Major companies in the social media market include Facebook; Youtube; Instagram; Twitter and LinkedIn. The global social media market is expected to grow from $94. 83 billion in 2020 to $102.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Social Media Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009788/?utm_source=GNW
62 billion in 2021 at a compound annual growth rate (CAGR) of 8.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $308.96 billion in 2025 at a CAGR of 32%.
The social media market consists of sales by entities (organizations, sole traders or partnerships) that enable customers to interact, create and share content and information. Social media enables users to share pictures, video and audio files. This market includes revenues from sales from advertisement and other services offered on social media platforms. The social media market is segmented into social media adverstising and social media subscriptions.
Asia Pacific was the largest region in the global social media market, accounting for 46% of the market in 2020. North America was the second largest region accounting for 32% of the global social media market. South America was the smallest region in the global social media market.
Social media companies are offering their social media platforms for electronic commerce of goods and services to drive revenues. This can be attributed to the increasing adoption of e-commerce and online shopping among consumers owing to the growing internet and smartphone penetration. For example, as of 2018, about 70% of China’s Generation Z (people born between 1900 and 2010) shop directly from social media channels. Social media platforms allow for targeted advertising based on consumers’ social behaviors, geographic locations, and demographics. Instagram, a photo and video-sharing social networking service, has added a ‘Shopping’ tab to the ‘Explore’ page in its app. Facebook has introduced ‘Marketplace’ which is used by about 800 million people globally for online shopping, as of 2018. Other social media companies such as Snapchat and Twitter have also integrated shopping advertisements to facilitate direct purchases within their platforms.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on some of the social media markets in 2020 as businesses were disrupted due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. 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 ’lock down’. 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. It is expected that the social media market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Increase In Use Of Internet Accessible Devices - Rising penetration of mobile, tablet and other electronics and rising data consumption will drive the social media market. Increase in sales of internet accessible electronic devices such as smart phones and tablets leads to an increase in time spent on social media websites. For example, the total number of smart phone devices across the world is expected to reach 6 billion by 2020, i.e. eight people out of 10 will own a smartphone by 2020, eventually driving the revenues of social media companies. This increasing use of smart phones is expected to increase the internet usage, hence driving the social media market.
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