AI in social media market expected to be worth $12bn by 2031

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1. AI in social media market expected to be worth $12bn by 2031

The integration of AI in social media is driving a competitive and advertising revolution, with the global AI in social media market projected to reach USD 12 billion by 2031 from USD 992.7 million in 2021, growing at a compund annual growth of 28.7%. AI is being leveraged for effective advertising, providing real-time information on target audiences, and managing the surge in data generated through social media platforms.

By technology, the machine learning and deep learning segments are predicted to dominate the market in terms of revenue in 2031. The sales and marketing segment captured the largest market share in 2021, accounting for more than one-third of the global market, and North America led the global market, holding nearly two-fifths of it in 2021.

The COVID-19 pandemic has had a positive impact on the growth of AI in the social media market. The rise in the work-from-home trend and increased usage of social media applications during lockdowns have driven the growth of AI in this sector. Additionally, the pandemic has significantly impacted the advertising industry, with many companies cutting back on ad spends and relying more on AI-powered advertising tools to maximize the effectiveness of ad campaigns.

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2. Searches for “AI girlfriend” up 2400%

Artificial Intelligence is permeating daily life, however, AI’s role is expanding beyond enhancing workplace efficiency to serving artificial relationships through online platforms and search engines, reflecting a growing trend in AI companionship.

Google Trends data reveals a staggering 2,400% increase in search interest for AI girlfriends, with the demand for “AI girlfriend” garnering 49,500 hits per month. This surge in interest has led to the development and launch of numerous apps designed to meet the growing demand for AI partners, such as Romantic AI, offering the “best girlfriend ever” at users’ fingertips.

This trend highlights a shift in AI usage from being a mere productivity tool to becoming a companion, providing an alternative to the complexities and unpredictabilities of human interaction. One in five men on dating apps are utilizing AI for improved engagement, seeking AI’s consistency and predictability in contrast to the often messy and irrational nature of human relationships.

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3. Meta and Ray-Ban launch new AI powered smart glasses

Meta and EssilorLuxottica present the next-gen Ray-Ban Meta smart glasses, available from October 17, starting at $299 USD. These glasses are a technological leap, offering improved audio, an ultra-wide 12 MP camera, and hands-free livestreaming to social media platforms, powered by the Qualcomm Snapdragon AR1 Gen1 Platform for superior media processing.

The collection, available for pre-orders, combines style and innovation, featuring over 150 custom frame and lens combinations on the Ray-Ban Remix platform and is also prescription-lens compatible. They’re lighter, more comfortable, water-resistant (IPX4), and offer enhanced touchpad interactions.

Integrated with Meta AI, they promise an optimized, hands-free, on-the-go experience, allowing users to control features using voice commands. This integration marks a significant advancement in smart eyewear, blending enhanced functionalities, diverse styles, and intuitive user interactions, setting a new standard in the smart eyewear industry.

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4. AI and robotics to revolutionize medical practices

The synergy of AI and robotics is set to revolutionize medical practices, with advancements in both fields enhancing medical research, drug development, surgeries, and rehabilitation. Dr. Michael Yip and colleagues have explored the current progression and future possibilities of AI and medical robots, focusing on their transformative roles in various medical domains.

AI, coupled with robotics, is optimizing medical procedures, such as biopsies, by detecting dangerous masses and creating diagnoses, thus saving valuable time and resources for both patients and physicians. This synergy is also evident in surgeries and rehabilitation, where robotics assist in delicate procedures and recovery treatments, and AI enhances the accuracy and efficiency of these processes.

However, the implementation of AI-assisted robotics in healthcare faces several challenges, including the lack of high-quality medical data, issues with reliability and transparency, and the substantial training and costs required to implement these systems. These challenges highlight the need for proper preparations and adaptations in the healthcare system to fully integrate and benefit from these advanced technologies.

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5. AI is the multivitamin supplement revolutionizing industries

AI and related tools are becoming the focal point of conversations across industries, with the global generative AI market poised to surpass $22 billion by 2025. The technology is currently being tested across various sectors, with businesses leveraging AI-human synergy to foster entrepreneurship and business growth, making AI the “multivitamin supplement” for many industries.

AI has proven its efficacy in aggregating, parsing, and analyzing data and has become a reliable frontline customer service stand-in, providing basic assistance round the clock. It is strengthening existing operations and filling gaps, making work less burdensome for humans, and enhancing customer service experiences with more “human” interactions.

The benefits of human-AI collaboration are evident in various sectors. MarTech companies are utilizing AI-powered fraud detection to supplement human experts, easing the human workload and optimizing resources. Similar collaborative applications are observed in healthcare, manufacturing, and q-commerce, where AI assists in recovery treatments and performs routine tasks, allowing professionals to focus on core responsibilities.

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