Artificial Intelligence in Social Media Market Report 2020 Recent Development and Trends, Expected Growth and its Factors

The MarketWatch News Department was not involved in the creation of this content. Nov 18,

The MarketWatch News Department was not involved in the creation of this content.

Nov 18, 2020 (AmericaNewsHour) —
The Artificial Intelligence in Social Media Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.

Market Synopsis

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.

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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.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.

Segmentation.

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.

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Regional analysis

The global market for blockchain in fintech is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of blockchain in fintech market is studied for North America, Europe, Asia-Pacific, and the Rest of the World.North America dominates  the AI in social media market, while APAC is expected to grow at the highest rate during the forecast period. Further, increased investments in the market and effective use of technology for various applications such as sales &marketing, predictive risk management and customer experience management will fuel the growth of  North American market in the years to come.

Competitive Analysis

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.

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).

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Intended Audience

Government agencies

AI in social media solution/service vendors

Application developers

System integrators

Application end-users

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