Global Artificial Intelligence (AI) in Social Media Market 2019-2023 - Growing Demand for Smart Homes and the Development of Smart Cities to Boost Growth - Technavio
LONDON--(BUSINESS WIRE)--Nov 13, 2018--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 . However, the market is expected to decelerate on a year-on-year basis during the period 2019-2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181113005566/en/
Technavio has published a new market research report on the global artificial intelligence (AI) in social media market from 2019-2023. (Photo: Business Wire)
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 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.
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at .
View source version on businesswire.com:https://www.businesswire.com/news/home/20181113005566/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 11/13/2018 11:20 AM/DISC: 11/13/2018 11:20 AM