ArtificialIntelligence (AI) is the theory and development of computer systems having thecapability of performing repetitive tasks that require human intelligence. TheAI in social media market is defined as the summation of AI products,solutions, and services for the social media sector. AI-based applicationsinclude sales and marketing, customer experience management, and predictiverisk assessment.
MarketsandMarketsforecasts the global AI in social media market to grow from USD 465.2 million in2017 to USD 2,197.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of28.3% during the forecast period. The increasing user engagement on the socialmedia and the integration of the AI technology with social media platforms foreffective advertising campaigns are expected to drive the growth of the AI insocial media market. 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 Hexagon (US), Hootsuite (CANADA),Sprout Social (US), Vidora (US), Meltwater (US), and Talkwalker (Luxembourg).The market players have adopted the strategies of new product launches, productenhancements, acquisitions, collaborations, and partnerships to offerfeature-rich products, solutions, and services to their customers and venturedeeper into untapped regions.
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Facebookwas founded in 2004 and is headquartered in California, US. It builds anddevelops products that enable people to connect through smartphones, tablets,personal computers, and desktops. The company’s main products include Facebook,Instagram, Messenger, WhatsApp, and Oculus. These products engage peopleefficiently in communicating with their peers. In May 2018, Facebook opened AI researchlab centers at Pennsylvania and Seattle, US, to train next-generation AIresearchers.
Googleis another player in the AI in social media market. It is a multinationalcompany that was founded in 1998 and is headquartered in California, US. Thecompany operates through 2 business segments: Google and Other Bets. The Googlesegment comprises a wide range of products, such as Android, Ads, Google Cloud,Google Maps, Google Play, Search, YouTube, Chrome, Commerce, and hardware,whereas the Other Bets segment combines different operating segments that arenot individually significant. In March 2017, Google and Facebook togetherinvested USD 150 million to improve their AI research facilities in Canada.
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