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) in social media market.
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The global Artificial Intelligence in social media market trends is segmented into organization size, technology, application, industry vertical, and region. Depending on the organization size, the market is divided into large enterprises and small and medium-sized enterprises (SMEs). Based on technology, it is categorized into machine learning and 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 vertical, it is bifurcated into BFSI, IT & telecom, retail and e-commerce, media & advertisement, education, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on industry vertical, the BFSI segment held the largest share in 2021, accounting for nearly one-fourth of the global artificial intelligence (AI) in social media market. The retail and e-commerce segment, however, would dominate the market in terms of revenue and witness the fastest CAGR of 31.7% during the forecast period. The report also provides an analysis of IT and telecom, media and advertisement, education, and other 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) in 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) in 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 analyzed in the study include Europe and LAMEA.
Key market players such as – 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 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 AI in the social media market growth. People remained at home during the lockdown, and this led to the 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 maximize the effectiveness of ad campaigns.
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