Social networking platform market is anticipated to grow at a considerable CAGR of 27.5% during the forecast period. The major factor driving the global social networking platform market growth includes increased short-form video content consumption and internet penetration globally. There were 5.27 billion people with a social network account in 2022, with most of them on Facebook, Instagram, or WeChat in China. They spend on average, According to HubSpot Blogs research, In April 2023, people are watching, 17 hours of online videos per week. People are 52% more likely to share video content than any other type of content. 75% of viewers watch short-form video content on their mobile devices. 83% of marketers suggest videos should be under 60 seconds. The number of digital video viewers worldwide is expected to reach 3.5 billion globally.
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Privacy concerns and government policies are restraining the global social networking platforms market growth. Many users worry that identity theft and other cybercrimes could result from the vulnerability of their personal information. Platforms frequently gather a lot of user-provided personal data and are often criticized for collecting and sharing data from users without their knowledge or consent. According to an article in Business Insider India, 533 million Facebook users’ phone numbers and personal data were leaked online back in 2021. The 2021 report by Norton states that 14% of respondents experienced unauthorized activity on their social media accounts. Moreover, in September 2021, A Pew Research Center survey of U.S. adults found that 41% of Americans have personally experienced some form of online harassment. 75% of those cases took place on social media sites. And some of the other factors also restraining the market like recently, in August 2022, Indian Govt issued 105 orders to block social media content under new IT rules. In March 2023, New Zealand announced that it would ban TikTok on devices, the decision was made after discussing the matter with cybersecurity experts and other countries.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Social Networking Platform Market Report Segment
By Type
- Advertising
- In-app purchase
- Paid apps
By Application
- Entertainment
- Commercial
- Other Applications (Shopping and Travelling)
By Service
- Social Networking
- Microblogging
- Instant Messaging
- Photo Sharing Networks
By End Users
- Personal
- (Small Medium Enterprises) SMEs
- Large Enterprises
Global Social Networking Platform Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global social networking platform market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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