AI in social media market forecast at $6.12B by 2028

The global AI in social media market size was valued at USD 0.74 billion in 2020 and is projected to reach USD 6.12 billion by 2028, growing at a CAGR of 28.82% from 2021 to 2028, according to Verified Market Research.

The increasing demand for smart homes and smart cities in developing countries and artificial intelligence technology in smartphones with the increase in the adoption of AI technology for various applications in the social media sector are the major factors driving the market growth. An increase in investment by e-commerce companies helps in product recommendations by social media users.

Moreover, increasing consumer awareness, the standard of living, with the rise in digitalization in the developing countries. With the help of AI technologies, people are aware of the trends in the market by getting a large amount of data on the social media platform to understand the trends and brands in the market are some of the essential drivers for the growth of the market globally.

Key developments

• On February 2020, Google sealed the acquisition of the analytics firm Looker to boost its cloud offerings.
• On June 2019, Twitter acquired Fabula AI to strengthen its machine learning expertise. Fabula AI is a London-based start-up with world-class machine learning researchers who employ graph deep learning to detect network manipulation.

Key players
The major players in the market are Google Inc, Facebook, AWS, IBM, Adobe Systems, Baidu, Salesforce, Twitter, Snap, and Clarabridge.

CT Bureau