Market Size of Global Social Networking Industry
![Social Networking Market Forecast](https://s3.mordorintelligence.com/global-social-networking-market/1655445951011_global-social-networking-market_Market_Summary.webp)
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 |
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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.
Social Networking Industry Segmentation
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 activity of using a specialized online platform to keep in touch, connect, and collaborate with like-minded individuals, peers, friends, and family is known as social networking. Because they are marketed in various countries and have worldwide availability, acceptance, and attractiveness, global SNS, such as Facebook and Instagram, have all of the intrinsic features of international brands.
Global Social Networking Market is segmented by Type (Advertising, In-app Purchase, Paid Apps), By Store (Apple, Google), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa).
By Type | |
Advertising | |
In-App Purchase | |
Paid Apps |
By Store | |
Apple | |
By Geography | |
North America | |
Europe | |
Asia-Pacific | |
Middle-East and Africa |
Global Social Networking Market Size Summary
The global social networking market is experiencing rapid growth and is expected to continue its upward trajectory in the coming years. This growth is not just due to millennials, but also the widespread adoption of social networking sites by people of all ages. Businesses are also increasingly utilizing these platforms for marketing purposes. Moreover, the rise in data analytics is enabling businesses to make more informed marketing and customer-related decisions. The COVID-19 pandemic has further amplified the usage of social media platforms, with people turning to these platforms to maintain relationships and access entertainment. In terms of market trends, the increase in e-commerce platforms is driving the growth of the social networking market. Social media companies are enabling e-commerce on their platforms to boost revenues. Instagram and Facebook are leading examples, generating significant revenue from social media advertising and online shopping. Newcomer TikTok is also emerging as a social commerce platform, offering shoppable posts and influencer marketing opportunities. The Asia-Pacific region, despite having some Western platforms blocked, is a significant contributor to the global social networking audience. The industry is highly competitive, with companies employing various strategies to gain a competitive edge.
Explore MoreGlobal Social Networking Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness-Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Impact of COVID-19 on the payments market in the country
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2. Market Segmentation
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2.1 By Type
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2.1.1 Advertising
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2.1.2 In-App Purchase
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2.1.3 Paid Apps
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2.2 By Store
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2.2.1 Apple
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2.2.2 Google
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2.3 By Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Middle-East and Africa
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Global Social Networking Market Size FAQs
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.
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.