The global Artificial Intelligence in Social Media market to worth USD 2,197.1 million by 2023, at a mounting CAGR of 28.3 percent. Issued by MarketsandMarkets™, the market research report by technology, segmented into Machine Learning, Deep Learning, and NLP; by Application, Sales & Marketing, Customer Experience Management, and Predictive Risk Assessment. The market is also divided into the component, enterprise size, end-user, and by region. The global AI in the social media market, in 2017, was USD 465.2 million.
The research report intended to offer detailed insights regarding the key factors like key drivers, limitations, opportunities, and difficulties that are affecting the growth of the market. The rising adoption of the AI tech for a range of applications in the social media sector and use of AI-powered smartphones are anticipated to drive the growth of the AI in the social media market. Other technologies, such as the Natural Language Processing (NLP) is also predicted to cultivate at the highest CAGR during the forecast period. The NLP technology, in the AI in the social media market, is utilized to amass, analyze, and envisage customer-related data like responses to particular products and services. Natural Language Processing is also utilized to comprehend human languages through virtual Chatbots. The use of the NLP technology in social media platforms has increased that aids in providing 24/7 services to customers.
The market for AI in Social Media, on the basis of enterprise size, is classified into Small and Medium-sized Enterprises (SME). Among these, the SMEs segment is predicted to have the largest market share during the forecast period. The escalating demand for the assimilation of the AI technology with social media platforms is likely to have accelerated the growth of the SMEs.