Market Highlights: —
Market Research Future (MRFR) asserts that the global AI in social media market is slated to register a CAGR of 28.6%, touching a valuation of USD 2.6 billion during the forecast period (2018-2023). The increased adoption of AI-based technologies for several applications in social media is highly favoring the market growth. As modern-day consumers are highly active on social media, artificial intelligence in social media is gaining immense prominence. It has been proven that artificial intelligence is helping marketers to engage and find leads through social media. Targeting the users of social media over the online space is a highly complex field. AI can act as a potential catalyst that can create fortunes of digital business globally.
Machine learning technology has immense importance in social media platforms as it determines data patterns using AI, and big data analytics from unstructured data that is generated on the social media. The growth of deep learning and machine learning technology is expected to have significant growth, due to its utilization in self-learning services and automating social media applications. The use of the NLP technology in social media platforms helps in offering 24/7 services to customers. Also, NLP is used to understand human languages via virtual chatbots. AI is seeping its way into the user experience on social platforms, creating a better journey for users in the process.
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Major key Players
• Salesforce (US),
• Google (US),
• Facebook (US),
• AWS (US),
• IBM (US),
• Adobe Systems (US),
• Baidu (China),
• Twitter (US)
• Snap (US).
Other emerging players in the AI Social Media market are Clarabridge (US), Converseon (US), Sprinklr (US), Unmetric (US), ISentium (US), Cluep (US), Netbase (US), Spredfast (US), Synthesio (US), Crimson Heaxagon (US), Hootsuite (Canada), Sprout Social (US), Vidora (US), Meltwater (US), and Talkwalker (Luxembourg).
According to MRFR, The global AI in social media market is expected to reach approximately USD 2.6 Billion by 2023 growing at a ~28.6% CAGR over the forecast period 2018-2023.
On March 2018, A global leader in enterprise social analytics, NetBase, had announced its next-generation AI image analysis capabilities. The company’s next-generation AI analyzes visual posts, in order to recognize keywords and brand logos and provide the most comprehensive view regarding the performance of a brand.
Market Potential and Pitfalls
The AI in social media market is estimated to experience a sturdy growth rate with the increased adoption of AI-based technologies for several applications in social media coupled with the rising use of AI-enabled smartphones. With the ever-rising number of users on social media along with their active online behavior, the global AI in social media platform is considered to flourish throughout the appraisal period. Maximizing user data is the key concern of any company in AI in social media market. AI creates new market opportunities for the same. AI collects and analyzes data efficiently to maximize user experience besides increasing revenue opportunities. Social media market leaders extensively use AI for predictive measures for solving issues as fast as possible as well as for user behaviors. Social networks are looking forward to more intelligent and evolved systems which will help to facilitate the processing of huge volumes of data. Moreover, major players in the market are highly concentrating on research and development activities, which is further estimated to propel the market growth across the globe. For instance, DeepMind is considered as one of the start-ups by Google. The company specializes in building algorithms for health, e-commerce, and several other applications.
On the contrary, slow digitization and a limited number of AI experts are highly affecting the adoption of AI technology, thereby restraining the growth of the market.
By technology, the market is segmented into machine learning, deep learning and natural learning process (NLP).
By application, the market is segmented into sales and marketing, customer experience management, predictive risk assessment, and others.
By component, the market is segmented into solutions and services.
By enterprise size, the market is segmented into large enterprise and SME.
By end-user, the market is segmented into retail and ecommerce, banking, financial services, and insurance (bfsi), media and advertising, education, public utilities, others.
Geographically, the AI in social media market span across Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Among all the regions, North America is presumed to dominate the global market in terms of revenue. The growth is attributed to the presence of market giants, availability of high government funding, and strong technical adoption base in this region. Also, the outburst of cloud-based services in economies such as Canada and the U.S. are contributing to the growth of the market in this region.
Asia Pacific is considered to register the fastest growth rate owing to the increased penetration of smartphones coupled with healthy expansion of social media U.S.er base. This region is also experiencing growing demand for cloud-driven solutions which is further resulting in the rising investment and advancements in the media & advertisements and retail & e-commerce sectors.
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• Application providers
• System integrators
• Consultancy firms
• Service providers
• Data integration service providers
• Managed services providers
• Artificial intelligence developers
LIST OF TABLES
Table 1 Global AI in Social Media Market, by Region, 2018–2023
Table 2 North America: AI in Social Media Market, by Country, 2018–2023
Table 3 Europe: AI in Social Media Market, by Country, 2018–2023
Table 4 Asia-Pacific: AI in Social Media Market, by Country, 2018–2023
Table 5 Middle East & Africa: AI in Social Media Market, by Country, 2018–2023
LIST OF FIGURES
FIGURE 1 Global AI in Social Media Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global AI in Social Media Market
FIGURE 4 Value Chain of Global AI in Social Media Market
FIGURE 5 Share of Global AI in Social Media Market in 2017, by Country
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Name: abhishek Sawant
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Organization: Market Research Future
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Release ID: 496142