Social Media Market Size, Market Competitive Landscape, Business Growth, Share, And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Social Media Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $413.16 billion In 2028 At A CAGR Of 13.2% :

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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Social Media Market Major Segments
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

Key Driver - Mobile Device Proliferation Fueling Social Media Market Growth

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.

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Prominent Trend - Social Media's Evolving Role In E-Commerce Driving Revenues Through Online Shopping Integration

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. For instance, in August 2023, according to the U.S. Census Bureau, a US-based principal institution in the US Federal Statistics System in charge of generating population and economic data for the country, retail e-commerce sales in the second quarter of 2023 totaled $269.5 billion, an increase of 7.7 percent (1.4%) over the second quarter of 2022. Social media platforms allow for targeted advertising based on consumers' social behaviors, geographic locations, and demographics. Instagram, a photo and video-sharing social networking service, has added a 'Shopping' tab to the 'Explore' page in its app. According to an Instagram for Business survey data 2022, 44% of people use Instagram weekly to shop using features including the Shop tag. Other social media companies such as Snapchat and Twitter have also integrated shopping advertisements to facilitate direct purchases within their platforms.

Social Media 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.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the social media market in 2023. 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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Social Media Market Report Structure
3. Social Media Market Trends And Strategies
4. Social Media Market - Macro Economic Scenario
5. Social Media Market Size And Growth
…..
27. Social Media Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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