The incorporation of AI-based technologies is expected to create a strong base for its use in social media platforms. Reports that judge the information and communication technology industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. The earning potential of the market is expected to be expanded to USD 2.6 billion by 2023 due to a CAGR of 28.6 % in the forecast period.
The use of machine learning technology is expected to create a huge impetus for the growth of the AI in social media market. The popularity of deep learning and machine learning is expected to spill over and contribute to the rise of AI in social media in the upcoming period.
The segmental examination of the AI in social media market is carried on the basis of enterprise size, technology, application, component, and end-user. Based on the applications, the market of AI in social media is segmented into sales and marketing, customer experience management, predictive risk assessment, and others. Based on the technology, the market for AI in social media consists of natural learning process (NLP), deep learning, and machine learning. On the basis of the component, the segmentation of the AI in social media market includes solutions and services. Based on the enterprise size, the market for AI in social media is segmented into SME and large enterprise. The end-user basis of segmenting the AI in social media market encompasses retail and e-commerce, media and advertising, banking, financial services, and insurance (BFSI), education, public utilities, and others.
Detailed Regional Analysis
The COVID-19 analysis of AI in social media market consists of regions such as North America, the Middle East, Europe, Asia Pacific, Latin America, and the rest of the world. The North American region powers the AI market in terms of returns, owing to the comfort of use of elevated government assistance, the prevalence of primary companies in the region, and a strong technical user base. Moreover, the surge of cloud-based services in countries, such as the US and Canada, is substantially adding to the regional market development. The Asia Pacific region is projected to gain the quickest growth in the AI in social media market in the forecast period. This healthy progress can be attributed to the strong extension of the social media user base and surge in smartphone penetration. Also, the APAC region is seeing an upsurge in demand for the cloud-driven solutions for AI in social media, therefore directing to the amplified investments and development in retail e-commerce, media, and advertising segments.
The high-growth aspirations currently in place are inspiring a profound level of development in the market. Moreover, the companies are also well equipped to effectively implement their growth strategy over the long term. As the companies are making their customers an important focal point for strategy formulation, they are creating a strong competitive advantage in today’s turbulent market. The strategic intent in the market of players is enhancing the operations in the market overall. Furthermore, the market leaders are considering streamlining all aspects of operations at a macro and micro level in the global market. The fastest-growing companies are initiating a dramatic growth phase in the market in recent times. The extensive set of capabilities developed by market players is aiding in accelerating and delivering sustainable growth. The market competitors are making decisions that are improving business performance and supervise risk. The change in the way consumers interrelate with market companies is also opening up new business models.
The major contenders in the AI in Social Media market are Facebook (US), AWS (US), IBM (US), Adobe Systems (US), Hootsuite (Canada), Baidu (China), Twitter (US), Snap (US), Clarabridge (US), Converseon (US), Sprinklr (US), Unmetric (US), ISentium (US), Cluep (US), Salesforce (US), Netbase (US), Spredfast (US), Synthesio (US), Google (US), Crimson Heaxagon (US), Sprout Social (US), Vidora (US), Meltwater (US), and Talkwalker (Luxembourg).