AI offers a monitoring tool to deliver actionable insights collected from a brand’s social media profiles and audience in near real-time, giving brands an edge above their competitors. Read more…
The global AI in the social media market is garnering significant traction. This growth is majorly attributed to the increasing adoption of AI-based technologies in various social media platforms and AI-enabled smartphones worldwide. There are many AI-powered social media monitoring and marketing tools commercially available across a number of use cases.
Nowadays, social media has become a proven marketing platform for brands to increase revenue and reduce costs, getting more value and engagement from every online conversation on social media channels. Market Research Future (MRFR) asserts that the global AI in social media market can touch a valuation of USD 2.6 BN by 2023, growing at a whopping CAGR of 28.6% throughout the review period (2018-2023).
AI offers a monitoring tool to deliver actionable insights collected from a brand’s social media profiles and audience in near real-time, giving brands an edge above their competitors. Various renowned brands today leverage the power of AI to analyze social data at scale, understand them, and extract insights based on that information.
The data, properly applied, allows AI social media monitoring tools to help track & monitor global brand mentions, find emerging consumer trends & new audiences to target, track brand reputation, and identify promising new avenues for social media promotion.
AI uses data from social media audiences to learn what makes a particular headline, keyword, and images in posts to drive larger engagement, discover new audiences & trends based on sentiment analysis, predict consumers’ buying patterns, and then target them with social messages.
It can also help reduce costs across social media marketing activities by making the content more efficient and automated. AI can automate and scale content creation for social media, automatically resizes & reformat creative for different channels, and automatically targets social media audiences with ads, and regulates spending.
Trends Driving the AI Adoption in Social Media
AI sees strong market opportunities and promises for the future. This extensive use of AI technology in social media ensures first-in-class enterprise solutions to transform business operations. Also, the growing use of AI-enabled media monitoring services offering real-time insights into sharing social media coverage and deeper competitive analysis influence the market demand.
Customers are moving their service interactions onto social media. Social media has emerged as a preferred channel for customer service interactions as people increasingly expect rapid responses 24/7. This, as a result, allows companies to leverage social media channels to differentiate their service experience. Fast-growing tech companies use AI to shape customers’ behavior and expectations.
Businesses are under tremendous pressure to build the right strategy, organizational structure, processes, and empowered resolution teams. Many leading companies use social media platforms to drive positive brand experiences and be present to respond to their customers on their preferred social channels. However, these companies face many challenges as they shift toward using social media channels as a full-service channel to efficiently deliver end-to-end customer services.
Increasing numbers of social media users, alongside the rising adoption of sales and marketing applications, excellently contribute to market growth. On the other hand, availability constraints of AI experts and slow digitization rates are some of the major factors estimated to hamper the growth of AI in social media during the assessment period.
Governments’ Regulations Impacting the Social Media Use
Governments of the European Union (EU), the US, and China are increasingly reforming Internet privacy and security regulations. Various regulations are set as building blocks for the AI-driven future. The EU has set General Data Protection Regulation (GDPR), a single legal interface for the entire digital market in the European region.
EU has strict rules about data protection and imposes large penalties for non-compliant actions, irrespective of the domicile/headquarters of the offending platform/ organization. EU’s new Digital Markets Act, passed in late March 2022, aims to create a safer digital space to protect the fundamental rights of users are protected and establish a playing field for businesses.
Industry Players’ Strategies to Follow
Major players make significant investments in developing AI tools and implementing AI on social media platforms. Key technology providers form strategic partnerships and acquire small yet promising companies to gain a larger competitive advantage.
For instance, on May 18, 2022, Crowd Media announced entering into a conversational AI partnership with SourceFlare (Israel), a business intelligence platform to supercharge sales and lead generation. The new Binding Heads of Agreement (HOA) will allow Crowd Media (CM8) to integrate its Talking Head platform with the SourceFlare marketing platform to empower SourceFlare and its clients to deepen customer acquisition and accelerate lead generation.
In another instance, on May 03, 2022, Meta Platforms Inc., the Facebook owner, introduced an open pre-trained transformer (OPT-175B) model to open up access to a large language model for AI research. This open Pre-trained transformer (OPT-175B) model would improve researchers’ abilities to understand how large language models work.
The social media company said its model is the first 175-billion-parameter language model available to the broader AI research community. Large language models are natural language processing systems trained on massive volumes of text and are capable of answering reading comprehension questions or generating new text.
Read: Artificial Intelligence: How and Why To Implement It in Your Company