Artificial intelligence is referred as intelligence exhibited by machines by using machine or deep learning techniques which enables better decision making and customer service. In social media, artificial intelligence is used for sorting data through large clusters which is in the form of user-generated information. For social media, AI helps in personalized product suggestions based on previous engagements, image & voice recognition, and deep learning for sentiment analysis.
Social media applications such as Facebook, Twitter, YouTube, and others are heavily investing in internal resources or third-party collaborations, specifically focusing on artificial intelligence. Facebook, the largest social media platform with 2.01 billion monthly active users which is 26% of world population, reports 136,000 photos and status 293,000 status updates per minute which forms a huge pool of unstructured data for further computer analysis. The Facebook uses deep learning algorithm for classifying the unstructured data in a structured manner thereby reducing the time frame on servers. In the year 2017, Facebook Inc. launched DeepText, a deep learning-enabled text understanding engine, programmed to learn by observing how people communicate.
The increase in demand for virtual assistants and adoption of cloud-based applications are driving the global AI in the social media market. Moreover, the rising trend for customer-centric market strategies is fuelling the market growth. However, concerns regarding security and unreliability of AI algorithms are slowing the adoption of these approaches to some extent which is hampering the market growth.
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Major key Players
- Oracle Corporation (U.S.),
- IBM Corporation (U.S.),
- Adobe Systems (U.S.),
- SAS Institute (U.S.),
- Google LLC (U.S.),
- SAP SE (Germany),
- Alice Technologies (U.S.),
- NVIDIA Corporation (U.S.),
- Micron Technology, Inc. (U.S.),
- Albert Technologies Ltd. (U.K) and many others.
Some of the key innovators in the global AI in social media market are Twitter (U.S.), InsideSales.com (U.S.), Persado (U.S.), Talkwalker Alerts (Luxembourg), Darktrace (U.K), Autodesk, Inc. (U.S.), Renoworks Software (Canada), Bentley Systems Inc. (U.S.), Beyond Limits (U.S.), HPE (U.S.), Amazon Web Services (U.S.) and many others
The global AI in social media market is segmented into component, deployment, technology, tools, vertical, and region. On the basis of component, the segment is further classified into solution and services. Solution segment is further classified into predictive maintenance, virtual assistant, customer analysis, and others.
On the basis of deployment, the market is segmented into on-premises and on-cloud. The deployment model always always directly affects security and pricing. The organizations that are more inclined towards the security tend to use more of on-premise deployment whereas, the cloud deployment is cost-effective. The AI in social media helps the enterprises to expand the marketing capabilities and sustain the flow of growing data. The large organizations are investing huge capital in integrating offline businesses into the cloud and are more focused towards the reliability and faster data retrieval. Thus, the market by deployment is largely occupied by cloud deployment.
On the basis of vertical, the market is classified into BFSI, retail, healthcare, manufacturing, and many others. In the area of retail, artificial intelligence is helpful in improving ѕаfеtу, and customer ѕеrvісе. AI integrated chatbots are capable of solving customer problems by providing оnе-оn-оnе assistance to сuѕtоmеrѕ іn real-time.
The global market for AI in social media is studied for North America, Europe, Asia Pacific, and the rest of the world. North America is expected to hold the major market share and is expected to continue through the forecast period. The rising need for social media measurement in various applications for enhancing the user experience is driving the market in the region. The high adoption of artificial intelligence in social media among SMEs is also fuelling the market. Asia Pacific is also anticipated to show a high growth rate during the forecast period. The rising trend of digitalization in the developing countries especially in China, India, and Taiwan are supporting the market growth.
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- Application providers
- System integrators
- Consultancy firms
- Service providers
- Data integration service providers
- Managed services providers
- Artificial intelligence developers
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