The global artificial intelligence in marketing market was valued at US$ 12,044. 46 million in 2020 and is projected to reach US$ 107,535. 57 million by 2028; it is expected to grow at a CAGR of 31. 6% during 2021–2028.
New York, May 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Artificial Intelligence in Marketing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering, Application, End-Use Industry, and Geography" - https://www.reportlinker.com/p06073122/?utm_source=GNW
The rising adoption of customer-centric marketing strategies and increasing use of social media platforms for advertising are among the factors boosting the artificial intelligence in marketing market growth.However, scarcity of personnel well-versed with AI knowledge hinders the market growth.
Further, surge in the adoption of cloud-based applications and services creates notable opportunities for the artificial intelligence in marketing market players.
The use of artificial intelligence in marketing helps the marketers to use customer’s data to draw important insights of their buying behavior and preferences, among others.It is used in applications such as dynamic pricing, social media advertising, and sales & marketing automation.
Artificial intelligence uses concepts such as machine learning to know these patterns, which helps companies to plan their next move accordingly.In the recent years, there has been an unprecedented increase in social media engagement .
According to DIGITAL 2021, ~0.5 billion new users joined the world’s social media networks in the beginning of 2021. Moreover, in January 2021, there were 4.20 billion social media users worldwide. This number has increased by 490 million in the last year, representing year-on-year growth of more than 13%. During 2020, more than 1.3 million new users joined the social media streams on average every day, i.e., ~15½ new users every second.
Many companies have realized the platform’s tremendous potential and are using it for ecommerce, customer support, marketing, and public relations, among others.Artificial intelligence have become an unintegral part social media networks today.
Social networks such as Facebook, LinkedIn, Instagram, and Snapchat allow marketers to run paid advertising to platform users based on demographic and behavioral targeting. For instance, according to DIGITAL 2020, in January 2020, the potential number of people that marketers can reach using advertisements was 1.95 billion on Facebook, 928.5 million on Instagram, 663.3 million on LinkedIn, 381.5 million on Snapchat, 339.6 million on Twitter, and 169.0 million on Pinterest. Moreover, in January 2019, a total of US$ 89.91 billion was spent on social media ads. In the same month, the total global digital ad spend was US$ 333.3 billion, which accounts for 50.1% of the total global ad expenditure. Of the total digital ad spend, Google, Facebook, Alibaba, and Amazon accounted for 31.1%, 20.2%, 8.8%, and 4.2%, respectively. Thus, the increasing use of social media for advertising is bolstering the AI in marketing market growth.
Based on offering, the artificial intelligence in marketing market is segmented into solutions and services.In 2020, the solutions segment held the larger market share, and it is further projected to account for a larger share during 2021–2028.
However, the services segment is expected to register a higher CAGR in the market during the forecast period.
The COVID-19 virus outbreak has been affecting every business globally since December 2019.The continuous growth in the number of virus-infected patients has governments to put a bar on transportation of humans and goods.
However, on the contrary, COVID-19 on the other side is anticipated to accelerate private 5G and LTE adoption.Among B2C and consumer, the data consumption is expected to grow as social distancing continues.
Also, the enterprises pivot to digital models and function virtually, the rate of data consumption will endure to boom and as result creating demand for establishing connectivity-centric ecosystem.
The Industrial Bank of Korea (IBK), European Association for Artificial Intelligence (EurAI), European Lab for Learning & Intelligent Systems (ELLIS), Organization for Economic Co-operation and Development, and Association for the Advancement of Artificial Intelligence (AAAI) are among the prime secondary sources referred to while preparing this report.
Read the full report: https://www.reportlinker.com/p06073122/?utm_source=GNW
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