Social Networking App Market Report 2024

This Social Networking App market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The social networking app market size has grown exponentially in recent years. It will grow from $59.76 billion in 2023 to $76.58 billion in 2024 at a compound annual growth rate (CAGR) of 28.2%. The growth during the historical period can be attributed to several factors such as increasing demand for customized camera tools, a surge in the need for video chat services, the growing popularity of tailored feed-based apps, rising interest in encrypted and self-destructing messaging apps, and enhanced internet connectivity.

The social networking app market size is expected to see exponential growth in the next few years. It will grow to $207.31 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%. The anticipated growth in the forecast period can be attributed to several factors such as a shift towards visual content, the rise of influencer marketing, increased personalization and targeted advertising, a focus on privacy and data protection, and the incorporation of gamification and interactive features. Key trends expected to shape this period include the integration of augmented reality (AR) and virtual reality (VR), advancements in artificial intelligence (AI), a growing emphasis on ephemeral content, developments in blockchain technology, and the incorporation of e-commerce features.

The growing demand for 5G technology is anticipated to drive the expansion of the social networking app market in the future. 5G technology, the fifth generation of mobile network technology, offers faster speeds, lower latency, and greater capacity compared to previous generations. The increasing adoption of 5G is driven by factors such as the availability of spectrum, rising awareness and usage, advancements in complementary technologies, the growth of smart cities, and the need for skill enhancement. 5G enhances social networking apps by providing faster data speeds, lower latency, and improved connectivity, enabling seamless real-time interactions and richer media experiences. For example, in April 2023, 5G Americas, a U.S.-based industry trade organization, reported that global 5G wireless connections grew by 76% from the end of 2021 to the end of 2022, reaching approximately 1.05 billion. This growth is expected to continue, with projections estimating around 5.9 billion connections by the end of 2027. Thus, the rising demand for 5G technology is driving the growth of the social networking app market.

Major companies in the social networking app market are focusing on developing advanced and exclusive content solutions to enhance user engagement and differentiate their platforms. An exclusive content solution refers to a specialized approach or system that provides unique, proprietary, or premium content accessible only to a specific audience or through a particular platform. For instance, in February 2024, Dazed Media, a UK-based digital media company, launched the Dazed Club app, a dynamic networking platform for young creatives. The app allows users to upload their portfolios, connect with mentors, and join specialized groups for project discussions and expert advice. It encourages users to share creative work, such as images and videos, and engage in group chats on various topics. The app also offers exclusive editorial content from Dazed, event listings, and opportunities for participation in competitions and product drops.

In June 2024, Voodoo, a mobile game developer and publisher based in France, acquired BeReal for $535 million. The acquisition aims to leverage Voodoo's expertise in mobile app development to enhance BeReal's product strategy and accelerate user growth, with a focus on introducing innovative features and expanding the platform. This move is designed to solidify BeReal’s position as a top social network centered on authenticity. BeReal is a social media app popular among Gen-Z, also based in France.

Major companies operating in the social networking app market are Meta Platforms Inc., LinkedIn Corporation, TikTok Inc., Snap Inc., X Corp, Pinterest Inc., Line Corporation, Reddit Inc., Nextdoor Holdings Inc., Discord Inc., Bumble Inc., Quora Inc., Foursquare Labs Inc., Automattic Inc., Telegram Messenger Inc., Viber Media S.à r.l., Meetup Inc., Yubo Inc., Clubhouse Media Group Inc., Vero Labs Inc., Mastodon gGmbH, Ello Inc.

Asia-Pacific was the largest region in the social networking app market in 2023. The regions covered in the social networking app market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the social networking app market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A social networking application (App) is a mobile or web-based platform designed to connect users through virtual means. These apps allow individuals to create personal profiles, share content such as text, images, and videos, and engage through features such as comments, likes, and direct messaging.

The primary marketplaces for social networking apps include the Google Play Store, Apple iOS Store, Microsoft Store, and others. The Google Play Store is an online platform where Android users can download and purchase social networking apps. It provides a diverse selection of apps for communication, sharing, and social interaction, along with user reviews, ratings, and app updates. These apps are accessible on various devices such as smartphones and generate revenue through advertising, in-app purchases, and paid apps. They serve multiple purposes, including entertainment and commercial uses.

The social networking app market research report is one of a series of new reports that provides social networking app market statistics, including the social networking app industry's global market size, regional shares, competitors with a social networking app market share, detailed social networking app market segments, market trends and opportunities, and any further data you may need to thrive in the social networking app industry. This social networking app 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 networking app market includes revenues earned by entities by providing services such as profile creation, connection management, news feeds or timelines, messaging, and content sharing. 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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