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Social Media Global Market Report 2024 Market Size 2024-2033 - Growth Analysis, Outlook, Overview"
Social Media Global Market Report
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According to The Business Research Company's, 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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Market Drivers and Trends:
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 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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Social Media Market 2024 Key Insights:
• 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%.
• Mobile Device Proliferation Fueling Social Media Market Growth
• Social Media's Evolving Role In E-Commerce Driving Revenues Through Online Shopping Integration
• Asia-Pacific was the largest region in the social media market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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