AI in Social Media Market Research Report– By Component (Solution, Services), Deployment (On-Premise, On-Cloud), Technology (Natural Language Processing), Tools (Content Creation, Content Optimization), Vertical (BFSI, Retail) — Forecast Till 2023
— Market Highlights:
The ever-changing environment of social media platforms is making it harder for the companies to excel, which is why they are switching to AI-based technologies that help them analyze everything on the social media in real-time and convert information into tangible data for further use. Worldwide AI in social media market is expected to grow from USD 0.5 billion in 2017 to USD 2.6 billion by 2023, at a compound annual growth rate (CAGR) of 28.6% during the forecast period. The increasing adoption of the AI-based technologies for various applications in the social media sector and the utilization of AI-enabled smartphones are expected to drive the growth of AI in social media.
On the other hand, limited number of AI experts and slow digitization rate are affecting the adoption of the AI technology in the emerging economies, restraining the growth of this market. North America is expected to have a large market share and will dominate the market during the forecast period. The US is one of the biggest markets for AI-based solutions, the enterprises and governments have adopted AI in social media for providing better customer experience. Also, the Asia-Pacific is the fastest growing region due to the increasing social media users in this region, and the adoption of sales and marketing applications is expected to increase at a rapid pace, due to better customer services.
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Major key Players
Some prominent players in the AI Social Media market are Google (US), Facebook (US), AWS (US), IBM (US), Adobe Systems (US), Baidu (China), Salesforce (US), Twitter (US) and 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).
The integration of AI in social media is transforming the market and is witnessing a major trend of new product development strategy across the region. Key players have already identified AI as the way forward for enhancing their business as large amount of investments are done by these companies to leverage the social media market. Companies adopt various organic strategies such as product development & enhancement as well as inorganic strategies such as expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market to sustain in the long run.
The global AI in social media market is segmented into component, deployment, technology, tools, vertical, and region. On the basis of component, the segment is further classified into solution and services. Solution segment is further classified into predictive maintenance, virtual assistant, customer analysis, and others.
On the basis of deployment, the market is segmented into on-premises and on-cloud. The deployment model always always directly affects security and pricing. The organizations that are more inclined towards the security tend to use more of on-premise deployment whereas, the cloud deployment is cost-effective. The AI in social media helps the enterprises to expand the marketing capabilities and sustain the flow of growing data. The large organizations are investing huge capital in integrating offline businesses into the cloud and are more focused towards the reliability and faster data retrieval. Thus, the market by deployment is largely occupied by cloud deployment.
On the basis of vertical, the market is classified into BFSI, retail, healthcare, manufacturing, and many others. In the area of retail, artificial intelligence is helpful in improving ѕаfеtу, and customer ѕеrvісе. AI integrated chatbots are capable of solving customer problems by providing оnе-оn-оnе assistance to сuѕtоmеrѕ іn real-time.
The global market for AI in social media is studied for North America, Europe, Asia Pacific, and the rest of the world. North America is expected to hold the major market share and is expected to continue through the forecast period. The rising need for social media measurement in various applications for enhancing the user experience is driving the market in the region. The high adoption of artificial intelligence in social media among SMEs is also fuelling the market. Asia Pacific is also anticipated to show a high growth rate during the forecast period. The rising trend of digitalization in the developing countries especially in China, India, and Taiwan are supporting the market growth.
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• Application providers
• System integrators
• Consultancy firms
• Service providers
• Data integration service providers
• Managed services providers
• Artificial intelligence developers
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