COVID-19 has rapidly accelerated AI’s entry in the public beauty domain. Ongoing health and safety concerns have also led to a need for shopping solutions that don’t include physical product testing. And lucky for us, the results will last long after the pandemic is over.
“The pandemic has pushed forward our virtual presence and how we live and shop,” says Melissa Hago, VP and creative director of beauty at Fashion Snoops, a global trend forecasting agency. “New challenges demand innovative solutions, and technology is innovating as our lives shift onto digital platforms.”