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Social Media Market in AI Advanced Technologies and Growth Projection to 2023
The increasing adoption of the AI technology for various applications in the social media sector and utilization of AI-enabled smartphones are expected to drive the growth of the AI in social media market.
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83 - Tables
58 - Figures
179 - Pages
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The increasing adoption of AI for various applications in the social media sector and the utilization of the AI technology for effective advertising campaigns on social media platforms are expected to drive the growth of the AI in social media market.
Among technologies, the Natural Language Processing (NLP) segment is expected to grow at a higher CAGR during the forecast period. As the NLP technology helps in reading social media content and understanding human languages from various social media platforms, it is being rapidly utilized by social media enterprises.
On the basis of components, the AI in social media market has been segmented into solutions and services. The services segment is expected to grow at a higher CAGR during the forecast period. The growing awareness among social media enterprises regarding the features and benefits of the AI technology in the social media industry, increasing adoption of the AI technology for various applications in the social media sector, and rising utilization of AI-enabled smartphones are expected to drive the global market.
Based on applications, the AI in social media market is segmented into sales and marketing, customer experience management, and predictive risk assessment. The sales and marketing segment is expected to have the largest market size during the forecast period. Due to the increasing social media users in the Asia Pacific (APAC) region, the adoption of sales and marketing applications is expected to increase at a rapid pace, as they provide better customer services.
Among enterprises, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. The increasing demand for the integration of the AI technology in the social media sector is expected to have accelerated the growth of the SMEs.
North America is expected to have the largest market size in the AI in social media market, while APAC is expected to grow at the highest CAGR during the forecast period. The North American region has shown increased investments in the market. A considerable growth is expected in the region during the forecast period. In North America, the AI in social media technologies is effectively used for various applications, such as sales and marketing, customer experience management, and predictive risk assessment.
The AI in social media market faces many challenges; for instance, the lack of standards to manage the increasing unstructured data that may generate data privacy issues in AI in social media solutions and the limited number of AI experts are restraining the growth of the market.
Major Key Companies:
The major AI in social media vendors include Google (US), Facebook (US), AWS (US), IBM (US), Adobe Systems (US), Baidu (China), Salesforce (US), Twitter (US), Snap (US), 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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