| Source: ReportLinker ReportLinker
New York, March 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Social Media Global Market Report 2022” – https://www.reportlinker.com/p06243803/?utm_source=GNW
11 billion in 2022 at a compound annual growth rate (CAGR) of 39.7%. 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 $833.50 billion in 2026 at a CAGR of 39%.
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, videos, and audio files.
This market includes revenues from sales from advertisements and other services offered on social media platforms.
The main types of social media are social media advertisement and social media subscription.Social media advertising is a type of digital advertising which uses social media platforms including Twitter, LinkedIn, Instagram, Facebook, and Pinterest to provide sponsored adverts to the target audience.
The different services include social networking, microblogging and instant messaging, photo sharing networks and is used by various sectors such as retail and wholesale, transportation manufacturing, food and beverages, financial services, information technology, electrical and electronics manufacturing, media and recreation, transportation services, healthcare, others.
Asia Pacific was the largest region in the social media market in 2021.Africa is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Rising penetration of mobile, tablet, and other electronics and rising data consumption will drive the social media market.An increase in sales of internet-accessible electronic devices such as smartphones and tablets leads to an increase in time spent on social media websites.
For example, the total number of smartphone devices across the world reached 6 billion in 2020, that is eight people out of 10 owned a smartphone in 2020, eventually driving the revenues of social media companies. This increasing use of smartphones is expected to increase internet usage, hence driving the social media market.
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 had 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.
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 instance, according to e-commerce information source Internet Retailer data 2020, U.S. e-commerce sales, increasing due to the COVID-19 pandemic, grew 44% and represented more than 21% of total retail sales. 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. According to an Instagram for Business survey data 2022, 44% of people use Instagram weekly to shop using features including the Shop tag. Other social media companies such as Snapchat and Twitter have also integrated shopping advertisements to facilitate direct purchases within their platforms.
The countries covered in the social media market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06243803/?utm_source=GNW
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