Social Networking App Market: Current Analysis and Forecast (2022-2028)

Social Networking App Market: Current Analysis and Forecast (2022-2028)

Social networking apps are applications intended to build an online community of people interested in sharing interests and activities. Most social networking applications are web-based and offer users a variety of interaction options, including email and instant messaging. Moreover, the term social networking refers to the use of internet-based social media sites to stay connected with friends, family, colleagues, or customers. Social networking can have a social purpose, a business purpose, or both, through sites like Facebook, Twitter, Instagram, and Pinterest.

The Social Networking App Market is expected to grow at a strong CAGR of around 22% during the forecast period owing to the rising demand for 5G technology worldwide. Furthermore, the surge in the adoption of personalized feed-based apps and the growing demand for encrypted & self-destructive messaging-based social apps are further contributing to the growth of the market. In addition, the rising adoption of social media is also helping the market to grow at a strong growth rate. For instance, according to Nasdaq, Inc.; approximately 4.6 billion people worldwide were connected to social media in 2022, up from 3.9 billion in 2020.

• Based on the marketplace, the market is segmented into the google play store, apple app store, Microsoft store, and others. Amongst these, the google play store held the major share of the market in 2020. The market dominance of the google play store is due to the presence of a large number of Android devices worldwide compared to other marketplace-based devices. Also, the google play store offers more options for the number of applications in the marketplace compared to the apple app store, Microsoft store, and other stores
• By device, the market is divided into smartphones and others. Among these, smartphones captured a dominating share of the social networking app market in 2020 and are expected to grow at a strong CAGR during the forecasted period owing to the rising smartphone penetration and increase in the usage of smartphones across the globe. The rise of smartphones had a huge effect on social media usage because most users spend digital media time on social sites and most entertainment apps are accessed through a smartphone.
• On the basis of revenue source, the market is segmented into advertising, in-app purchases, and paid apps. The advertising segment catered to a significant share of the social networking app market in 2020. This is because social media advertising allows businesses to hyper-target specific users, build an audience database, and directly track return on investment. Moreover, social media advertising majorly helps in increasing brand awareness, managing brand reputation, and boosting conversions or sales
• For a better understanding of the market adoption of the telecom billing software industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is expected to grow at a substantial CAGR during the forecast period owing to the rising demand for AI-based social networking applications for business networking. Moreover, the increasing use of technically complex video reel-based apps that support video editing is also fueling the expansion of the industry. In addition, the expanding base of internet subscribers in developing economies such as India, Bangladesh, China, and others is further expected to provide lucrative growth opportunities for the market in the region
• Some of the major players operating in the market include Reddit, Inc.; Meta; Twitter, Inc.; Meetup; Tumblr, Inc.; Viber Media S.à r.l.; LinkedIn; ByteDance; Snap Inc.; and Koo Bombinate Technologies Pvt. Ltd.