The influence of social media platforms on society is primarily motivating the use of AI in social media globally. Reports that review the information and communication technology industry has been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is projected to gain earnings valued at USD 2.6 billion by 2023 while advancing market share with a CAGR of 28.6% in the upcoming years.
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 industry 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.
The regional assessment of the AI in social media market comprises of regions such as North America, the Middle East, Europe, Latin America, Asia-Pacific, and the rest of the world. The North American region controls the AI market in terms of returns, due to the ease of use of elevated government backing, the incidence of foremost companies in the region, and robust technical user base. Additionally, the surge of cloud-based services in nations, such as the US and Canada, is considerably adding to the regional market expansion. The Asia-Pacific region is anticipated to gain the swiftest development in the AI in social media market, over the forecast period. This strong growth can be accredited to the strong extension of the social media user base and surge in smartphone infiltration. Furthermore, the APAC region is witnessing a rise in demand for the cloud-driven solutions for AI in social media, thus leading to the augmented investments and progress in retail e-commerce, media, and advertising sectors.
The competition level in the market is found to be conducive to the advancement of the players who are operating in the AI in social media industry. The need to capture a broader chunk of the profits is supporting the expansion of the market. The influence of governmental policies is motivating further development in the market. The uncertainty in the market is a critical factor that is driving the formulation of policies and plans that will be applied to drive market growth. The competitors are devoting their resources to ensure an optimum level of growth in the coming years. The rise in the flow of international transactions between nations is further inspiring the progress of the market. The synergies being created between supply and demand forces in the market is expected to induce further growth of the market. The fluctuations in the currency are expected to stabilize and thus create a favorable impact on the market.
The eminent competitors in the AI in social media market are Facebook (US), AWS (US), Baidu (China), IBM (US), Adobe Systems (US), Google (US), Salesforce (US), Snap (US), Clarabridge (US), Converseon (US), Sprinklr (US), ISentium (US), Cluep (US), Netbase (US), Synthesio (US), Crimson Heaxagon (US), Twitter (US) Hootsuite (Canada), Unmetric (US),Sprout Social (US), Vidora (US), Spredfast (US), Meltwater (US), and Talkwalker (Luxembourg).