Global Social Media Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
6 Jul, 2021
The social media market consists of sales by entities (organizations, sole traders or partnerships) that enable customers to interact, create and share content and information. Social media enables users to share pictures, video and audio files. This market includes revenues from sales from advertisement and other services offered on social media platforms.
Global Social Media Market Size And Drivers:
The global social media market is expected to grow from $94.83 billion in 2020 to $102.62 billion in 2021 at a compound annual growth rate (CAGR) of 8.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $308.96 billion in 2025 at a CAGR of 32%. Rising penetration of mobile, tablet and other electronics and rising data consumption will drive the social media market.
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Trends In The Global Social Media Market
Social media companies are offering their social media platforms for electronic commerce of goods and services to drive revenues. This can be attributed to the increasing adoption of e-commerce and online shopping among consumers owing to the growing internet and smartphone penetration.
Global Social Media Market Segments:
The global social media market is further segmented based on type, service, end user industry and geography.
By Type: Social Media Advertisement, Social Media Subscription
By Service: Social Networking, Micro Blogging and Instant Messaging, Photo Sharing Networks
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, Others
By Geography: The global social media market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global social media market, accounting for 46% of the market in 2020.
Read More On The Report For The Global Social Media Market At:https://www.thebusinessresearchcompany.com/report/social-media-global-market-report-2020-30-covid-19-impact-and-recovery
Social Media Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides social media market overviews, analyzes and forecasts market size and growth for the global social media market, social media market share, social media market players, social media market segments and geographies, social media market’s leading competitors’ revenues, profiles and market shares. The social media market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.