Global Social Networking Platform Market 2023-2030

Global Social Networking Platform Market 2023-2030

Global Social Networking Platform Market Size, Share & Trends Analysis Report Market by Type (Advertising, In-app purchase, and Paid apps), by Application (Entertainment, Commercial, and Other Applications), by Service (Social Networking, Microblogging, Instant Messaging, and Photo Sharing Networks), and by End Users (Personal, SMEs, and Large Enterprises) Forecast Period (2023-2030)

The global 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.

Privacy concerns and government policies are restraining the global social networking platforms market growth. Many users worry that identity theft and other cybercrimes could result from the vulnerability of their personal information. Platforms frequently gather a lot of user-provided personal data and are often criticized for collecting and sharing data from users without their knowledge or consent. According to an article in Business Insider India, 533 million Facebook users’ phone numbers and personal data were leaked online back in 2021. The 2021 report by Norton states that 14% of respondents experienced unauthorized activity on their social media accounts. Moreover, in September 2021, A Pew Research Center survey of U.S. adults found that 41% of Americans have personally experienced some form of online harassment. 75% of those cases took place on social media sites. And some of the other factors also restraining the market like recently, in August 2022, Indian Govt issued 105 orders to block social media content under new IT rules. In March 2023, New Zealand announced that it would ban TikTok on devices, the decision was made after discussing the matter with cybersecurity experts and other countries.

Segmental Outlook

The global social networking platform market is segmented based on type, application, service, and end user. Based on type, the market is segmented into advertising, in-app purchases, and paid apps. Based on application, the market is sub-segmented into entertainment, commercial, and other applications. Based on services, the market is segmented into social networking, microblogging, instant messaging, and photo-sharing networks. Based on end users, the market is segmented into personal, SMEs, and large enterprises. Among these, Increasing commercial platforms that use social networking platforms is expected to drive the market during the forecast period.

The Advertising Segment is Expected to Hold the Largest Market Share During the Forecast Period

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.

Regional Outlook

The global social networking platform market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America is expected to experience the fastest growth rate during the forecast period because of the region's use of enterprise social networks is increasing.

Asia Pacific Region Anticipated to Hold the Largest Market Share in the Global Social Networking Platform Market

In the Asia-Pacific region, social media is widely used. Owing to the expanding base of internet subscribers in developing economies such as India, China and Malaysia. Meta (Facebook), YouTube, and WhatsApp, Instagram and X(twitter) are the most popular social networks platforms in the regions. According to a report by Meltwater, in March 2023, Facebook dominated the social landscape in the Asia Pacific as it is the most used platform by marketers in the region at 87% had 934.3 million users. The social media platform is followed by Instagram (81%), LinkedIn (81%), YouTube (64%), and Twitter (50%). Only 29% are using TikTok. TikTok would have been closing in on Instagram for second place, but its ejection from India has made that outcome nearly impossible. According to DFMA (Digital Marketing for Asia), Asia-Pacific accounts for the majority of unique social media users worldwide, making up 64% of the global audience in the social networking platform .

Market Players Outlook

The major companies serving the global social networking platform market include ByteDance Ltd., LinkedIn Corp., Meetup, Meta Platforms Inc., Quora Inc., Snap Inc., Telegram Group Inc., and Ask.fm among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in October 2022, Twitter, Inc acquired by an entity controlled entirely by Elon Musk for USD 54.20 per share in cash, in a deal worth approximately USD 44 billion. Twitter became a privately held firm after the acquisition was completed.

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.