What Has Been Social Media Market in Recent Years?
The social media market has seen considerable growth due to a variety of factors.
• The dimension of the social media market has rapidly expanded in the preceding years. It is projected to escalate from a figure of $252.95 billion in 2024 to reach $286.53 billion in 2025, with a compound annual growth rate (CAGR) of 13.3%.
Factors such as increased internet accessibility, widespread use of smartphones, enhanced social interconnectivity, a culture of sharing content, and the uptake of visual content have all contributed to this historical growth.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Social Media Market?
The social media market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, a swift expansion is anticipated in the social media market size, increasing to $466.56 billion in 2029 with a compound annual growth rate (CAGR) of 13.0%.
Factors contributing to the growth within this projected period include the integration of e-commerce, the advancement of augmented reality (AR) and virtual reality (VR), enhancements in privacy and security, dominance of short-form videos, and the rise of influencer marketing. The forecast period is also marked by significant trends like the dominance of short-form videos, the growth of ephemeral content, the emergence of social commerce, the proliferation of audio-based platforms, and a heightened focus on privacy.
What Are The Key Drivers Fueling Growth In The Social Media Market?
The escalation in the adoption of mobile devices, tablets, and other electronics, along with an increase in data usage, will propel the social media market forward. The surge in purchases of devices such as smartphones and tablets that allow internet access results in a higher amount of time spent on social media platforms. For instance, the International Telecommunication Union (ITU), an United Nations agency based in Switzerland, shared in a November 2022 report that global Internet access reached around 5.3 billion individuals, or 66% of the world's population, in 2022. This marked a 6.1% growth from the previous year. It is anticipated that this expanding use of smartphones will boost internet usage, and consequently, stimulate the growth of the social media market.
What Are The Key Segments Within The Global Social Media Market?
The social media market covered in this report is segmented –
1) By Type: Social Media Advertisement, Social Media Subscription
2) By Service: Social Networking, Micro Blogging and Instant Messaging, Photo Sharing Networks
3) By End-User Industry: Retail and Wholesale, Transportation Manufacturing, Food and Beverages, Financial Services, Information Technology, Electrical And Electronics Manufacturing, Media and Recreation, Transportation Services, Healthcare, Other End-User Industries
Subsegments:
1) By Social Media Advertisement: Display Ads, Sponsored Posts, Video Ads, Influencer marketing
2) By Social Media Subscription: Premium Memberships, Ad-Free Subscriptions, Exclusive Content Access, Subscription-Based Features
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How Are New Trends Impacting The Size Of The Social Media Market?
Revenue generation for social media corporations is being driven by their offerings of platforms for the electronic commerce of goods and services. This is likely due to the growing internet and smartphone access leading consumers to increasingly embrace e-commerce and online shopping. Data from the U.S. Census Bureau showed that retail e-commerce sales for the second quarter of 2023 reached $269.5 billion, marking a 7.7 percent (1.4%) raise from the same period in 2022. Social media platforms are leveraging on consumer's social behavior, geographic placement, and demographics to provide targeted advertising. Instagram has introduced a 'Shopping' feature on the 'Explore' page in its app, a reflection of this trend. Findings from a 2022 Instagram for Business survey showed that 44% of respondents use Instagram on a weekly basis to shop via features such as the Shop tag. Other players in the social media space like Snapchat and Twitter are also incorporating shopping ads to their platforms to enable direct purchases.
Who Are the Key Players in the Social Media Market?
Major companies operating in the social media market include:
• Meta Platforms Inc.
• Youtube LLC
• Instagram LLC
• Twitter Inc.
• LinkedIn Corporation
• Snap Inc.
• Pinterest Inc.
• TikTok Inc.
• Reddit Inc.
• WhatsApp Messenger
• WeChat
• Tumblr
• Discord Inc.
• Twitch Interactive Inc.
• Foursquare Labs Inc.
• Yelp Inc.
• Nextdoor Inc.
• VKontakte Ltd.
• Sina Weibo
• LINE Corporation
• Viber Media Sàrl
• Telegram Messenger LLP
• Meetup Inc.
• Tagged
• Hi5
• XING SE
• Renren Inc.
• Bebo Inc.
• Ning Inc.
• Classmates Online Inc.
What are the Regional Insights into the Social Media Market?
Asia-Pacific was the largest region in the social media market in 2024. Africa is expected to be the fastest growing region in the forecast period. The regions covered in the social media market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
