Social Media Market Characteristics
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.
Competitive Landscape of the Social Media Market
The major competitors in social media market are Facebook, YouTube, Instagram, Twitter, LinkedIn
Social Media Market Size
The social media market size is expected to increase by 2022, significantly growing at a stable CAGR during the forecast period. The growth in the social media market is due to the narrowing prices of internet packs and growing mobile users in all ages.
However, the market for social media is expected to face certain restraints from several factors such as growing awareness on harmful effects of social media and growing competition.
Social Media Market Segmentation
The global social media market is further segmented based on type and geography.
By Type - The social media market is segmented into advertisement, subscription, among these segments, the Advertisement accounts for the largest share in the global social media market.
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 was the largest region in the global social media market.
Trends in the Social Media Market
Companies in the social media market have been heavily investing in the online video market such as digital hangouts. Digital hangouts include apps that let the user video chat with multiple people simultaneously, and possibly engage in a number of activities such as watching movies or shopping together. A number of apps have started offering this service and has attracted a large user base. For instance, Google launched Hangouts Meet, a digital hangout platform for businesses. Hangouts Meet gives the users an option to participate in video meetings with their colleagues. Hangouts Meet allows the user to create and share links to videoconferences that other users can join without creating accounts or installing plugins.
Potential Opportunities in the Social Media Market
With the rise in population and growing accessibility to mobile phones , the scope and potential for the global social media market is expected to significantly rise in the forecast period.
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