Global Social Networking Market Size (2024 - 2029)

The social networking market is experiencing rapid growth, driven by the increasing adoption of these platforms across all age groups and their significant use by businesses for marketing purposes. The market's expansion is further fueled by the reliance on customer data and analytics from social networking sites, which are essential for making informed business and marketing decisions. The COVID-19 pandemic has also played a crucial role in boosting the market size, as social media became a vital communication tool during periods of social isolation, leading to a surge in usage and engagement.

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Market Size of Global Social Networking Industry

Social Networking Market Forecast
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

Global Social Networking Market Major Players

*Disclaimer: Major Players sorted in no particular order

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
Google
By Geography
North America
Europe
Asia-Pacific
Middle-East and Africa
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Global Social Networking Market Size Summary

The global social networking market is experiencing rapid expansion, driven by the increasing adoption of these platforms across diverse age groups and their growing importance in business marketing strategies. Social networking sites facilitate the creation of social connections based on shared interests, and their popularity has surged as businesses leverage these platforms for targeted marketing and customer engagement. The rise of e-commerce has further fueled this growth, with platforms like Instagram and Facebook Shops enabling seamless online shopping experiences. The COVID-19 pandemic has also played a significant role in boosting social media usage, as people turned to these platforms for communication and entertainment during periods of social isolation.

In the Asia-Pacific region, social media usage is particularly prevalent, with platforms like WeChat and Sina Weibo dominating the market due to the unique digital landscape in China. The region accounts for a substantial portion of the global social media audience, with India also showing significant growth in social media users, primarily accessing these platforms via mobile devices. The market is characterized by a high level of fragmentation, with companies employing various competitive strategies to gain an edge. Recent developments, such as the acquisition of Twitter by Elon Musk and the launch of TRUTH Social by Donald Trump, highlight the dynamic nature of the industry, as firms continue to navigate challenges and opportunities in the evolving social networking landscape.

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Global Social Networking Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness-Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Impact of COVID-19 on the payments market in the country

  2. 2. Market Segmentation

    1. 2.1 By Type

      1. 2.1.1 Advertising

      2. 2.1.2 In-App Purchase

      3. 2.1.3 Paid Apps

    2. 2.2 By Store

      1. 2.2.1 Apple

      2. 2.2.2 Google

    3. 2.3 By Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 Middle-East and Africa

Global Social Networking Market Size FAQs

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.

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

Social Networking Market Report Snapshots

Social Networking Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)