Artificial Intelligence
Social Listening Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)
New York, Aug. 09, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Social Listening Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06484435/?utm_source=GNW
The Social Media Listening Market size is expected to grow from USD 7.41 billion in 2023 to USD 14.21 billion by 2028, at a CAGR of 13.90% during the forecast period (2023-2028).
Factors such as increased spending by firms on social media listening tools, government bodies’ adoption of the tool, various brands incorporating social listening solutions to establish themselves as market players, and a rise in social media usage are some expected elements to propel the studied market. Further, any firm that wants to stay ahead of the competition must first understand its customers—who they are, how they behave, and what inspires them. One method to accomplish this is to immerse themselves in the most recent trends, demonstrating an understanding of what is happening. Social media listening is a technique that will help businesses connect with their target audience. It will assist the industry in listening to the voice of customers to understand how they communicate with one another and with brands.
Key Highlights
According to Meltwater’s survey report on the state of social listening in the previous years, based on more than 650 survey responses from various industry professionals, the company aimed to better understand how companies approach listening activities, how useful they believe such efforts are, and how they think they could be improved. According to survey results, over 61% of organizations have implemented a social listening system and are monitoring for keyword mentions. Almost 80% of brands aim to track brand mentions, with industry keywords and hashtags as the second most prevalent features. Fewer firms follow relevant thinking leaders in their area or employee mentions; this likely suggests that most businesses do not look to display their thought leaders externally, which would naturally place more attention on this component.
Further, according to the social intelligence lab social listening report of the last year, which polled over 350 social listening professionals worldwide, including those from the United States, the United Kingdom, and countries in Europe, Asia, the Middle East, and Latin America, over 80% of respondents utilized multiple social listening tools. One-third spend more than USD 100,000 on their social listening stack. Most respondents (55%) also stated that they utilize two or three tools. Less than 20% of people exclusively use one tool for their social intelligence needs.
Government bodies are adopting social listening solutions to analyze situations much faster. For instance, in September last year, the World Health Organization (WHO) created a public health taxonomy to aid in infodemic monitoring and the creation of insights from monkeypox dialogues. The technical document outlines how social listening can be applied to monkeypox talks to yield informational insights for public health responses. Taxonomies are used to better organize and structure analytics, particularly when merging data sources of diverse quality and kind.
Further, many well-known brands already use social listening to fuel product creation. L’Oréal, for example, uses social listening to identify market trends and discover what consumers want. Although millions of brands rely on social listening to improve their goods, L’Oréal incorporates social listening into some essential brand choices. When L’Oréal was confronted with deciding which hair product to produce, they turned to social media to find the most promising trend. The organization investigated user-generated content and made its consumers’ voices heard on social media.
On the flip side, as each site has different privacy and data collection policies, social listening programs have limited access to data from some. Several prominent social networks also restrict data exchange. As a result, the tools for those platforms can only display a subset of the data they collect. These findings are based on insufficient data. Furthermore, private chat channels such as Discord, Clubhouse, and WhatsApp are inaccessible to social listening technologies. The only way to find out what’s going on on these sites is to join as an individual and observe. Further, according to last year’s Social Intelligence Lab social listening report, data accuracy and quality tend to be more of an issue for agencies (31% vs. 19% of brands). However, the need for an organizational-wide vision for social listening appears more difficult for brands (29% vs. 18% for agencies).
The application of social listening approaches for humanitarian and health response, risk communication and community engagement (RCCE), and “infodemic”management increased unprecedentedly during the COVID-19 pandemic. While social listening for humanitarian and health objectives were not new, the pandemic drastically boosted its use because of the difficulties involved with in-person community participation when emergency public health and social measures (PHSM) were in effect. This increasing focus resulted in various social listening outputs created by humanitarian and health organizations and communicated through several Risk Communication and Community Engagement (RCCE) national, regional, and global spaces.
Social Listening Market Trends
Rising Number of Social Media Users is Expected to Drive the Market
Social media users worldwide routinely share videos, messages, and links. The increased use of personalized feed-based apps in Europe will likely drive the number of social media users. Furthermore, the growing desire in India for encrypted and self-destructive messaging-based social apps is propelling the social media company’s growth. Again, the rising demand for video chat services in Saudi Arabia is boosting business growth. Furthermore, the ease of access to in-app purchase-based social networking apps is increasing their global appeal. Moreover, according to DemandSage, over 4.9 billion social media users will be worldwide in the current year. The typical social media user switches between 6 and 7 platforms every month.
According to Eurostat, many businesses use social media in the EU. Over half of the companies (59%) reported utilizing at least one social media platform in recent years, representing a 22% point increase from 2015 (37%). Social media use was most prevalent in Malta (84%), followed by Sweden, the Netherlands (both 80%), and Finland (79%), while it was least prevalent in Romania (36%), Bulgaria (39%), and Slovakia (45%). Such a rise in social media users in the region would create an opportunity for social media listening solution providers to develop new solutions to capture market share.
Additionally, YouTube has about 44.8 crore users in India, while WhatsApp has over 53 crore users, according to the Ministry of Electronics and Information Technology (MeITY) (India).Facebook has approximately 41 crore, whereas Instagram has approximately 21 crore. Further, according to Omnicom, YouTube was the most popular online medium in India last year, with media consumers spending up to 108 minutes a day on average. TikTok, a short video format app, had the least frequent usage, with users spending just over 20 minutes daily on the platform.
According to Meta Platforms, Facebook is the world’s most popular online social network, with around 2.96 billion monthly active members as of the fourth quarter of last year. In the second quarter of 2017, the platform exceeded two billion active users, a feat accomplished in just over 13 years. As of January last year, India had the most extensive audience base on Facebook, with almost 330 million users, followed by the United States, which had approximately 179 million users. The platform is also quite popular in Indonesia and Brazil. Facebook was the platform on which US users spent the most time daily before last year. The average time spent on Facebook was 33 minutes, followed by TikTok at 32 minutes and Twitter at 31 minutes daily. Such a rise in social media users would drive demand for the studied market.
Moreover, Ericsson says the global number of smartphone mobile network subscriptions reached over 6.6 billion in the last year and is expected to hit 7.8 billion by 2028. The countries with the most smartphone mobile network subscriptions are China, India, and the United States. Such a huge rise in mobile subscriptions would raise the number of social media users in the market, which could significantly drive the demand for social media listening solutions.
North America is Expected to Hold a Significant Market Share
North America is one of the prominent regions for the growth of the social media listening market; due to the rise in digital advertising budgets, even more significant corporations in the North American region are expected to drive the market. And, in terms of digital outlets, social media will be their best bet. According to specific surveys, many brands increasingly choose social channels to generate engagement over the traditional display networks they have relied on. The availability of improved engagement data and deeper insights into targeted audiences is one of the primary elements driving this shift. Social listening will assist marketers in creating more engaging social ads that convert—or, at the very least, create more relevant and timely ads that will increase engagement by a large percentage.
For example, brands in North America that use social listening inputs might develop ads utilizing tools like Facebook’s tailored ad experiences. This tool assists marketers in dynamically reaching out to their target audience by changing formats (carousel, collection) and calls-to-action depending on who is delivered to. The brand’s capacity to provide tailored advertisements based on social listening insights also prompted the recent release of Instagram shopping. LinkedIn, too, has adopted dynamic advertisements. Eventually, all social media networks would get on board.
Moreover, various industries are adopting social listing strategies to provide better service to their customers, for instance. Taco Bell is a fast-food chain with an active social media presence. The firm is well known for its social listening strategy. They listen to their clients in real-time, respond in real-time, and communicate with them through social media. Their foremost priority is customer service. They also use social listening to provide the finest service possible. They retweeted everything positive expressed about their brand. They frequently interact with netizens to enhance their social media presence. They not only cherish their consumers’ opinions, but they also respond to their problems. Taco Bell, for example, has received complaints from customers on social media regarding the cheese in the quesadilla. They emailed the concerned establishment and reminded them to follow the recipe for ensuring customer satisfaction.
Further, with the rise in demand for social listening solutions, regional firms are providing various solutions that would help capture market share and expand their presence. For example, Awarious’ social media APIs and its search bots crawl 13 billion web pages daily to locate all mentions of users’ brands on social networks (Twitter, Facebook, Instagram, YouTube, Reddit), blogs, news, reviews, and the rest of the web. Awario goes beyond ordinary searches. Users can use a boolean search to narrow or broaden results by utilizing search parameters when configuring a monitoring alert.
The internet is flooded with examples of brands fostering true innovation through social listening. There are no limitations to the future breakthroughs that brands can make by applying strategies based on social listening data. For example, Avon created a product that it claims is the ultimate flagship product in its category by studying over a million comments on mascara online. Netflix discovered several users fell asleep while viewing shows through persistent social listening. Although it is typical for people to fall asleep while watching television, Netflix recognized an opportunity to demonstrate that they listen and are as innovative as a great brand should be.
Social Listening Industry Overview
The social media listening market is fragmented, with many prominent players such as Talkwalker, Brandwatch, Meltwater, Digimind, and other corporations continually spending on strategic partnerships and product development to increase market share. The following are some recent market developments:
In March 2023, Digimind introduced the first social listening solution, which combines two robust artificial intelligence engines to provide consumers with complete insight into their online presence. The system combines Digimind AI Sense and OpenAI ChatGPT, providing a streamlined method for gathering, analyzing, and acting on online discussions. DigimindAI Sense is the operation’s data scientist, recognizing peaks and supplying consumers with the required information. Meanwhile, ChatGPT summarizes the data findings as the business analyst.
In September 2022, Khoros, a customer engagement software and services firm, and Talkwalker, a consumer intelligence and deep listening startup, announced a collaboration to provide brands with world-class social media management, intelligence, and deep listening. The strategic partnership will provide businesses with the necessary resources to sync with market trends and audience movements, from insights to action. Khoros consumers now have access to in-depth insights due to deep listening. Customers of Talkwalker also have access to a complete social media management system that includes tools for taking action on insights at scale and the capability to engage with and meet customers wherever they are active.
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Artificial Intelligence
Lucinity’s AI Innovation Recognized at Microsoft’s Prestigious Global Partner Awards 2024
REYKJAVIK, Iceland, June 28, 2024 /PRNewswire/ — Lucinity has been recognized as a finalist in the AI Innovation category at the prestigious Microsoft Global Partner Awards 2024, recognizing its breakthrough AI solution and contribution to financial security through its collaboration with Microsoft.
Lucinity beat more than 4,700 companies to be named a finalist at the annual Microsoft Global Partner Awards, which highlights Lucinity’s achievements as a Microsoft partner in optimizing business processes, improving customer experiences, and opening new pathways for digital transformation.
This achievement comes in addition to winning two prestigious awards at Microsoft Partner Awards 2024 last month, including Partner of the Year – Iceland, and the Sustainability and Social Impact award.
The accolade recognizes Lucinity’s significant advancements in AI for financial crime operations, particularly through their AI-powered copilot, Luci. This innovative solution utilizes Microsoft Azure OpenAI technology to integrate advanced generative AI into financial crime investigations and regulatory compliance, optimizing processes and saving significant time and resources for financial institutions.
The Lucinity platform streamlines compliance, provides instant insights, and reduces typical investigation times from three hours to just 30 minutes. The technology can also save financial institutions an estimated $100 million in productivity savings, as well as savings in training and recruitment.
Microsoft comments on Lucinity’s award recognition, saying “Financial crime profoundly impacts our global community, with far-reaching economic, security, and social implications. It can harm a country’s reputation and increase exposure to criminal activities, emphasizing the critical need for robust anti-money laundering initiatives and persistent vigilance. Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
“Being recognized as a finalist at the Microsoft Global Partner Awards is validation of our impactful collaboration with Microsoft in financial crime operations. Our partnership has been pivotal for our innovations, enabling us to use Azure OpenAI to bring tools like Luci to life and deliver impactful results for our clients,” says Guðmundur Kristjánsson, Founder & CEO of Lucinity.
Contact:Name: Celina PabloEmail: [email protected]: +354 792 4321
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Artificial Intelligence
Asia Pacific View: Foreigners Looking for the Most Practical Smart Technology at the 2024 World Intelligence Expo
BEIJING, June 28, 2024 /PRNewswire/ — Bionic robots that speak both Chinese and English can have the same skin and nails as humans? A flying car powered solely by wind can have a maximum payload of 160 kg? A smart wheelchair can control its operation with just the “mind”? Kevin and Daria, two foreign bloggers, have experienced during the World Intelligence Expo held in Tianjin how the artificial intelligence can empower people’s future lives in industries such as technology, trade, logistics and cultural tourism.
With the theme of “Intelligent Travel Empowering Future”, the Expo integrates exhibitions, experiences and events, attracting more than 550 exhibitors and institutions from all over the world, including more than 70 well-known enterprises such as Huawei, Alibaba, Baidu and Danfoss, and 57 universities and research institutions such as Peking University, Tsinghua University, Nankai University and Tianjin University. The Expo set up 10 major themes such as artificial intelligence, intelligent networked vehicles, intelligent manufacturing and robots, covering the frontier hot spots of the intelligent industry. A number of cutting-edge new technologies, new products, and new experiences from all over the world were showcased centrally, reminding people that technology will completely change the lifestyles in the future.
At the exhibition site, various intelligent robot products such as humanoid robots, bionic robots, and intelligent robot dogs interact with the audience on the spot. They are no longer fantasies in science fiction or movies, but play an important role in monitoring, rescue, cultural tourism and other fields. In the low-altitude economic exhibition area, a number of drones, flying vehicles, and aerospace technology companies collectively display advanced technology products. A low-altitude aircraft shaped like a helicopter brought by the German company Tensor can independently complete cargo transportation, takeoff and landing according to pre-set routes according to the instructions. Robotic arms incorporating technologies such as 5G, IoT, edge computing, rocker robotics, and artificial intelligence can shoot high-frame-rate video and support autofocus, achieving effects that cannot be achieved in traditional shooting modes. Viewers can also have more novel experiences with the help of smart technology.
The Expo also hosted three major events such as the Asia-Pacific Robotics World Cup Tianjin International Invitational, the World Intelligent Driving Challenge, and the International Intelligent Sports Conference. A number of technological achievements and innovative applications were demonstrated in the competitions. For exhibiting companies, this Expo is also an opportunity to further promote the transformation of enterprises to information technology and digitalization, and will also bring huge business opportunities.
Contact: Guo RanPhone: 008610-68332663Email: [email protected]
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USA News Group Commentary
Issued on behalf of Avant Technologies Inc.
VANCOUVER, BC, June 28, 2024 /PRNewswire/ — USA News Group – The world is changing rapidly thanks to artificial intelligence (AI), with what’s being called the Transformative AI era which comes with great benefits and also potential dangers. The economic impacts are global, with a new report from The Bank for International Settlements (BIS) urging central banks to adapt rapidly to AI advances. Now it’s become apparent how important it is for companies to understand how to harness the full potential of GenAI to secure strategic revenue growth in the coming years. The surge of AI’s usefulness is accelerating innovation in R&D, while behind the scenes tech companies are advancing the infrastructure required to keep this revolution going, including new developments from Avant Technologies Inc. (OTCQB: AVAI), Accenture plc (NYSE: ACN), Cloudflare, Inc. (NYSE: NET), Alphabet Inc. (NASDAQ: GOOG, GOOGL), and Amazon.com, Inc. (NASDAQ: AMZN).
Known for pioneering advancements in AI, Avant Technologies Inc. (OTCQB: AVAI) has persistently refined and expanded its premier offering, Avant AI™. This sophisticated AI platform, celebrated for its machine learning and deep learning capabilities, is the culmination of Avant’s efforts to deliver unprecedented and cost-effective compute infrastructure that unlocks the full potential of AI and ushers in a new era of technological advancement.
“There is a real unmet need as rapid growth across the entirety of the AI and big data industries is outpacing the necessary infrastructure for an industry that demands exponential power and capacity while remaining cost effective,” said Avant’s CEO William Hisey in a recent address of progress on AI supercomputer-driven data centers. “Avant’s ‘edge-native’ approach doesn’t rely on cloud-based services so we can offer AI and big data companies many advantages over the more familiar ‘cloud-native’ approach, including, reduced latency, improved security and privacy, increased scalability, and reduced costs.”
In a recent strategic development, Avant entered into a Binding Letter of Intent (BLOI) with Flow Wave, LLC (FW), a prominent Florida-based firm specializing in immersible computer server technology. This agreement allows Avant to acquire up to 50 cutting-edge immersible computer servers from FW, in a transaction valued at $50 million.
“By integrating proprietary machine learning algorithms with open-source innovations into these servers, Avant is developing a highly intelligent system designed to optimize resource allocation, enhance performance, and drive unprecedented levels of efficiency and automation,” said Hisey. “This marks the beginning of a new era for Avant Technologies, positioning us at the forefront of the supercomputer-driven data center industry and setting new standards for managing and storing AI applications.”
Flow Wave Immersible AI Supercomputer Servers are engineered for demanding AI and machine learning applications, delivering powerful processing capabilities that accelerate data analysis. Their cutting-edge cooling system is both energy-efficient and cost-effective, reducing environmental impact. These servers’ compact design facilitates easy installation in space-constrained data centers, and their robust construction ensures longevity and lower maintenance requirements.
In response to digital era challenges, Avant intends to acquire up to 50 of these high-performance servers. Their superior cooling technology boosts performance while conserving energy, aligning with Avant’s goal of providing top-tier AI infrastructure and maximizing efficiency. Additional details about the acquisition will be shared once the final agreement is secured.
In Q3 2024, Accenture plc (NYSE: ACN) brought in over $900 million in new Generative AI bookings, for a total of $2 billion fiscal year-to-date. Despite missing its overall earnings targets, the market responded by sending its shares upward.
“We achieved strong new bookings of over $21 billion, up 22% over last year, and continued to accelerate our strategy to be the reinvention partner of choice, with another 23 clients with quarterly bookings of over $100 million, bringing the total of such bookings to 92 year-to-date,” said Julie Sweet, Chair and CEO of Accenture. “We also achieved two significant milestones this quarter — with $2 billion in Generative AI sales year-to-date and $500 million in revenue year-to-date — which demonstrate our early lead in this critical technology.”
Back in May, Accenture took steps to help its clients to scale their Generative AI responsibly.
“Clients are eager to embrace the potential of generative AI, and we are ready to help them build responsible AI into every use,” said Sweet. “We do this for ourselves, and we can use that example to help our clients find success faster. Our focus is to enable our clients to innovate AI safely and be ready to seize the opportunities that AI will bring in the decades ahead.”
Recently, the cloud-based security solution provider Cloudflare, Inc. (NYSE: NET) unveiled the general availability of its AI Gateway platform. Marketed as a comprehensive interface for managing and scaling generative AI workloads, the platform has transitioned from its beta phase, which started in September 2023, to full client use after successfully handling over 500 million requests.
This launch coincides with Cloudflare’s announcement of a partnership with Hugging Face, a leading platform for AI developers. The collaboration offers a one-click global deployment for AI applications via the Workers AI platform, now also generally available. As the first serverless inference partner integrated on the Hugging Face Hub, this allows developers to deploy AI models quickly, easily, and cost-effectively on a global scale, without the need for managing infrastructure or paying for unused compute capacity.
“Workers AI is one of the most affordable and accessible solutions to run inference,” said Matthew Prince, CEO and co-founder, Cloudflare. “With Hugging Face and Cloudflare both deeply aligned in our efforts to democratize AI in a simple, affordable way, we’re giving developers the freedom and agility to choose a model and scale their AI apps from zero to global in an instant.”
In the education space, Alphabet Inc. (NASDAQ: GOOG, GOOGL) through Google, is bringing new AI tools to Google Workspace for teen students using their school accounts to help them learn responsibly and confidently in an AI-first future, and empowering educators with new tools to help create great learning experiences.
“In the coming months, we’re making Gemini available to teen students that meet our minimum age requirements while using their Google Workspace for Education accounts in English in over 100 countries around the world, free of charge for all education institutions,” said Google in a blog post. “To ensure schools are always in control, Gemini will be off by default for teens until admins choose to turn it on as an Additional Service in the Admin console.”
Google has also developed a number of resources and trainings to help students, parents and educators use generative AI tools responsibly and effectively, including a video on how teens can responsibly use AI while learning.
After recently hitting a $2-trillion valuation, Amazon.com, Inc. (NASDAQ: AMZN) continues to be a big player in the AI space. Now it’s reportedly working on its own AI chatbot that some say might be smarter than ChatGPT, named Metis, which will generate answers by grabbing info from the internet.
Metis is driven by an internal Amazon AI model known as Olympus, drawing inspiration from Greek mythology. According to sources, Olympus is a more advanced version of Amazon’s publicly available Titan model.
Amazon’s CEO Andy Jassy has noted that nearly every division within the company is engaged in some form of AI project. As a pioneer in cloud computing, Amazon has been developing machine learning, a subset of AI, for many years. Jassy recently announced that Amazon’s AI initiatives are projected to generate over $1 billion in annual revenue, with expectations of driving “tens of billions of dollars” in sales in the coming years.
However, Amazon has lagged in the realm of consumer AI assistants. An internal document from last year highlighted that Amazon “does not have a publicly or internally available product that looks and works exactly like ChatGPT.”
According to a source reported by Business Insider, the tentative launch date for Metis is September, right around the time when Amazon is set to host a big Alexa event, although the timeline could still change.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
CONTACT:
USA NEWS [email protected](604) 265-2873
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