Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "AI in Social Media Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The AI in social media market has grown exponentially in recent years. It will grow from $1.68 billion in 2023 to $2.16 billion in 2024 at a compound annual growth rate (CAGR) of 28.5%. The growth observed in the historical period can be attributed to several factors, including personalized content recommendations, improved user engagement strategies, advancements in image and video recognition technologies, the implementation of social listening and insights tools, and optimization in influencer marketing strategies.
North America was the largest region in the AI in social media market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global AI in social media market report during the forecast period.
The AI in social media market is expected to see exponential growth in the next few years. It will grow to $5.95 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%. The anticipated growth in the forecast period can be attributed to various factors, including tailored platform personalization, enhanced capabilities in spam and fake account detection, improved accuracy in trend prediction, precision in ad targeting, and innovations in AI-driven customer service. Noteworthy trends expected in the forecast period encompass platform customization and user experience enhancements, the integration of conversational AI and chatbots, advancements in content creation and curation, the application of visual recognition and augmented reality, as well as the implementation of sentiment analysis and social listening.
The anticipated growth of the AI in social media market is closely tied to the increasing usage of social media for online shopping. For instance, according to Influencer Marketing Hub in December 2022, social commerce sales in the U.S. were projected to reach $53.10 million, accounting for 5.1% of all online sales. In China, the share of total retail eCommerce sales through social apps increased from 11.7% in 2020 to 52% in 2022. The growing social media usage for online shopping is a key driver propelling the growth of the AI in social media market.
The expansion of social media marketing (SMM) is another significant factor contributing to the growth of the AI in social media market. According to a survey by The CMO Survey in March 2023, around 17% of the marketing budget was spent on social media marketing in 2020, and this figure is expected to increase to 20.3% in 2021. The growing emphasis on social media marketing activities is contributing to the increased adoption of AI in social media, driving market growth.
Technological advancement is a prominent trend gaining traction in the AI in social media market, with major companies actively developing innovative technologies to maintain their positions. In July 2022, Meta Platforms, Inc., a US-based technology company, introduced Sphere, a groundbreaking AI-powered tool. Sphere is the first AI model capable of instantly scanning millions of citations to determine their validity and support for associated assertions. This innovative AI program addresses the challenge of false information, or fake news, on the internet and across Meta's platforms, including Facebook, Instagram, and WhatsApp. Sphere aims to enhance the accuracy of information on Wikipedia pages by identifying and rectifying factual inaccuracies. The tool leverages a dataset comprising 134 million public webpages to quickly examine online citations and search for misinformation. By combatting the spread of misinformation, Sphere contributes to improving the overall accuracy and reliability of information online.
Major companies in the AI in social media market are strategically focused on developing technological innovations, including AI-powered social media writing assistants, to gain a competitive advantage. An AI-powered social media writing assistant is a tool that utilizes artificial intelligence to help users create engaging and consistent content for their social media platforms. In July 2023, CoSchedule, a US-based provider of content calendar, content optimization, and marketing education solutions, launched the AI Social Assistant. This feature is trained on data from millions of successful social media posts, ensuring that messages are optimized for engagement. The AI Social Assistant proves to be a powerful tool for marketers, saving time and effort by generating social media posts.
In April 2023, VideoVerse, an India-based media company, acquired Reely.ai for an undisclosed amount. This strategic acquisition aims to enhance VideoVerse's capabilities and better serve clients in the gaming and esports industries, where there is an increasing demand for AI-driven content production and delivery. Reely.ai is a US-based AI-powered content creation platform that provides artificial intelligence services in social media and gaming platform technologies, reflecting the growing importance of AI in catering to evolving industry needs.
Report Scope
Markets Covered:
- By Component: Solutions; Services
- By Technology: Machine Learning & Deep Learning; Natural Language Processing (NLP)
- By Enterprise Size: Small & Medium-Sized Enterprises (SMEs); Large Enterprises
- By Application: Customer Experience Management; Sales & Marketing; Image Recognition; Predictive Risk Assessment; Other Applications
- By End User: Retail; e-Commerce; Banking, Financial Services& Insurance (BFSI); Media & Advertising; Education; Public Utilities; Others End-Users
Key Companies Mentioned: Meta Platforms Inc.; International Business Machines Corporation; Microsoft Corporation; Adobe Inc.; Snap Inc.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Meta Platforms Inc.
- International Business Machines Corporation
- Microsoft Corporation
- Adobe Inc.
- Snap Inc.
- Amazon Web Services Inc.
- Google LLC
- Salesforce Inc.
- Twitter Inc.
- Baidu Inc.
- Hootsuite Inc.
- Clarabridge
- NetBase Solutions Inc.
- Talkwalker
- Converseon Inc.
- Sprinklr
- ByteDance Ltd.
- Pinterest Inc.
- Reddit Inc.
- Sprout Social Inc.
- Buffer Inc.
- Socialbakers Inc.
- Brandwatch GmbH
- Meltwater Group ASA
- Crimson Hexagon Inc.
- Khoros Inc.
- Falcon.io
- Zoho Corporation Pvt. Ltd.
- Brand24 sp. z o.o.
- Oktopost
For more information about this report visit https://www.researchandmarkets.com/r/34pt4v
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