Artificial Intelligence social media market is expected to grow from 633.1 million in 2018 to USD 2,823 million by 2024 at a Compound Annual Growth Rate (CAGR) of 28.3% during the forecast period. The predictive risk assessment segment is anticipated to grow at the highest CAGR during the same period.
Data has become new currency in this age of information. Let’s take an example of Twitter a social media enterprise having global reach. There are more than 250 million tweets per day. Tweets lead to decisions about other Tweets, escalating velocity. The social networks are seeking more evolved and intelligent systems that will allow processing larger volumes of data. For this reason, Artificial intelligence is the talk of the town today, especially looking at its future in social media market. Every big social network has invested large internal resources, or established third-party collaborations with teams focused on artificial intelligence and more specifically on “deep learning” 4 , a high-level knowledge formed by analyzing and establishing patterns in large data sets.
A third of the world’s population is using social media and artificial intelligence is playing huge part in how businesses are communicating with potential prospects online. Major thrust of AI is on the development of computer function associated with human intelligence such as reasoning, learning and problem solving.
Of all the AI Big Data tools, Social Listening is the most common and well understood in the marketing community. Social listening tracks conversations around specific phrases, words, or brands, and then leveraging that data to find opportunities or create specialized content for specific audiences, which is driving the Artificial Intelligence social media market. Without AI’s ability to scrape and analyse massive data sets any analysis on competitor’s social profiles is either highly subjective or manually exhausting. Once you understand your audience, the landscape, and your competitor’s strengths and weaknesses, planning the best content to deliver to them becomes the last piece of a social media strategy. Although social media is continuing to trend more visual, getting the right mix of text, photo, and video for your audience can make a big difference in performance.
With Artificial Intelligence saving time on strategic planning and reporting, marketers can focus more of their efforts on creating high quality content. However content marketing is difficult to scale, especially for smaller teams with limited resources. While AI is not at the point of being able to write award winning movies, there is some content that can be completely automated, and tools to aid marketers in creating better content at speed and scale.
The growing adoption of the Artificial Intelligence social media market for different applications and the utilization of AI-enabled smartphones are steering the growth of Artificial Intelligence in social media market. In addition, large and reliable data storage, increasing user engagement and rising need for the effective advertising and marketing are some of the major driving forces for AI to be optimistic about its future prospects in Social media. The lack of expertise, slow digitization rate and data privacy concerns are the few hindrances affecting its adoption in the emerging economies.
Maximize Market Research has carried out extensive research about the current trends and forecast regarding Artificial Intelligence Social Media Market. Research report comprehensively analyses the dynamics of social media and its compatibility prospects with respect to Artificial Intelligence. It highlights the ample growth efficiency quotient and strongly advocates adaptation and exploration AI in social media market.
The driving forces as well as considerable restraints have been explained in depth. Further report segments the market by Technology, Applications, End Users, Components and Regions, providing the comprehensive analysis of ecosystem of industry, which will be useful to take informed strategic decision to the stakeholders in the industry.
Major leading players across Social Media landscape like Microsoft, Facebook, Google, and LinkedIn are working extensively to explore and utilize the innumerable potential of Artificial Intelligence in Social Media Market. Google paid $400 million two years ago to acquire ‘Deep Mind’, a British artificial intelligence start up. Facebook is putting a large amount of focus on AI and have developed a facial recognition tool that makes it easier to tag a person in a picture inside of Facebook. Facebook are also looking at ways to increase the reach for businesses based on a user checking into a hotel, restaurant or high street store and uploading a photo of this location. Facebook then use their AI algorithm to offer the user a real-time a discount. This shows the signs of a favourable change in the attention towards AI in Social Media. .). LinkedIn and Pinterest acquired machine learning software, ‘Bright’ and ‘Kosei’ accordingly, so as to utilise their users’ searches and bring their services to a more advanced level. IBM, one of the largest companies in Internet technologies, and Microsoft also develop AI systems with applicable uses in many aspects of social life, making the field rapidly competitive not only for their companies but also for big industries and businesses which are served by these systems. The Virtual Revolution has already begun and is fiercely upgrading itself and it will not be a surprise that Artificial Intelligence has to play a pivotal and decisive role in it.
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