‘AI is rapidly transforming the social media market’: report

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As generative artificial intelligence (AI) continues to notch impressive milestones, a new study from Research and Markets reveals that social media platforms are the leading adopters of the technology.

The report, titled “AI in Social Media Market – Forecasts from 2024 to 2029,” notes that industry players are leaning on AI tools to improve customer experiences and make personalized recommendations for users.

While social media reliance on AI is already at an all-time high, the report predicts a spike in adoption in the coming years that is expected to dwarf previous use cases. Key drivers of the AI surge include the need to tailor content for specific users for advertisements and recommended posts.

The report predicts a pivot to AI-powered chatbots to resolve customers’ queries, a move designed to mitigate the tasks of human customer service representatives. Furthermore, social media platforms are expected to apply AI for data analysis and key insights to lead competition in a rapidly evolving space.

Integrating AI tools offers users several capabilities, including post-scheduling and performance tracking. Specifically, social media managers can leverage AI to automate repetitious tasks, saving a great deal of time along the way.

“The ability to delegate these tasks to an AI-powered assistant provides managers with the opportunity to focus on more strategic activities that can lead to improved productivity and a stronger social media presence,” the report read.

Another key growth driver for AI in social media is the advancement in image recognition. Social media platforms can introduce new utilities, including automatic tagging and suggestions for new friends using AI-backed facial recognition technology.

Predictive risk assessment is another area fueling the rapid adoption of AI in social media, with sales and marketing notching similar interests.

In terms of technology, machine learning and deep learning currently lead the way, but the report predicts a spike in natural language processing (NLP) in the coming years.

Key players doubling their AI bets

Several heavyweights in the social media space have unveiled AI and Web3 tools to improve customer experiences. Meta (NASDAQ: META), the parent company of Instagram and Facebook, introduced new AI experiences, including a suite of chatbots gaining inspiration from cultural icons and influences.

Other social media platforms have rolled out AI-based image generators and video editing functionalities to keep up with the pace of innovation. In November, YouTube unveiled its latest AI features that allow creators to summarize comments on long-form videos, rolling out a music incubator to protect copyrights.

“Working together, we will better understand how these technologies can be most valuable for artists and fans, how they can enhance creativity, and where we can seek to solve critical issues for the future,” said YouTube CEO Neal Mohan at the time.

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