Global Social Media Advertisement Market To Have Growth Rate Of 29% Through 2023
The global social media advertisement market is expected to grow from $86.41 billion in 2019 to $102.66 billion in 2020 at a compound annual growth rate (CAGR) of 18.8%. The growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing that has increased digital content consumption and advertisements for essentials and health and hygiene products over social media have increased. The market is then expected to reach $221.01 billion in 2023 at a CAGR of 29.12%. Rising internet penetration together with the growth in the number of social media users across the globe is projected to propel the revenues for the social media advertising market over the forecast period. However, stringent regulations imposed by the government of various countries are expected to limit the growth of the social media advertising market in the coming years.
The social media advertisement market consists of promotional activities to connect with the audience to build the brand, increase sales, and drive website traffic on social media. Advertising refers to communication with the consumers of a product or a service. Social media advertising or marketing includes generating and sharing content on social media platforms such as Facebook, Twitter, and Instagram in order to accomplish marketing and branding goals. It comprises activities such as image updates, posting text, videos, and other content that driver user engagement.
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The global social media advertisement market is further segmented based on type and geography.
By Advertisement Type: Microblogging, Photo Sharing, Video Sharing, Others
By Device: Mobile, Personal Computers Or Laptops
By End-Use Industry: Healthcare, Automotive, Retail, Telecom, BFSI, Others.
By Geography: The global social media advertisement market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American social media advertisement market accounts for the largest share in the global social media advertisement market.
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Trends In The Social Media Advertisement Market
Advancement in technology is a major trend in the social media advertising market. Social media is likely to experience an increase in the adoption of technologies such as virtual reality (VR) and augmented reality (AR). These technologies help a social media advertising company to enhance their product appearance in order to attract more users.
Social Media Advertisement Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides social media advertisement market overviews, analyzes and forecasts social media advertisement market size and growth for the global social media advertisement market, social media advertisement market share, social media advertisement market players, social media advertisement market size, social media advertisement market segments and geographies, social media advertisement market trends, social media advertisement market drivers and social media advertisement market restraints, social media advertisement market’s leading competitors’ revenues, profiles and market shares. The social media advertisement market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.