- The global AI in social media market was valued at US$ 602.68 Mn in 2018 and is anticipated to witness a compound annual growth rate (CAGR) of 16.59% over the forecast period.
- Growing proliferation of internet and smart devices brings more people online thus, boosting the use of social media platforms. This increasing presence of global population on social media platforms has led to generation of data in huge volumes. AI algorithms are used to analyze these enormous datasets and derive decisive insights on behaviors and preferences of consumers.
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- COVID-19 pandemic has inflated the use of social media platforms for various purposes such as communication, entertainment, shopping and others. This trend poses potential opportunity for application of AI to engage with these customers on social media.
- Machine learning technology contributes a significant share of global AI in social media market owing to its numerous potential applications for personalization, content creation and other activities.
- AI powered virtual assistants and chatbots solutions for enhanced user experience are driving the share of customer engagement application across global AI in social media market.
- With the implementation of AI companies are analysing different inputs such as facial features, hair pattern, clothing pattern, etc., in social media and providing relevant ads based on the customer's taste. Madgicx, for instance, provides an omnichannel marketing platform which is embedded with AI technology. This helps in optimizing ads across platforms such as Facebook, Instagram and Google.
- Some of the players operating in AI in social media market are Adobe, Amazon Web Services, Inc., Clarabridge, Converseon Inc., Filed, Google LLC, Hootsuite Inc., HubSpot, Inc., IBM Corporation, Linkfluence, Madgicx, Microsoft, Oracle, Pattern89, Salesforce.com, Inc., SAS Institute Inc., Snaps Media, Inc., Socialbakers, Sprinklr and Sprout Social, Inc. amongst others.
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The detailed research study provides qualitative and quantitative analysis of AI in social media market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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