ArtificialIntelligence (AI) is the theory and development of computer systems having thecapability of performing repetitive tasks that require human intelligence. TheAI in social media market is defined as the summation of AI products,solutions, and services for the social media sector. AI-based applicationsinclude sales and marketing, customer experience management, and predictiverisk assessment.
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MarketsandMarketsforecasts the global AI in social media market to grow from USD 465.2 millionin 2017 to USD 2,197.1 million by 2023, at a Compound Annual Growth Rate (CAGR)of 28.3% during the forecast period. The increasing user engagement on thesocial media and the integration of the AI technology with social mediaplatforms for effective advertising campaigns are expected to drive the growth ofthe AI in social media market. The major AI in social media vendors includeGoogle (US), Facebook (US), AWS (US), IBM (US), Adobe Systems (US), Baidu(China), Salesforce (US), Twitter (US), Snap (US), Clarabridge (US), Converseon(US), Sprinklr (US), Unmetric (US), ISentium (US), Cluep (US), Netbase (US),Spredfast (US), Synthesio (US), Crimson Hexagon (US), Hootsuite (CANADA),Sprout Social (US), Vidora (US), Meltwater (US), and Talkwalker (Luxembourg).The market players have adopted the strategies of new product launches, productenhancements, acquisitions, collaborations, and partnerships to offerfeature-rich products, solutions, and services to their customers and venturedeeper into untapped regions.
Facebookwas founded in 2004 and is headquartered in California, US. It builds anddevelops products that enable people to connect through smartphones, tablets,personal computers, and desktops. The company’s main products include Facebook,Instagram, Messenger, WhatsApp, and Oculus. These products engage peopleefficiently in communicating with their peers. In May 2018, Facebook opened AIresearch lab centers at Pennsylvania and Seattle, US, to train next-generationAI researchers.
Googleis another player in the AI in social media market. It is a multinational company thatwas founded in 1998 and is headquartered in California, US. The companyoperates through 2 business segments: Google and Other Bets. The Google segmentcomprises a wide range of products, such as Android, Ads, Google Cloud, GoogleMaps, Google Play, Search, YouTube, Chrome, Commerce, and hardware, whereas theOther Bets segment combines different operating segments that are not individuallysignificant. In March 2017, Google and Facebook together invested USD 150million to improve their AI research facilities in Canada.
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