Social Media Platforms Global Market Report 2024

The social media platforms market size has grown exponentially in recent years. It will grow from $746.5 billion in 2023 to $744.33 billion in 2024 at a compound annual growth rate (CAGR) of 35.2%. The growth observed in the historic period can be credited to the rapid adoption of the internet, the mobile revolution, increased emphasis on social networking and connectivity, the widespread adoption of business pages, and the implementation of content discovery algorithms.

The social media platforms market size is expected to see exponential growth in the next few years. It will grow to $2.45 trillion in 2028 at a compound annual growth rate (CAGR) of 34.7%. In the forecast period, growth can be attributed to AI-driven personalization, the dominance of video content, the prominence of niche communities and micro-influencers, and the incorporation of privacy-centric features. Noteworthy trends expected in this period encompass the exploration of the metaverse, an increased focus on social activism and corporate social responsibility, the integration of remote work and professional networking, a heightened emphasis on authenticity and user-generated content, as well as the prevalence of virtual events and experiences.

Increasing internet penetration is expected to propel the growth of the Social media platforms market moving forward. Internet penetration refers to the percentage of the population of a specific geographic area, such as a country or region that has access to the Internet. Increasing internet penetration enhances access to information, education, and economic opportunities, fostering global connectivity and digital inclusion. The increasing internet penetration can be attributed to several factors such as affordability, e-commerce development, and social media influence. Internet penetration is directly linked to the growth and expansion of social media platforms, as greater connectivity facilitates wider access to these digital networks, driving user engagement, and fostering market expansion. For instance, in 2023, according to Meltwater, a US-based software as a service (SaaS) solution and the world's first online media monitoring company states that the median age of the United Kingdom's population is 40.0. Total internet users in the UK were 66.11 million, analysis indicates that internet users in the UK increased by 224 thousand (+0.3 percent) between 2022 and 2023. Therefore, the increasing internet penetration is driving the growth of the social media platforms market.

Major companies operating in the social media platform market are focusing on technologies such as Threads App to meet the growing demand for social media platforms. The app allows users to share text updates, photos, and videos with their Instagram followers. For instance, in July 2023, Meta a US-based social technology company, launched the Threads App built by the Instagram team, for sharing text updates and joining public conversations. Threads is closely tied to Instagram, and users need an Instagram account to join. The app is available for iOS and Android, and it is designed to provide a Twitter-like experience with easy links to Instagram. Users can share Threads posts to their Instagram Story and Feed, as well as to other platforms.

In March 2021, Acadium, a Canada-based software company partnered with Planable. This partnership assists users in social media management. Through this partnership, Acadium users will find it simpler to manage their social media content and work together with their social media apprentices. Planable is a UK-based social media collaboration platform that allows marketers to plan, collaborate, approve, and schedule their social media posts.

Major companies operating in the social media platforms market report are LinkedIn, Pinterest, Twitter, Youtube, Reddit, Snap Inc., Meta Platforms, Douyin, Tencent, TikTok, Sina, line corporation, Tagged Inc., Tumblr Inc., Ask.fm, Classmates, Facebook Inc., Flickr, Google+, Meetup, MeetMe Inc., Viber Media S.à r.l., Mix.com Inc., Classmates Online Inc., Mastodon Social Inc., Sina Corporation, Parler LLC.

Asia-Pacific was the largest region in the social media platforms market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the social media platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the social media platforms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Social media platforms are digital spaces or online websites designed to enable users to create, share, and engage with content in a social and interactive manner. They offer a range of tools and features that make it easy for users to generate and exchange content, promoting communication and interaction among individuals, communities, and organizations.

Social media platforms can be categorized into several main types, including social networking, photo sharing, video sharing, interactive media, and blogging or community building. Social networking involves individuals or groups connecting and interacting through online platforms, websites, or applications. These platforms find applications in various industries such as retail, e-commerce, automotive, healthcare, pharmaceutical, media and entertainment, travel and tourism, and government. Moreover, they are utilized by individuals, small and medium-sized enterprises, as well as large enterprises for both personal and professional purposes.

The social media platforms market research report is one of a series of new reports that provides social media platforms market statistics, including social media platforms industry global market size, regional shares, competitors with social media platforms market share, detailed social media platforms market segments, market trends, and opportunities, and any further data you may need to thrive in the social media platforms industry. This social media platforms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The social media platforms market consists of revenues earned by entities by providing services such as profile creation and management, content sharing, connectivity and networking, and live streaming. The market value includes the value of related goods sold by the service provider or included within the service offering. The social media platforms market also includes sales of advertising products, analytics tools, content creation and editing tools, privacy and security features, APIs, and developer tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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