How big is the Global Social Networking Market?

The Global Social Networking Market size is expected to reach USD 81.42 billion in 2024 and grow at a CAGR of 17.09% to reach USD 179.22 billion by 2029. Read More

What is the current Global Social Networking Market size?

In 2024, the Global Social Networking Market size is expected to reach USD 81.42 billion. Read More

Who are the key players in Global Social Networking Market?

YouTube, ByteDance, Twitter, Meta and Snap Inc. are the major companies operating in the Global Social Networking Market. Read More

Which is the fastest growing region in Global Social Networking Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Global Social Networking Market?

In 2024, the North America accounts for the largest market share in Global Social Networking Market. Read More

What years does this Global Social Networking Market cover, and what was the market size in 2023?

In 2023, the Global Social Networking Market size was estimated at USD 69.54 billion. The report covers the Global Social Networking Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Social Networking Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Global Social Networking Market Trends

Market Trends of Global Social Networking Industry

This section covers the major market trends shaping the Social Networking Market according to our research experts:

Increasing e-commerce platforms are expected to drive the Market

The increasing number of e-commerce platforms that use these platforms for various purposes is fueling the expansion of the social networking platforms market. Social media businesses are making their platforms available for electronic commerce of goods and services to increase revenue. This can be ascribed to customers' rising acceptance of e-commerce and online buying due to increased internet and smartphone usage.
In 2021, an estimated Instagram generated USD 47.6 billion in revenue, accounting for nearly half of Facebook's total income. Instagram is the world's fourth most popular social media app, with over two billion individuals using it monthly. Instagram makes most of its money from social media advertising and online purchasing.
According to Backlinko, Facebook had almost 2.85 billion monthly active users in 2021. The 17-year-old platform has a lot of room to grow and reach new audiences worldwide. During the pandemic in 2020, Facebook Shops was launched to assist small and medium-sized companies in moving online and creating shoppable shops. Facebook Shops is mobile-friendly and free and allows users to import an existing product catalog or establish a new one on the site.
TikTok, a newcomer to social commerce, is becoming far more than a short-form video-sharing software. TikTok is a social commerce platform worth noticing now that it has shoppable posts, live stream shopping features, and influencer marketing prospects. Product adverts that display native videos on users' For You feeds have emphasized TikTok's social commerce capabilities thus far. Users can tap the "Shop Now" button underneath each advertisement to be taken directly to the merchant's e-commerce site to finish their purchase.
Most people are more concerned with the content than the creator on Pinterest. Unlike sites like Instagram and Facebook, where the user or brand's impact may be more important, Pinterest allows retailers to focus more on creating amazing products and less on establishing their brand. 77% of weekly Pinterest users have discovered a new product or brand.

Understand The Key Trends Shaping This Market

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Asia Pacific Account for fastest growing Market

In the Asia-Pacific region, social media is widely used. According to DFMA (Digital Marketing for Asia), a digital marketing services company specializing in online advertising in Japan, the Asia-Pacific area accounts for the bulk of unique social media visitors worldwide, accounting for 64% of the global audience.
Because several of the most popular Western platforms, such as Facebook, YouTube, and Twitter, are blocked in China, the social media scene in this nation is rather different. According to Tencent, WeChat is the most popular, with over 1.2 billion monthly active users. It's an all-in-one messaging software that offers payment, a news feed, bookings, food delivery, and other features.
Sina Weibo, dubbed the "Twitter of China," is another popular platform. According to China Internet Watch, this microblogging network has approximately 560 million monthly active users. It also has a character restriction, much like Twitter.
India has 448 million social media users or around 32% of the country's total population. Most of these (445 million/99.5%) use their mobile phones to access social media. According to DataReportal, the most popular platforms are Facebook, Youtube, Whatsapp, and Instagram.
According to Google, more than 20 million individuals in India watched YouTube videos on their TV screens in May 2021, up 45 percent yearly, indicating that users increasingly prefer to watch videos on the platform from their living rooms. According to the Google-owned platform, a growing proportion of YouTube visitors choose to watch material in Indian languages such as Hindi, Tamil, Telugu, and others.