According to a new market research report published by Credence Research, “AI in Social Media Market (By Technology (Machine Learning and Deep Learning, and Natural Language Processing (NLP)), By Component (Solutions and Services), By Application (Sales & Marketing, Customer Experience Management, and Predictive Risk Assessment), By End Use Verticals (Retail & e-Commerce, BFSI, Media & Advertising, Education, Public Utilities, and Others ( Government & Defense, Manufacturing, etc.)), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global AI in social media market is expected to reach US$ 33.30 Bn by 2027, expanding at a CAGR of 25.7% during the forecast from 2019 to 2027.
Increasing investments in the AI technology coupled with growing social media penetration, especially in Asia Pacific is the prime factor driving the global AI in social media market. IDC reported in May 2019 that the total spending on AI systems will reach US$ 5.5 billion this year, a rise of 80% from last year. Furthermore, favorable government policies that promote adoption of AI technology is another important factor supporting the market demand. For instance, in a bid to become leader in AI technology, ‘New Generation Artificial Intelligence Development Plan’ released by the state council of China in July 2017 revealed its strategy to invest around US$ 150 Billion by 2030. With the AI technology fast becoming one of the most attractive marketing tools on social media platform, sectors such as BFSI, government, and manufacturing are subsequently using social media platform and integrating it with the AI technology as a part of their marketing strategy.
The global AI in social media market is segmented on the basis of technology, components, application, end users, and geography. Natural Language Processing (NLP) has proved to be the most promising technology as it analyzes the social media content and finds out the best driving solution for businesses. It also reduces the effort required for conventional marketing strategies and provide better return on investments. Therefore, Facebook, Twitter, LinkedIn, Instagram, and many other social media platforms are implementing NLP technology. For instance, Twitter uses NLP to monitor the most trending topics in the market. Similarly, LinkedIn has also implemented NLP technology to provide best solution to its users related to job and other important news.
North America dominated the global AI in social media market in the year 2018. Significant share of North America was mainly attributed to the presence of software giants in the region along with greater penetration of the technology among businesses for different applications such as customer experience management, sales & marketing, and predictive risk assessment. However, Asia Pacific is presumed to witness highest growth in the near future owing to shifting trend from traditional marketing to modern AI-powered marketing. In addition, the region provides major investment opportunity for the players due to proliferation of smartphones and consequent rise in user engagement on social media via smartphone.
Major companies profiled in the global AI in social media market report includes Google Inc., Facebook Inc., Amazon Web Services (AWS) Inc., Adobe Inc., IBM Corporation, Baidu Inc., Twitter, Salesforce Inc., Snap Inc., Sprinklr Inc., Unmetric Inc., and ISentium LLC among others.
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