The Artificial Intelligence (AI) market in social media was valued at USD 365.83 million in 2017, and is expected to reach USD 2,234.56 million by 2023, recording a CAGR of 28.69%, during the forecast period of 2018-2023. The report profiles the providers of structural electronics, for various industries. —
In social media, artificial intelligence is gaining prominence, as most modern-day consumers are active on social media. With the increasing volume of unstructured data, booming number of social media influencers, and rising number of requests for service via social channels, marketers from various end-user industries (such as BFSI, e-commerce, telecommunication, etc.,) are actively exploring AI-based tools, to leverage the power of social media.
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In addition, the increasing adoption of AI technologies for numerous applications in social media and rising use of AI-enabled smartphones are anticipated to fuel the growth of the AI in social media market. However, the presence of a limited number of AI experts and sluggish adoption of AI in developing economies are projected to hamper the growth of the market studied, over the forecast period.
Key Developments in Artificial Intelligence in Social Media Market
March 2018: NetBase, a global leader in enterprise social analytics, announced its next-generation AI image analysis capabilities. The NetBase next-generation AI analyzes visual posts, to identify brand logos and keywords and offer the most comprehensive view, of a brand’s performance. The platform also accurately classifies the images by facial emotions, common scenery, and everyday objects, to provide an in-depth insight of the market.
Artificial Intelligence in Social Media Market Major Players:
GOOGLE LLC., MICROSOFT CORPORATION., FACEBOOK INC., AMAZON WEB SERVICES INC., IBM CORPORATION., ADOBE SYSTEMS INCORPORATED., SALESFORCE.COM INC., BAIDU INC., SNAP INC., CLARABRIDGE INC., HOOTSUITE MEDIA INC., MELTWATER NEWS US INC., CRIMSON HEXAGON INC. and SPROUT SOCIAL INC., among others.
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NLP Technology Expected to Witness Significant Growth
Natural language processing (NLP) technology is an evolving branch of AI, which is used to collect, analyze, and visualize customer-related data, such as responses to particular products and services. NLP-based applications are well suited for interaction with humans, as they understand the delicate nuances of context, speech, dialects, and pronunciations. Mostly used in social media monitoring, NLP is a vital tool that comprehends and analyzes the responses to business messages, which are published on social media platforms. It helps to analyze the attitude and emotional state of the writer (person commenting/engaging with the posts).
Asia-Pacific Expected to Register the Highest CAGR in Artificial Intelligence (AI) in Social Media Market
By region, the Asia-Pacific segment is projected to witness the fastest growth in the AI in social media market, over the forecast period. This robust growth can be attributed to the healthy expansion of social media user base and increase in smartphone penetration. Moreover, Adobe’s ‘2018 Digital Intelligence Briefing’ indicates that Asia-Pacific digital marketing firms lead the industry, while employing AI technologies. The briefing further noted that smart organizations are investing in disruptive technologies, to bolster productivity and deliver compelling experiences for customers. According to HootSuite, the most widely used social media management platform, social media impact is the topmost priority for businesses in Asia-Pacific. The above-mentioned factors are expected to augment the demand for AI-enabled solutions, over the forecast period.
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