Integration of artificial intelligence technology with social media for effective advertising and to gain a competitive edge is driving the market.
PORTLAND, PORTLAND, OR, UNITED STATE, September 29, 2023 /EINPresswire.com/: Allied Market Research published a new report titled “The USD 12 Billion Artificial Intelligence (AI) in Social Media Market Expected to Reach by 2031.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and the competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain a competitive advantage.
The global artificial intelligence in social media market was valued at USD 992.7 million in 2021 and is projected to reach USD 12 billion by 2031, growing at a CAGR of 28.7% from 2022 to 2031.
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The rise in the integration of AI in social media applications for effective advertising, the growing popularity of AI in social media to provide real-time information on target audiences, and a surge in data generated through social media platforms drive the growth of the global artificial intelligence (AI) market in social media. By technology, the machine learning and deep learning segments would dominate the market in terms of revenue in 2031.
The global artificial intelligence in social media market trends are segmented into organisation size, technology, application, industry vertical, and region. Depending on the size of the organisation, the market is divided into large enterprises and small and medium-sized enterprises (SMEs). Based on technology, it is categorised into machine learning, deep learning, and natural language processing. By application, it is divided into sales and marketing, customer experience management, predictive risk assessment, and image recognition. Based on industry verticals, it is bifurcated into BFSI, IT & telecom, retail and e-commerce, media & advertisement, education, and others. Region-wise, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on technology, the machine learning and deep learning segment held the largest share in 2021, accounting for two-thirds of the global artificial intelligence (AI) market in the social media market, and would dominate the market in terms of revenue through 2031. The natural language processing (NLP) segment, however, is estimated to witness the fastest CAGR of 29.7% during the forecast period. The report also discusses the segments.
In terms of application, the sales and marketing segment captured the largest market share of more than one-third of the global artificial intelligence (AI) in the social media market in 2021 and is expected to lead the trail during the forecast period. However, the predictive risk assessment segment is likely to achieve the fastest CAGR of 31.3% through 2031. The report also discusses the customer experience management and image recognition segments.
Based on enterprise size, the large enterprises segment held the largest share in 2021, accounting for more than half of the global artificial intelligence (AI) market in the social media market, and would dominate the market in terms of revenue through 2031. The small and medium enterprises (SMEs) segment, however, is estimated to witness the fastest CAGR of 29.5% during the forecast period.
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Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global artificial intelligence (AI) market in the social media market, and is likely to maintain its dominance during the forecast period. The market in Asia-Pacific, however, is expected to manifest the highest CAGR of 31.7% from 2022 to 2031. The other regions analysed in the study include Europe and LAMEA.
The leading players of the global artificial intelligence (AI) market in the social media market analysed in the research include Baidu, Facebook, IBM Corporation, Microsoft Corporation, Adobe, Snap, Inc. (Snapchat), Amazon Web Services, Inc., Google LLC (Alphabet), Salesforce, Inc., and Hootsuite, Inc.
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Covid-19 Scenario:
● The outbreak of the COVID-19 pandemic impacted the growth of artificial intelligence (AI) in the social media market in a positive way.
● This is due to the rise in the work-from-home trend, which compelled employers to use AI-based social media, thereby driving the growth of AI in the social media market. People remained at home during the lockdown, and this led to increased usage of social media applications.
● Additionally, the pandemic had significantly impacted the advertising industry. Many companies cut back on their ad spends, leading to an increased focus on ROI and a greater reliance on AI-powered advertising tools to help maximise the effectiveness of ad campaigns.
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