Social Media Market Report 2024: Size, Share, Trends, Growth Drivers, Forecast to 2033

Overview and Scope

Social media is a computer-based technology that makes it possible to share concepts, ideas, and knowledge through online groups and networks.

Sizing and Forecast

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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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the social media market in 2023. Africa is expected to be the fastest growing region in the forecast period. The regions covered in the social media market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting 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.

Key Industry Players

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.

The social media market report table of contents includes:

1. Executive Summary
2. Social Media Market Characteristics
3. Social Media Product/Service Analysis -Product/Service Examples
4. Social Media Market Trends And Strategies
5. Social Media Market – Macro Economic Scenario
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68. Global Social Media Market Competitive Benchmarking
69. Global Social Media Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Social Media Market
71. Social Media Market Future Outlook and Potential Analysis
72. Appendix

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