NEW YORK, April 22, 2024 /PRNewswire/ — The global social networking market size is estimated to grow by USD 163.6 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 16.9% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 40%.
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Technavio has announced its latest market research report titled Global Social Networking Market 2023-2027
Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Alphabet Inc., Automattic Inc., ByteDance Ltd., Discord Inc., Ebates Performance Marketing Inc., LinkedIn Corp., MediaLab.Ai, Meetup, Meta Platforms Inc., Myspace LLC, Nextdoor Holdings Inc., Pinterest Inc., Quora Inc., Reddit Inc., Snap Inc., Telegram Group Inc., Tencent Holdings Ltd., Twitter Inc., Yelp Inc., Z Holdings Group
Analyst Review
In the dynamic world of B2C enterprises, the Business of Apps has witnessed significant growth, particularly in the realm of social networking. With the proliferation of smartphone users, messaging sites like Facebook, WhatsApp, Telegram, Signal, and Facebook Messenger, as well as e-commerce platforms and social media giants such as Instagram, have adopted a bottom-up approach to engage users through in-app purchases and the monetization of independent databases. The S-curve function illustrates this trend, with user adoption following a steady growth pattern. However, with the increasing use of these platforms, data security concerns have emerged as a major challenge. The advent of 5G technology and Meta’s foray into 3D image context further underscores the importance of this market. National lockdowns have accelerated the shift towards online communities, with users turning to social networking sites for entertainment, including theatre, sports, art, music, and games.
Key Market Drivers
The social networking market continues to expand, fueled by 5G technology and increasing Internet penetration. With 4.9 billion Internet users and 69% global population online, platforms like Facebook, YouTube, and WhatsApp dominate. However, data security concerns persist, with Meta investing heavily in this area. The pandemic’s national lockdowns have further boosted online communities, engaging users in various sectors such as theatre, sports, art, music, games, yoga, and live streaming videos on OTT platforms. AI-based libraries, customized photo collages, and influencer marketing are key trends. Social media is accessible on Android & iOS-based platforms, including Google Play Store, Apple IOS store, Microsoft store, and BADA project templates. Smartphones, laptops, tablets, and Smart TVs facilitate usage. LinkedIn leads business networking, while advertising, in-app purchases, and cloud-based apps drive revenue.
Challenges and Opportunities
In the B2C market, social networking plays a pivotal role, with in-app purchases and the purchase of apps driving revenue growth. A bottom-up approach to data collection, utilizing independent databases, is essential for performance indicators. Smartphone users, a significant demographic, engage with various platforms, including Messaging sites like WhatsApp, Telegram, Signal, and Facebook Messenger, as well as E-commerce platforms and apps such as Facebook Shops, TikTok, Pinterest, and Instagram. Data security concerns persist, with Big Tech firms like Facebook, Meta, and WeChat collecting vast amounts of user data. This data is used for targeted advertising and sold to third-party companies, raising privacy issues. The S-curve function illustrates the level of digitization, with consumer attitudes towards data usage evolving. Exchange rates and 5G technology influence user behavior. Social media platforms, including Facebook, WhatsApp, Telegram, Signal, Facebook Messenger, iMessage, and others, offer diverse features, from live streaming videos and OTT platforms to AI-based libraries and customized photo collages. National lockdowns have accelerated the shift towards online communities, with users seeking entertainment through theatre, sports, art, music, games, and yoga. DFMA (Design for Manufacturing and Assembly) and 3D image context are emerging trends. Privacy concerns and data security remain critical issues, with 3D image context and AI-based technologies adding new dimensions to the business of apps.
Social media advertising, driven by influencer marketing, has seen exponential growth on Android and iOS-based platforms, including the Google Play Store and Apple iOS Store. B2C enterprises leverage smartphones, laptops, tablets, and Smart TVs for in-app purchases and app purchases. Influencers promote products through cloud-based apps on these devices, reaching vast audiences. The bottom-up approach to marketing through independent databases and performance indicators, such as consumer attitudes and exchange rates, is crucial. Social media giants like LinkedIn, Facebook, and WhatsApp facilitate this advertising boom. Microsoft Store and BADA project templates cater to additional markets. The level of digitization and consumer attitudes towards these platforms continue to shape the business of apps, with in-app purchases and purchase of apps driving revenue. S-curve functions indicate the ongoing trend towards increased usage of social media for advertising and commerce.
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Market Overview
In today’s digital world, social networking apps have become an integral part of our lives. With an estimated 3.6 billion users worldwide, the social networking market is a powerful platform for businesses and individuals alike. Apps like Facebook, Instagram, Twitter, and LinkedIn offer unique features that cater to various needs. For instance, Facebook and Instagram focus on personal connections and visual content, while LinkedIn is geared towards professional networking. Purcheses, ads, and sponsorships are common in this market, with companies using targeted marketing strategies to reach their audience. Consumer behavior is influenced by factors such as location, interests, and online activity. The use of data analytics and artificial intelligence enables businesses to tailor their offerings and engage with their audience effectively. The social networking market is a dynamic and ever-evolving space, with new trends and technologies shaping the way we connect and communicate.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio