According to the new market research 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.
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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.
Among technologies, the Natural Language Processing (NLP) technology is expected to grow at the highest CAGR during the forecast period
In the AI in social media market, the NLP technology is used to collect, analyze, and visualize customer-related data, such as responses to particular products and services. The NLP technology is also used to understand human languages via virtual chatbots. The use of the NLP technology in social media platforms has increased, which helps in offering 24/7 services to customers.
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The Small and Medium-sized Enterprises (SME) segment is expected to have the largest market size during the forecast period
On the basis of enterprise size, the AI in social media market is segmented into SMEs and large enterprises. Among these, the SMEs segment is expected to have the larger market size during the forecast period. The increasing demand for the integration of the AI technology with social media platforms is expected to have accelerated the growth of the SMEs.
In regions, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
In the APAC region, global as well as domestic enterprises are investing in AI in social media technologies. Moreover, this region is witnessing an increasing demand for cloud-driven AI in social media solutions, thereby resulting in the increasing investments and technology advancements in retail and eCommerce, and media and advertising end-users. The region has also emerged as a potential market that provides lucrative market opportunities for the industry players.
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The AI in social media market report encompasses the competitive landscape and company profiles of the key vendors based on their product offerings and business strategies. 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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