March 27, 2020
— The report "AI in Social Media Market by Technology (Deep Learning & Machine Learning, and NLP), Application (Sales & Marketing, Customer Experience Management, and Predictive Risk Assessment), Component, Enterprise Size, End-User, and Region - Global Forecast to 2023", MarketsandMarkets forecasts the global AI in social media market to grow from 633.1 million in 2018 to USD 2,197.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 28.3% during the forecast period. 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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Artificial Intelligence (AI) is the theory and development of computer systems having the capability of performing repetitive tasks that require human intelligence. The AI in social media market is defined as the summation of AI products, solutions, and services for the social media sector. AI-based applications include sales and marketing, customer experience management, and predictive risk assessment.
The increasing user engagement on the social media and the integration of the AI technology with social media platforms for effective advertising campaigns are expected to drive the growth of the AI in social 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, product enhancements, acquisitions, collaborations, and partnerships to offer feature-rich products, solutions, and services to their customers and venture deeper into untapped regions.
Facebook was founded in 2004 and is headquartered in California, US. It builds and develops 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 people efficiently in communicating with their peers. In May 2018, Facebook opened AI research lab centers at Pennsylvania and Seattle, US, to train next-generation AI researchers.
Google is another player in the AI in social media market. It is a multinational company that was founded in 1998 and is headquartered in California, US. The company operates through 2 business segments: Google and Other Bets. The Google segment 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 are not individually significant. In March 2017, Google and Facebook together invested USD 150 million to improve their AI research facilities in Canada.
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