DUBLIN–(BUSINESS WIRE)–The “Social Networking Platforms Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global social networking platforms market is evaluated at US$192.950 billion for the year 2019 and is projected to grow at a CAGR of 25.38% to reach a market size of US$939.679 billion by the year 2026.
Companies Mentioned
Ask.fm Classmates Facebook Inc. Flickr Google+ LinkedIn Corporation Meetup MeetMe Inc. Pinterest Tagged Inc. Tumblr Inc. Twitter Inc. The social networking platforms market has been increasing at an exponential rate. The rise in demand is not only just from the millennials but has also risen due to significant adoption by all age groups. Moreover, the application of social networking platforms witnessed a substantial rise owing to the demand coming from the companies which use the platforms for marketing purposes as well. A social networking/messenger site is an online platform that people use to build social networks or social relations with other people who share similar personal or career interests, activities, backgrounds, or real-life connections. In June 2020 alone, one app in the Apple App Store (LINE) had generated $6.78 million in global app revenues. Major factors expected to drive the growth of social media are being increasingly acknowledged as a platform that helps in directing search keywords towards the websites of companies, leading to enhanced website traffic and brand popularity/visibility. The proliferation of smartphones is also playing a vital role in the growth of the market. Social media apps designed for smartphones regularly track activities and further increase the relevance of social media marketing.
Furthermore, the exponential rate of data generated from social networking platforms has led companies to make marketing and customer-related decisions on the basis of customer data. The analytics done through these networking platforms is widely considered to be a significant business and marketing tool in the present-day business scenario. To gain actionable insights on consumer perceptions and improve their services and product portfolio, businesses across the world are using social media analytics. The rising adoption of social networking platforms by various end-users for several purposes is expected to drive the market during the forecast period. For instance, according to Facebook, it had 1,562 million active users daily, as of the first quarter of 2019. In fact, Twitter stated that 500 million Tweets are sent each day and 9% more people are using Twitter every day, reinstating the growing penetration of social media networks at a global level.
Increase In Use Of Internet Accessible Devices – Rising penetration of mobile, tablet and other electronics and rising data consumption will drive the social median increase Increase in internet-accessible accessible electronic devices smartphones phones and tablets leads to an increase in time spent on social media websites.
The advent of COVID-19 had a diverse impact on the global social networking platforms market. The market was significantly impacted during the initial months wherein businesses were disrupted due to lockdowns imposed by governments globally. Steps by national governments to contain the transmission have resulted in a decline in economic activity and restricted movement of goods and services with countries entering a state of lockdown. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, many media markets have been unaffected or benefited from this as they transmit their content remotely through digital channels. Even though the e-commerce businesses running only through social networking platforms were negatively impacted, the overall use of such platforms witnessed a monumental increase during the period. According to the report by DataReportal, 43% of the consumers spent longer on these platforms, 54% watched more shows and movies on streaming services. Lockdowns may have been lifted across many countries, but many of the new digital behaviors that people adopted during confinement have endured, resulting in meaningful increases in various kinds of digital activity.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Social Networking Platforms Market Analysis, by Application
5.1. Introduction
5.2. Entertainment
5.3. Commercial
6. Social Networking Platforms Market Analysis, by End users
6.1. Introduction
6.2. Personal
6.3. SMEs
6.4. Large enterprises
7. Social Networking Platforms Market Analysis, by Geography
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/zetqcj