The market is being driven by the integration of artificial intelligence technology with social media for efficient advertising and to acquire a competitive edge. Many institutions now utilize chatbots with AI interfaces to communicate with their clients in the BFSI sector after heavily investing in banking assistants.
AI technology is being used by e-commerce businesses to provide customized product recommendations on social media user profiles. For instance, Amazon incorporates AI-driven product recommendations into each step of the purchasing process.
Additionally, it is anticipated that greater use of AI tools would raise demand for AI in social media. For instance, Cadbury started a project in January 2022 to give small business owners the ability to create free commercials using an AI tool that uses a celebrity’s voice and face.
AI was able to predict disease and mortality, develop early warning systems, and provide helpful information about sensitive regions by aggregating data from social media platforms. It was also able to predict the spread of COVID-19 infections.
To manage, develop, and integrate AI systems, businesses need a staff with specialized skill sets because AI is a complicated technology. Employees using AI systems, for instance, should be knowledgeable in technologies like image recognition, cognitive computing, and machine learning, including deep learning. Growth of the market is anticipated to be hampered by the shortage of AI technology professionals.