Press release
Social Media Market: Size, Drivers, Share, and Forecast to 2024-2033 - Exploring Market Dynamics
Social Media Market
The Business Research Company presents an extensive market research report on the Social Media Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The social media market size has grown rapidly in recent years. It will grow from $219.06 billion in 2023 to $251.45 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to internet penetration, smartphone adoption, social connectivity, content sharing culture, adoption of visual content.
The social media market size is expected to see rapid growth in the next few years. It will grow to $413.16 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to e-commerce integration, augmented reality (ar) and virtual reality (vr), privacy and security measures, short-form video dominance, influencer marketing. Major trends in the forecast period include short-form video dominance, ephemeral content growth, rise of social commerce, audio-based platforms, increased emphasis on privacy, .
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Key Market Players:
Major companies operating in the social media market report are 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.
Market Drivers:
Rising penetration of mobile, tablet, and other electronics and rising data consumption will drive the social media market. An increase in sales of internet-accessible electronic devices such as smartphones and tablets lead to an increase in time spent on social media websites. For instance, in November 2022, according to the International Telecommunication Union, a Switzerland-based UN specialized agency in charge of numerous issues including information and communication technology, 73% of people aged 10 and above possess a mobile phone, which is seven percentage points greater than the percent of people who use the Internet in 2022. This increasing use of smartphones is expected to increase internet usage, hence driving the social media market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/social-media-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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