Press release
AI in Social Media Market Eyeing Remarkable Growth due to Proliferation of Virtual Assistants and Chatbots on social media
AI in Social Media Market
AI in Social Media Market Size was valued at USD 0.55 billion in 2022. The AI in Social Media Market Industry is projected to grow from USD 0.70 Billion in 2023 to USD 5.32 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 28.70% during the forecast period (2023-2032).
Drivers
Increasing Use of social media in Online Shopping to Boost Market Growth
The increasing utilization of social media for online shopping as well as other forms of e-commerce activities will boost market growth in the forecast period. Social media platforms in fact are gaining immense recognition as retail businesses utilize them for strengthening customer relationships. Artificial intelligence in social media aids retail brands in predicting marketing trends, making their promotions even more effective, ranking higher over their competitors, and getting a host of other benefits.
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Opportunities
Proliferation of Virtual Assistants and Chatbots on social media to offer Robust Opportunities
The proliferation of virtual assistants and chatbots on social media platforms will offer lucrative opportunities for the AI in social media market in the forecast period. Personalized messaging, lead generation, and customer service are some uses of virtual assistants and chatbots which are turning increasingly popular. The real-time response to the inquiries of clients from chatbots that are AI powered help boost brand loyalty and customer happiness.
Key Players
Eminent market players profiled in the global AI in social media market report include:
• Clara bridge
• IBM Corporation
• Google Inc.
• Microsoft Corporation
• AWS
• IBM
• Baidu
• Amazon Web Services Inc.
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Restraints and Challenges
Data Security to act as Market Restraint
Data security and privacy concerns related to AI in social media may act as market restraints over the forecast period.
Market Segmentation
The AI in social media market is bifurcated based on component, application, and technology.
By technology, deep learning will lead the market in the forecast period.
By technology, sales and marketing will domineer the market in the forecast period.
By component, solution will spearhead the market in the forecast period.
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COVID-19 Analysis
The COVID-19 epidemic possessed a positive impact on the AI in social media market. This is owing to the increase in WFH trend that compelled employers in using the AI-based social media thus propelling market growth. People stayed at home at the time of the lockdown which led to the rising use of the social media apps.
Regional Analysis
North America to Head AI in Social Media Market
North America will head the AI in social media market in the forecast period for more investments being made to augment AI technology solutions. The government activities & investments aid market growth. The government of Canada for instance declared that it would make investments in innovative technology and enterprises. The start up in AI made a deal for a long-term with Google to offer processing power for training their software models. The social media platforms in fact are one amid the initial choices for marketing services and products.
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Europe to Have Admirable Growth in AI in Social Media Market
Europe will have an admirable growth in AI in social media market in the forecast period with AI playing a pivotal part. AI is being used in content recommendation & moderation in social media advertising to augment the effectiveness of ad campaigns via ensuring that ads are showcased to the ideal audience at the correct time.
Explore MRFR's Related Ongoing Coverage in ICT Domain:
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