Dublin, Aug 27, 2021 (GLOBE NEWSWIRE) – The report “Social Media Platform Market – Forecasts 2021 to 2026” has been added to ResearchAndMarkets.com offer.
The global social media platform market is valued at US $ 192.950 billion for the year 2019 and is expected to grow at a CAGR of 25.38% to reach a market size of US $ 939.679 billion by 2026.
The market for social media platforms has grown at an exponential rate. The increase in demand is not only coming from millennials but has also increased due to the high adoption by all age groups. In addition, the application of social media platforms has seen a substantial increase due to the demand from companies that also use the platforms for marketing purposes. A social networking / messaging site is an online platform that people use to create social networks or social relationships with other people who share personal or professional interests, activities, background or similar real connections. . In June 2020 alone, an app from the Apple App Store (LINE) generated $ 6.78 million in global revenue. The main factors that can drive the growth of social media are increasingly recognized as a platform that helps drive search keywords to business websites, which in turn improves website traffic and performance. popularity / visibility of the brand. The proliferation of smartphones is also playing a vital role in the growth of the market. Social media apps designed for smartphones regularly track activity and further increase the relevance of social media marketing.
Additionally, the exponential rate of data generated by social media platforms has led companies to make marketing and customer related decisions based on customer data. The analysis performed through these networking platforms is widely seen as an important business and marketing tool in the current business scenario. To gain actionable insights into consumer perceptions and improve their services and product portfolio, companies around the world are using social media analytics. The increasing adoption of social media platforms by various end users for multiple purposes is expected to drive the market during the forecast period. For example, according to Facebook, it had 1,562 million daily active users in the first quarter of 2019. In fact, Twitter said that 500 million Tweets are sent each day and 9% more people use Twitter each day, thus re-establishing growing social media penetration globally.
Increase in the use of internet accessible devices – The increasing penetration of mobile devices, tablets and other electronic devices and the increase in data consumption will lead to the increase in the social median The increase in accessible electronic devices The internet, smartphones, phones and tablets all lead to an increase in the time spent on social media websites.
The advent of COVID-19 has had a diverse impact on the global social media platform market. The market was hit significantly in the first few months when businesses were disrupted due to lockdowns imposed by governments around the world. Measures taken by national governments to contain transmission have resulted in a decline in economic activity and a restricted flow of goods and services, with countries entering a state of lockdown. The outbreak is expected to continue to negatively impact businesses throughout 2020 and into 2021. However, many media markets have not been affected or have benefited as they transmit their content remotely. via digital channels. Even though e-commerce businesses operating solely through social media platforms have been negatively affected, the overall usage of these platforms has seen a monumental increase over the period. According to the DataReportal report, 43% of consumers spent more time on these platforms, 54% watched more shows and movies on streaming services. Blocks may have been lifted in many countries, but many of the new digital behaviors people adopted during lockdown have endured, leading to a significant increase in various types of digital activity.
The global social media platform market segmentation has been done into applications, end users and geography. By application, the market classification has been made into entertainment and commercial. By end users, the market classification has been carried out in particular, SMEs, large companies. Also, on the basis of geography, the global market has been divided into North America, South America, Europe, Middle East and Africa, and Asia-Pacific.
The increase in e-commerce platforms that use social media platforms is expected to drive the market during the forecast period.
The growth of the social media platform market is fueled by the growing number of e-commerce platforms using these platforms for various purposes. Social media companies offer their social media platforms for e-commerce of goods and services to generate income. This can be attributed to the increasing adoption of e-commerce and online shopping among consumers due to the increasing penetration of internet and smartphones. For example, in 2018, around 70% of Generation Z in China (people born between 1900 and 2010) buy directly from social media. Social media platforms enable targeted advertising based on social behaviors, geographic locations and consumer demographics. Instagram, a photo and video sharing social network service, has added a âShoppingâ tab to its app’s âExploreâ page. Facebook introduced ‘Marketplace’ which is used by around 800 million people worldwide for online shopping, as of 2018. Other social media companies such as Snapchat and Twitter have also integrated shopping ads for facilitate direct purchases on their platforms.
A steady decline in the effectiveness of traditional advertising campaigns, coupled with an increasing use of social media, has prompted companies to take a more data-driven approach to their marketing strategies. The emergence of social media analytics has transformed the way marketing campaigns are planned and conducted today. Social networks, such as Facebook, have realized the importance of the targeted advertising they deliver through paid business solutions, in which location, demographics and information on consumers’ end devices are brought to the fore. provision of businesses to reach the targeted section of consumers. . In fact, according to HubSpot, developer and distributor of inbound marketing and sales software products, marketers increased their social advertising budgets by 32% in 2018, resulting in the production of more ads than ever before. In 2019, more brands could strengthen their online customer service practices and even migrate to new platforms that may offer more efficient technology for customer service to thrive online, such as WhatsApp and Messenger. The release of the WhatsApp Business API in August 2018 could continue to be a game-changer in the industry. There were three million registered users on WhatsApp at the end of the first quarter.
Players in the global social media platform market are implementing various growth strategies to gain competitive advantage over their competitors in this market. The major market players in the market have been covered along with their relative competitive strategies and the report also mentions the recent transactions and investments of various market players over the past few years. The Company Profiles section details the overview of the company, the financial performance (public companies) over the past few years, the key products and services offered as well as the recent agreements and investments of these important market players. .
Main topics covered:
2. Research methodology
3. Executive summary
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Porters Five Forces Analysis
4.4. Industry value chain analysis
5. Social Media Platforms Market Analysis, By Application
6. Social Media Platforms Market Analysis, By End Users
6.4. Large companies
7. Social Media Platforms Market Analysis, By Geography
8. Competitive environment and analysis
8.1. Analysis of major players and strategy
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier competitiveness matrix
9. Company profiles
9.3. Facebook Inc.
9.6. LinkedIn Company
9.7. To meet
9.8. MeetMe Inc.
9.10. Tagged Inc.
9.11. Tumblr Inc.
9.12. Twitter inc.
For more information on this report, visit https://www.researchandmarkets.com/r/k1kap2