Social Media Global Market Report 2024

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 historical period can be credited to the penetration of the internet, the adoption of smartphones, connectivity through social platforms, a culture of sharing content, and the acceptance 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 anticipated in the forecast period can be ascribed to the integration of e-commerce, the prevalence of augmented reality (AR) and virtual reality (VR), the emphasis on privacy and security measures, the dominance of short-form videos, and the effectiveness of influencer marketing. Major trends expected in the forecast period encompass the dominance of short-form videos, the growth of ephemeral content, the surge in social commerce, the emergence of audio-based platforms, and an increased focus on privacy.

The social media market is expected to be driven by the increasing penetration of mobile devices, tablets, and other electronics, coupled with a rise in data consumption. The growing sales of internet-accessible electronic devices, such as smartphones and tablets, contribute to an increase in the time spent on social media platforms. For example, as of November 2022, the International Telecommunication Union reported that 73% of individuals aged 10 and above own a mobile phone, which is a seven-percentage-point increase compared to the percentage of people using the Internet in 2022. This surge in smartphone usage is anticipated to boost internet usage, thereby propelling the social media market.

The growth of internet usage is expected to be a key factor driving the social media market in the coming years. The Internet serves as the underlying infrastructure for the entire social media ecosystem, enabling users to communicate, connect, share, and engage across various platforms. As of November 2022, the International Telecommunication Union reported that the Internet was used by 5.3 billion individuals, constituting 66% of the world's population. This represents a 6.1% improvement compared to 2021, marking an increase of 5.1% in 2020–2021. Hence, the rising trend in internet usage is a significant driver for the social media market.

The outbreak of the COVID-19 pandemic acted as a significant restraint on some segments of the social media market in 2020 due to disruptions caused by global lockdowns. However, certain segments of the media market were unaffected or even benefited from the situation, transmitting content remotely through digital channels. The impact of the pandemic is considered a "black swan event," and it is expected that the social media market will recover over the forecast period, as the disruptions were not related to ongoing or fundamental weaknesses in the market or the global economy.

Social media companies are leveraging their platforms for electronic commerce of goods and services to boost revenues. This trend is driven by the increasing adoption of e-commerce and online shopping among consumers, fueled by the expanding reach of the internet and smartphone penetration. For example, as of August 2023, the U.S. Census Bureau reported that retail e-commerce sales in the second quarter of 2023 reached $269.5 billion, marking a 7.7% increase over the second quarter of 2022. Social media platforms play a crucial role by enabling targeted advertising based on consumers' social behaviors, geographic locations, and demographics. Instagram, a photo and video-sharing social networking service, has incorporated a 'shopping' tab into its app's 'Explore' page. Survey data from Instagram for Business in 2022 revealed that 44% of users shop on Instagram weekly using features such as the Shop tag. Other social media platforms such as Snapchat and Twitter have also integrated shopping advertisements, facilitating direct purchases within their platforms.

In December 2021, Twitter Inc., a U.S.-based social media company, acquired Quill for an undisclosed amount. This acquisition aims to advance the goal of making online conversations more meaningful and productive for users. Twitter plans to integrate Quill's expertise and creativity to enhance messaging capabilities, particularly in Direct Messages (DMs), providing users with a more effective and innovative means of communication on the platform. Quill, based in the U.S., is a platform specializing in corporate communications, striving to simplify and improve business discussions.

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.

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. The countries covered in the social media market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary categories of social media include social media advertising and social media subscription. Social media advertising, a form of digital advertising, utilizes platforms such as Twitter, LinkedIn, Instagram, Facebook, and Pinterest to deliver sponsored advertisements to the target audience. The diverse range of services encompasses social networking, microblogging, instant messaging, and photo-sharing networks, catering to various sectors such as retail and wholesale, transportation manufacturing, food and beverages, financial services, information technology, electrical and electronics manufacturing, media and recreation, transportation services, healthcare, and others.

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

The social media market includes revenues earned by entities by providing services that enables customers to interact, create and share content and information. Social media enables users to share pictures, video and audio files. This market includes revenues from sales from advertisement and other services offered on social media platforms. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


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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