Social Networking App Market: Current Analysis and Forecast (2022-2028)
Emphasis on Marketplace (Google Play Store, Apple App Store, Microsoft Store, and Others); Device (Smartphones and Others); Revenue Source (Advertising, In-App Purchases, and Paid Apps); and Region/Country
The Social Networking App Market is expected to grow at a strong CAGR of around 22% during the forecast period owing to the rising adoption of social media advertising among businesses. Social networking apps allow people and organizations to connect, communicate, and share information. People can connect with others in the same area, family, friends, and people with similar interests. Popular social networks such as Facebook, Yelp, Twitter, Instagram, and TikTok allow individuals to maintain social connections, stay informed, and access, and share a wealth of information. These websites also allow marketers to reach their target audience. The surge in the adoption of personalized feed-based apps and the growing demand for encrypted & self-destructive messaging-based social apps are further contributing to the growth of the market. In addition to this, the rapid adoption and expansion of 5G among countries are also contributing to the growth of the market. For instance, in June 2022, around 70 countries now have 5G networks, up from just 38 in mid-2020, according to a Global Mobile Suppliers Association (GSA) report.
Some of the major players operating in the market include Reddit, Inc.; Meta; Twitter, Inc.; Meetup; Tumblr, Inc.; Viber Media S.à r.l.; LinkedIn; ByteDance; Snap Inc.; and Koo Bombinate Technologies Pvt. Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst marketplace, the google play store held a prominent share of the market in 2020”
Based on the marketplace, the market is segmented into the google play store, apple app store, Microsoft store, and others. Amongst these, the google play store held the major share of the market in 2020. The market dominance of the google play store is due to the presence of a large number of Android devices worldwide compared to other marketplace-based devices. Also, the google play store offers more options for the number of applications in the marketplace compared to the apple app store, Microsoft store, and other stores.
“Amongst device, smartphones held a dominating share of the market in 2020”
By device, the market is divided into smartphones and others. Among these, smartphones captured a dominating share of the social networking app market in 2020 and are expected to grow at a strong CAGR during the forecasted period owing to the rising smartphone penetration and increase in the usage of smartphones across the globe. The rise of smartphones had a huge effect on social media usage because most users spend digital media time on social sites and most entertainment apps are accessed through a smartphone.
“Asia-Pacific to lead the growth during the forecasted period”
APAC is expected to grow at a substantial CAGR during the forecast period owing to the rising demand for AI-based social networking applications for business networking. Moreover, the increasing use of technically complex video reel-based apps that support video editing is also fueling the expansion of the industry. In addition, the expanding base of internet subscribers in developing economies such as India, Bangladesh, China, and others is further expected to provide lucrative growth opportunities for the market in the region. For instance, according to the World Bank, in 2021, in East Asia & Pacific (excluding high-income countries), 72% people of the total population were using the internet, this percentage stood at 66% in 2020.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global social networking app market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Social Networking App Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global social networking app market were the three major steps undertaken to create and analyze the adoption of social networking apps in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global social networking app market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the social networking app market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the social networking app market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as marketplace, device, and revenue source. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the social networking app market. Further, we conducted factor analysis using dependent and independent variables such as marketplace, device, and revenue source of the social networking app market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the social networking app market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global social networking app market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the social networking app market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global social networking app market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global social networking app market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the marketplace, device, and revenue source in the global social networking app market.
The Main Objective of the Global Social Networking App Market Study
The current & future market trends of the global social networking app market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the social networking app market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the marketplace, device, and revenue source
- Define and analysis of the regulatory framework for the social networking app industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the social networking app market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the social networking app market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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