MarketsandMarkets forecasts the global Artificial Intelligence (AI) in Social Media Market to grow from USD 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 flexibility in social media network can be achieved by integrating AI solutions with the social media network. Additionally, there is an increase in the adoption rate of the AI technology for various applications, such as sales and marketing, predictive risk assessment, and customer experience management in the social media sector. These factors are expected to drive the growth of the AI in social media market.
North America is expected to be the major revenue contributor to the AI in social media market. This region is said to be the first region to experience the benefits of AI in social media technologies. The North American region also houses the major market players, and is open to technology-related innovations. Asia Pacific (APAC) is expected to witness the fastest growth rate in the AI in social media market during the forecast period, due to an increase in the number of internet and smartphone users in the APAC region. The emerging APAC economies, such as China and India, have several untapped and unexplored opportunities for social media enterprises in the AI in social media market.
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On the basis of services, the AI in social media market is broadly classified into support and maintenance, system integration, and training. Among these, the support and services segment is expected to grow at the highest CAGR during the forecast period, as these services offer end-to-end effective implementation, starting from requirement gathering to user training.
Among components, the solutions segment is divided into software tools and platforms. Among these, the software tools segment is expected to grow at a higher CAGR during the forecast period. This high growth is attributed to the fact that these software tools are used to develop and deploy AI-enabled solutions in the social media sector.
Based on enterprise size, the AI in social media market is segmented into Small and Medium-sized Enterprises (SMEs) and large enterprises. The SMEs segment is expected to have the larger market size and grow at a higher CAGR during the forecast period. The adoption of AI in social media solutions by SMEs in the APAC region is expected to increase at a rapid pace. The increasing demand for the integration of the AI technology in the social media sector is expected to have accelerated the growth of the SMEs.
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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.
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