LONDON--(BUSINESS WIRE)--The global artificial intelligence (AI) in social media market is expected to post a CAGR of over 30%, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis during the period 2019-2023.
A key factor driving the growth of the market is the growing demand for data integration and visual analytics. The process of deploying and maintaining reliable data interfaces is difficult, owing to the complexity of the process and the huge volumes of data being generated across various end-user industries. Therefore, enterprises around the world are adopting data integration solutions. Al in social media allows real-time synthesizing of data to facilitate real-time analysis for effective decision-making. It enables enterprises to monitor, transform, and deliver data; understand business processes; and bridge the gap between businesses and IT. Similarly, Al in social media helps end-user companies integrate technical and business process data from different sources and convert it into meaningful business insights. Vendors in the market are also introducing Al-powered products to increase the Al capabilities of analytics. Thus, with such initiatives the market is expected to witness a positive outlook during the forecast period.
This market research report on the global artificial intelligence (AI) in social media market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing demand for smart homes and the development of smart cities as one of the key emerging trends in the global artificial intelligence (AI) in social media market:
Global artificial intelligence (AI) in social media market: Growing demand for smart homes and the development of smart cities
The concept of smart homes is growing as consumers' needs are changing, and consumers are focusing more on convenience through the use of electronic devices. Al in social media is being used in home appliances to predict consumer preferences based on historical data. The smart home market has the highest penetration in the Americas and Europe, with developing economies in APAC also adopting the concept. For instance, in India, Godrej Interior of the Godrej Group is developing connected homes. However, the company believes that it will take a couple of years for the concept to gain momentum in the country.
Amazon Alexa, an intelligent personal assistant developed by Amazon, enables voice-enabled control of smart home devices. Amazon Echo, another product by Amazon, is a speaker that controls all functions of a smart home. For example, it helps switch on the light just by giving voice commands. Another product is Google's Google Home, which is a smart speaker that also controls all features of a smart home. Many vendors in the market are trying to integrate these smart home devices with social media platforms. Thus, the market is expected to grow at a faster rate during the forecast period.
“Over the years, there has been an increase in automation of day-to-day processes. Correspondingly, the rise in the number of connected devices in end-user industries and among individual users has led to massive volumes of data being generated. Businesses have realized that this data can be used to optimize costs, deliver better services, and boost revenue. End-user companies are increasingly capitalizing on data analytics (data generated from the social media platforms of a company) to incorporate customer preferences and feedback. Data-guided decision-making is also being adopted by end-user industries to improve their product offerings,” says a senior analyst at Technavio for research on enterprise application.
Global artificial intelligence (AI) in social media market: Segmentation analysis
This market research report segments the global artificial intelligence (AI) in social media market by application (predictive risk management, consumer experience management, sales and marketing) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of over 45%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth, followed by the EMEA region.
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