Social Media Market Size, Share, Growth, And Industry Analysis, By Type (Social Media Advertisement, Social Media Subscription), By Application (Retail and Wholesale, Transportation Manufacturing, Food and Beverages, Financial Services, Information Technology), Regional Forecast By 2031

Updated On: 01 April 2024

Social Media Market Report Overview

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The global social media market size was USD 5357.0 million in 2021, as per our research, the market is expected to reach USD 34,380.12 million in 2031, exhibiting a CAGR of 25.92% during the forecast period.

 The global COVID-19 pandemic has been unprecedented and staggering, with social media experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

The social media market is made up of sales made by entities (companies, sole proprietorships, or partnerships) that allow customers to interact, create, and share information and content. Users of social media can share images, videos, and music recordings. Revenues from advertising messages and certain other services provided on media sites are included in this market. Social or online media advertising and online media premium service are the two main forms of social or online media. This marketing is a form of digital advertising in which sponsored advertisements are distributed to a target audience via media platforms such as Facebook, LinkedIn, Snapchat, Twitter, and Pinterest.

The various services involve social networking, micro - blogging and instant messengers, photo sharing networks, and is used by a wide range of industries including retail and wholesale transportation production, food and beverages, banking sectors, information and technology, electronics and electrical manufacturing, media and entertainment, transport services, healthcare, and others.

COVID-19 Impact: Interruption in Supply Chains to Recondition Market Share

The eruption of COVID-19 has done act as a substantial restraint on some media market in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. National governments' efforts to limit transfer have led to a decrease in business growth and confined trade in goods and services, with nations entering a 'lock down' state. Businesses suffered as a result of the outbreak in 2020 and 2021. Many media markets, however, have been intact or profited from this because they communicate their content remotely via digital channels. This same market is expected to rebound from the shock over the forecast period because it is a "black swan event" unrelated to continuing or crucial weak points in the industry or the world economy.

Latest Trends

"Developing Consumer Acceptance of E-Commerce to Intensify Market Magnification"

To increase revenue, social or online media businesses are making their platforms available for electronic commerce or electronic transaction of products and services. This can be explained by increasing consumer acceptance of e-commerce and internet shopping as a result of increased smartphone and internet penetration.

For example, thus according e-commerce source of data Internet Retailer information 2020, U.S. e-commerce revenue grew 44% owing to the COVID-19 pandemic, accounting for even more over 21% of overall retail sales. Targeted advertising is possible on social or online media platforms based on consumers' behavioral traits, geographical areas, and demographics. Instagram, an image and clip online media service, has got to add a 'Shopping' tab to its app's 'Explore' page.

Social Media Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into social media advertisement, social media subscription

Social media advertisement is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into retail and wholesale,transportation manufacturing, food and beverages, financial services, information technology

Retail and wholesale are the leading part of the application segment

Driving Factors

"Elevating Electronics Penetration to Boost Market Share "

Growing mobile, iPad, and other electronics penetration, as well as rising data consumption, will motivate social media market growth. Increased sales of internet-connected gadgets including laptops result in more time being spent on social networking websites. For instance, the overall number of mobile devices worldwide managed to reach 6 billion in 2020, implying that eight out of ten people purchased a mobile phone in 2020, ultimately driving online media companies' revenues. The growing utilization smartphones is anticipated to increase web activity, going to drive social media market share.

"Targeting Audience and Brand-Building Solutions to Expand Market Forwarding "

One of the most important advantages of this market is that, unlike traditional marketing, it allows the company to easily reach a specific audience. If a company wants to reach out to professionals, it can use LinkedIn; if it wants to reach out to people in general who can communicate their ideas and opinions, it can use Facebook or even Instagram; and if it desires to reach out to a crowd through videos, it can use YouTube. Thus, this market can be scheduled and used optimally relying on the crowd, the region of the world, and the methods of reaching them. Another advantage of this market is that it increases brand loyalty. A business's presence on online media is not limited to marketing and promotion. Customers can also follow and interact with the company through its existence on various social networking platforms. Customers can use the online media platforms to discuss the product or service, as well as provide feedback and reviews on the services or products. Customers can also tag the business on different social or online media platforms, thereby creating a brand image and demonstrating their loyalty to the business. As a result, social or online media contributes to increased brand loyalty for a company's product or service.

Restraining Factors

"Time Consuming and Consistency Factors to Deplete Market Advancement "

Social media isn't a one-and-done marketing strategy. On these platforms, users must continuously create content, start posting, and interact with the followers. One significant disadvantage of online media for businesses is the time it requires. It is difficult to oversee a campaign on online media if one has a small business, a small marketing company, or limited resources. Users must consider a balance between postings, tracking that content, replying to people, and assessing the impact of your content. It could be a daunting task if users lack the necessary resources. The campaigns will suffer if users don't do enough with online media because user don't have enough time, persons, or programs that can assist them to run the marketing strategy. Users will not be as successful as someone who possesses the skills needed to run a profitable online media campaign. Hence there are a lot disadvantages associated with this market and can therefore hinder its growth during the predicted timeframe.

Social Media Market Regional Insights

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"Organic Content and Growing Business to Foster Market Growth in Asia Pacific and North America "

Asia Pacific region accounts for the world's first market. The opportunity to share organic content is a huge advantage of using social media market for business purposes. This opens up countless opportunities for the organization to attach with valuable leads for free. It's among the reasons why businesses prefer to use these platforms in Asia Pacific region. According to the social media network, these platforms allow individual to post pictures, videos, and other media. It's a brilliant platform to get the brand exposed to people who are interested in the company and help them become more acquainted with it.

North America accounts for the second region to be placed for the media marketing. Owing to the growing business and technological advancements there is an immense need for media to get an exposure for the brand or business.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• LinkedIn (U.S.)
• Facebook (U.S.)
• YouTube (U.S.)
•  Snapchat (U.S.)
• Twitter (U.S.)
• AfricanZone (U.S.)
• Skyblog (France)
• WhatsApp (U.S.)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.