Market Trends of AI in Social Media Industry
This section covers the major market trends shaping the Artificial Intelligence in Social Media Market according to our research experts:
Retail Industry to Witness a Significant Growth
- The growing social media usage for online shopping and other e-commerce activities is expected to propel the retail segment's growth. Social media platforms are becoming increasingly popular as retail businesses use them to strengthen customer relationships. AI in social media helps retail brands predict marketing trends, make their promotions more effective, rank higher than their competitors, and get other benefits.
- AI makes it possible for the retail industry to offer personalized product suggestions, in-store experiences that are based on data, and image recognition searches through social media posts to find hidden patterns.
- Retailers like Target, Walmart, and others need to use AI to boost sales and customer loyalty because they depend on consumers spending more and face tough competition from e-commerce platforms.
- In July 2022, Google partnered with the H&M Group, a multinational fashion retailer. The firms plan to design and create a corporate data backbone through this partnership, including a core data platform, cutting-edge ML and AI capabilities, and data products.
- Moreover, in March 2022, Microsoft collaborated with ASOS, a British fashion retailer. The firms agreed to collaborate on a new project to accelerate Microsoft's strategic growth ambitions. Furthermore, this collaboration is expected to enable businesses to fulfill the growing demand for improved product availability and seamless and personalized digital experiences.
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North America is Expected to Hold Significant Market Share
- In the last few years, the area has been getting better because more money has been put into it to improve AI technology solutions.
- In April 2022, government activities and investments assist market growth. For instance, the Government of Canada declared that it would invest in enterprises and innovative technology. The Federal Economic Development Agency for Southern Ontario, FedDev Ontario, has announced a USD 5.7 million investment in the artificial intelligence (AI) business Canvass Analytics Inc. (Canvass AI).
- The growing investment in AI by various companies is expected to drive AI in the social media market in the region. For instance, in October 2022, Google, a subsidiary of Alphabet Inc., will be in talks to invest around USD 200 million in the Canadian start-up Cohere Inc. The startup in artificial intelligence made a long-term deal with Google to provide processing power for training its software models.
- Social media platforms are one of the first choices for marketing products and services. As a result, end users, such as BFSI, e-commerce, retail, and others, are shifting toward artificial intelligence to bolster their performance on social media channels.
Further, the United States, with an index score of 88.16, is the top-ranked nation worldwide in 2021, according to the government's artificial intelligence (AI) readiness index rankings.
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