Dublin, August 27, 2021 (GLOBE NEWSWIRE) – The report “Social Networking Platforms – Outlook 2021-2026” has been added to ResearchAndMarkets.com an offer.
The global social networking platforms market was valued at US$192.950 billion for 2019 and is expected to grow at a CAGR of 25.38% to reach a market size of US$939.679 billion by 2026.
The social media platform market is growing at an exponential rate. The demand is high not only from millennials but it has also gone up due to massive adoption by all age groups. Moreover, the application of social media platforms has seen a significant rise due to the demand coming from companies who are using the platforms for marketing purposes as well. A social networking/messaging website is an online platform that people use to build social networks or social relationships with other people who share similar personal or professional interests, activities, backgrounds, or real-life connections. In June 2020 alone, a single app in the Apple App Store (LINE) generated $6.78 million in global app revenue. The main factors that are expected to drive the growth of social media are increasingly being recognized as a platform that helps direct keyword research towards corporate websites, resulting in enhanced site traffic and brand popularity/visibility. The proliferation of smartphones also plays a vital role in the growth of the market. Social media applications designed for smartphones regularly track activities and increase the importance of social media marketing.
Moreover, the massive rate of data generated by social networking platforms has led companies to make marketing and customer related decisions based on customer data. Analytics performed through these networking platforms is widely considered an important commercial and marketing tool in the current business scenario. To gain actionable insights into consumer perceptions and improve their services and product portfolio, companies around the world are using social media analytics. The increasing adoption of social networking platforms by many end users for several purposes is expected to drive the market during the forecast period. For example, according to Facebook, it had 1,562 million daily active users, as of the first quarter of 2019. In fact, Twitter reported that 500 million tweets are sent daily and that 9% more people use Twitter daily, which returns The growing growth penetration of social networks globally.
Increased Usage of Online Accessible Devices – The penetration of mobile devices, tablets and other electronic devices, and increased data consumption will drive the average social increase. Increasing online accessible electronic devices, smartphones and tablets is increasing the time that Spend it on social media.
The emergence of COVID-19 has had a diverse impact on the global social networking platform market. The market was affected significantly during the first months as business was disrupted due to the lockdown imposed by governments globally. Steps taken by national governments to contain transport slowed economic activity and restricted the movement of goods and services as countries went into lockdown. The negative impact of the outbreak on businesses is expected to continue throughout 2020 and into 2021. However, many media markets have not been affected or benefited from this as they transmit their content remotely through digital channels. Although e-commerce businesses that operate solely through social media platforms have been negatively affected, the overall use of these platforms has seen a massive increase during the period. According to DataReportal, 43% of consumers spent more time on these platforms, and 54% watched more shows and movies on streaming services. Lockdowns may have been lifted in many countries, but many new digital behaviors that people have adopted while in confinement have endured, leading to meaningful increases in different types of digital activity.
The global social networking platforms market has been segmented into application, end users, and geography. Through the application, the market has been categorized into entertainment and commercial. By end users, the market has been categorized into small, medium and large enterprises. Moreover, on the basis of geography, the global market has been distributed as North America, South America, Europe, Middle East, Africa, and Asia Pacific.
An increase in e-commerce platforms using social media platforms is expected to drive the market during the forecast period.
The growth of the social networking platform market is fueling the increasing number of e-commerce platforms that are using these platforms for various purposes. Social media companies offer their own social media platforms for e-commerce of goods and services to increase revenue. This can be attributed to the increased adoption of e-commerce and online shopping among consumers due to the increasing penetration of internet and smartphones. For example, as of 2018, about 70% of Generation Z in China (people born between 1900 and 2010) shop directly from social media channels. Social media platforms allow targeted advertising based on consumers’ social behaviors, geographic locations, and demographics. Instagram, a social networking service for sharing photos and videos, has added a Shopping tab to the Explore page in its app. Facebook has introduced “Marketplace,” which is used by about 800 million people globally to shop online, as of 2018. Other social media companies such as Snapchat and Twitter have also integrated shopping ads to facilitate direct purchases within their platforms.
The continuing decline in the effectiveness of traditional advertising campaigns, along with the increased use of social media, has prompted companies to adopt a more data-oriented approach to their marketing strategies. The emergence of social media analytics has changed the way marketing campaigns are planned and executed nowadays. Social networks, such as Facebook, have realized the importance of targeted advertising that they provide through paid solutions for businesses, where the location, demographics, and end device information of consumers are provided to businesses to reach the targeted segment of consumers. In fact, according to HubSpot, a developer and marketer of software products for in-house marketing and sales, marketers increased social ad budgets by 32% in 2018, producing more ads than ever before. In 2019, more brands may enhance their online customer service practices and even move to new platforms that may offer more effective customer service technology to thrive online, such as WhatsApp and Messenger. The release of WhatsApp Business API in August 2018 may continue to change the rules of the game entirely in the industry. There were three million registered users on WhatsApp Business by the end of the first quarter.
The players in the global Social Networking Platforms market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. The major players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different players in the market over the past few years. The Company Profiles section shows an overview of the business and financial performance (public companies) over the past few years and the main products and services being offered along with the recent deals and investments of these important market players.
Main topics covered:
2. Research Methodology
3. Executive Summary
4. Market dynamics
4.1 Market Drivers
4.2 Market Restrictions
4.3 Porter’s Five Forces Analysis
4.4 Industry value chain analysis
5. Social networking platforms market analysis, by application
6. Social networking platforms market analysis, by end users
6.3 Small and Medium Enterprises
6.4 Large companies
7. Social Networking Platforms Market Analysis, By Geographical Region
8. Competitive environment and analysis
8.1 Key players and strategy analysis
8.2 Emerging players and winning the market
8.3 Mergers and acquisitions, agreements and collaborations
8.4 Vendor Competitive Matrix
9. Company Profiles
9.3 Facebook Inc.
9.5 + Google
9.6 LinkedIn Company
9.8. MeetMe . Company
9.10. Tagged company
9.11. tumblr company
9.12. Twitter Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/k1kap2