Market Size of Global Social Networking Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 81.42 Billion |
| Market Size (2029) | USD 179.22 Billion |
| CAGR (2024 - 2029) | 17.09 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Social Networking Market Analysis
The Global Social Networking Market size is estimated at USD 81.42 billion in 2024, and is expected to reach USD 179.22 billion by 2029, growing at a CAGR of 17.09% during the forecast period (2024-2029).
A social networking/messaging site is an online platform where users create social networks or social relationships with others with similar personal or professional interests, hobbies, backgrounds, or real-life connections.
- The market for social networking sites has been growing at a breakneck pace. The increase in demand is not solely attributed to millennials but also widespread adoption by people of all ages. Furthermore, social networking sites have increased significantly due to increased demand from businesses that use the platforms for marketing purposes.
- According to Business of Apps, messaging apps will be used by over three billion people in 2021, making them one of the most popular app kinds. For the most part, mobile texting is limited to Facebook and WhatsApp. Over 2.5 billion individuals use one of these two platforms; in some markets, the two applications account for over 90% of the market.
- In 2021, WhatsApp had the most downloads, but its overall downloads were down from 2020. Only Telegram and Signal saw an increase in downloads this year compared to the previous year. Facebook Messenger has seen a two-year decline in downloads, despite being the clear favorite among US users. Because it is only accessible on iOS, Apple's iMessage is similarly popular in the country, with high levels of iPhone lock-in. Still, we are unable to track sessions for the app.
- Furthermore, due to the exponential growth of data provided by social networking platforms, businesses are increasingly relying on customer data to make marketing and customer-related choices. In today's commercial environment, analytics performed through these networking platforms is widely regarded as an important business and marketing tool. Businesses worldwide are embracing social media analytics to acquire meaningful insights into consumer attitudes and improve their services and product portfolio.
- Social media became a crucial platform for communication during social isolation and restricted contact with others. Social media platforms are designed to bring people together, and keeping everyone in touch during the pandemic significantly increases usage. According to the Canadian Mental Health Association, since many people are asked to stay at home, they have turned to social media to keep up their relationships and access entertainment to pass the time. For instance, overall messaging has increased by more than 50% over the past month in nations severely hit by the COVID-19 outbreak, according to Facebook's analytics team. In those areas, voice and video calls on WhatsApp and Messenger have more than doubled.
