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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The advertising segment accounted for the highest market share in 2022 as compared to the rest of the segments. According to TAM Media Research 2022, Digital advertising rose a robust 52% year-on-year in 2022 and the service sector was the top advertiser on the digital medium and predicted to grow more in the upcoming years if we look at the advertising revenue solely in 2022 was US$109.10 billion. Compared to the other segments, the advertising segment had the largest market share. The prevalence of social media means that businesses can reach large numbers of users through social media advertising, is highly effective as social media platforms offer advanced targeting options as they have all the related data that are needed. Social media platforms charge companies’ money so they can advertise on their site. For example, companies can pay more for their advert to be seen by more people or promoted for a longer period of time. Facebook and Instagram, which are the two main pillars of Meta Platforms, generate the most revenue. YouTube is a distant third, with LinkedIn fourth ahead of TikTok and Snapchat.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Social Networking Platform Market Report Segment
By Type
- Advertising
- In-app purchase
- Paid apps
By Application
- Entertainment
- Commercial
- Other Applications (Shopping and Travelling)
By Service
- Social Networking
- Microblogging
- Instant Messaging
- Photo Sharing Networks
By End Users
- Personal
- (Small Medium Enterprises) SMEs
- Large Enterprises
Global Social Networking Platform Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ 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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