AI in Social Media Market
Market Overview
Social media platforms have been showing sheer growth in the past years due to the rise in the number of internet users due to which a huge amount of unlimited amount of data is gathered every day. These data are needed to be aligned and managed properly. Therefore, the demand to manage and secure social media data is propelling the use of AI. This has led to the rise in the adoption of AI technologies in social media, and AI-based smartphones are accelerating the growth of AI in Social Media Market. The unstructured data, mostly generated from social media platforms, uses machine learning and AI technology to structure the data patterns. Other factors such as self-learning applications and automated social media applications have shown a positive impact on the market's growth.
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The rise in usage of social media users worldwide is contributing to a potential platform for advertising. AI-based technologies like virtual assistants engage the customers and provide the best experience. In Addition, the customer-centric marketing strategies, security, and privacy measures have increased the number of social media users and improved the quality of the content. These factors are largely driving the AI in Social Media Market.
The main target of AI is to solve complex problems, and AI technology can overtake the market in the coming years. Social media marketers highly utilize the increased rate of applications of AI-based technologies such as auto-traffic analysis, virtual assistant, image recognition, intelligent search, and automation in writing bots.
The AI in Social Media Market is registered to witness a value of USD 2.6 billion and a CAGR of 26.80% during the forecast period.
Market Segmentation:
The AI in Social Media Market is divided based on technology, application, component, enterprise size, and end-user. These segments are further into various sub-segments. In the technology segment, the market comprises machine learning and deep learning, and natural language management.
The application segment involves Sales and Marketing, Customer Experience Management, and Predictive Risk Assessment. AI technology is highly applicable in these sub-segments. Based on the component, the market is sub-divided into solutions and services. Further, the solution segment includes software tools and platforms, while the services include support and maintenance, system integration, and training.
The enterprise size has small and medium-sized enterprises and large enterprises. The end-user segment is considered the vast section. It is categorized into Retail and eCommerce, Banking, Financial Services and Insurance (BFSI), Media and Advertising, Education, Public Utilities, and Others.
Regional Analysis:
The geographical report of the AI in Social Media Market shows the market's growth in two major regions - North America and the Asia Pacific. The North American region is noticing a high growth rate, and it is dominating the region due to high usage of effective technology, a rise in the number of internet users. The presence of major players is accelerating the regional growth of the market.
The Asia-pacific region is noticed as the fastest-growing region due to the change in trends and higher disposable income in the developed countries of the region.
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Industry News:
In January 2020, IBM announced its launch of Advertising Accelerator, which enables the organization to predict the optimal combination of the elements which drive the customers towards the organization and retain the customers.
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