Social Networking Market Growth Set to Surge Significantly during 2024

Over the last decade, social media has evolved from being a mere platform to a part and parcel of the everyday life of users. Social media marketing is rapidly gaining popularity primarily due to the increasing active participation of social media users.

Several figures indicate that Facebook had 1.79 bn monthly active users as of third quarter of 2016. Businesses today are using social networking sites such as Facebook and Twitter to exhibit their brands/products, to build brand image, and expand their client base. Due to the immense potential of social media, the global social networking market is expected to tread along a healthy growth track.

This market intelligence report presents the growth prospects of the global social networking market for the forecast period from 2016 to 2024. It provides qualitative and quantitative insights into the competitive landscape and highlights the leading players in the market.

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It profiles the prominent players in the market along with their business strategies, latest developments, and revenue generation. It includes SWOT analysis that reveals the growth trajectory, which each key player will witness during the forecast period. It also offers a detailed overview of the factors impacting the growth of the market. For a coherent understanding, the report presents statistics pertaining to the social networking market at both global and regional levels.

One of the primary factors contributing to the growth of the global social networking market is the fact that social media is being increasingly acknowledged as a platform that helps in directing search keywords towards the websites of companies, leading to enhanced website traffic and brand popularity/visibility. The proliferation of smartphones is also playing a vital role in the growth of the market. A large number of active users access social media through mobile phones. Social media apps designed for smartphones regularly track activities and further increase the relevance of social media marketing. The growing transition from texted-based content to image-centric solutions is likely to provide a significant boost to the growth of the global social networking market in the near future.

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The regional markets methodically examined in the report are North America, Asia Pacific, Europe, and Rest of the World. North America is estimated to command a large share in the market owing to the high penetration of social media and domicile of a large number of key players. However, the market in this region is mature in nature. Asia Pacific is estimated to emerge as a lucrative market over the forecast horizon. The growth of the region can be primarily attributed to the rising penetration of smartphones and expanding base of internet subscribers.

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Most of the players in the global social networking market are focusing on innovating and updating their platforms/solutions to consolidate their presence in the market. Mergers and acquisitions are the commonly adopted strategies by key players to maximize their shares in the market. Some of the key companies operating in the global social networking market are Ask.fm, Classmates, Facebook Inc., Flickr, Google+, Instagram, LinkedIn Corporation, Meetup, MeetMe Inc., Pinterest, Tagged Inc., Tumblr Inc., Twitter Inc., Vine, and Vkontakte.

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