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Social Media Ads: Strategies Redefining Engagement in 2024
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According to The Business Research Company's, The social media advertisement market size has grown rapidly in recent years. It will grow from $198.78 billion in 2023 to $226.73 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to increasing internet penetration, rise of social media platforms, targeted advertising capabilities, mobile device proliferation, data analytics and insights.
The social media advertisement market size is expected to see rapid growth in the next few years. It will grow to $362.64 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to rising influencer marketing, video content dominance, e-commerce integration, globalization of brands, rising user engagement. Major trends in the forecast period include social commerce integration, personalization and data privacy, cross-platform campaigns, niche platforms, social responsibility and purpose-driven advertising.
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Market Drivers and Trends:
Growing internet penetration coupled with increasing social media users contributed to the growth of the social media advertising market. The tremendous growth in the number of social media users worldwide is encouraging advertisement and marketing companies to focus on social media platforms to advertise their products and services. For instance, in November 2022, according to the International Telecommunication Union, a Switzerland-based United Nations specialized organization in charge of information and communication technology, besides other duties, the worldwide Internet user population is expected to reach 5.3 billion, or 66% of the overall population. This implies that the growth rate climbed from 5.1% in 2020-2021 to 6.1% in 2021. Moreover, according to Oberlo, a Germany-based online platform, there are currently 4.59 billion social media users worldwide. Therefore, rising internet penetration together with the growth in the number of social media users across the globe is projected to propel the revenues for the social media advertising market over the forecast period.
The advancement in technology is a major trend in the social media advertising market. Social media is likely to experience an increase in the adoption of technologies such as virtual reality (VR) and augmented reality (AR). These technologies help a social media advertising company enhance its product appearance to attract more users. For instance, Sephora, a France-based retail company has incorporated AR features on its Facebook page to enhance user experience. Through this, a user can try different products and know if they work. This advancement will draw more audiences and affect social media advertising positively.
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Major Key Players of the Market:
Google LLC, Alphabet Inc., Facebook Inc., VK Company Limited, Tencent Holdings Limited, ByteDance Ltd., LinkedIn Corporation, Naver Corporation, Snap Inc., Twitter Inc., Sina Corporation, Pinterest Inc., Advance Publications Inc., AOL LLC, Yelp Inc., MySpace Inc., Renren Inc., Discord Inc., New Work SE, Hootsuite Inc., Quora Inc., Brandwatch Ltd., Nextdoor Inc., Hi5 Networks Inc., Automattic Inc., Foursquare Labs Inc., Meetup Inc., Meta Platforms Inc., Sprout Social Inc., Buffer Inc., Telegram Messenger LLP, Ifwe Inc., Friendster Inc., Socialbakers a.s.
Social Media Advertisement Market 2024 Key Insights:
• The social media advertisement market size is expected to see rapid growth in the next few years. It will grow to $362.64 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• Rising Internet Penetration And Surging Social Media Users Drive Growth In Social Media Advertising Market
• Technological Advancements Transforming The Landscape Of Social Media Advertising
• North America was the largest region in 2023
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