Social Media Global Market Set to Skyrocket to $413.16 Billion By 2028 with an Impressive CAGR 13.2% | Meta Platforms Inc., YouTube LLC, Instagram LLC, Twitter Inc.,Snap Inc.

"The new report published by The Business Research Company, titled ""Social Media Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

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.

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

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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.

Contents of the report:
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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