The Global Social Networking App Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- July 13, 2023
- NEWS, TELECOM & IT
- Social Networking App Market, Social Networking App Market Share, Social Networking App Market Size
- 0 Comments
The Social Networking App Market is expected to grow at a strong CAGR of around 22% during the forecast period owing to the rising demand for 5G technology worldwide. Furthermore, 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, the rising adoption of social media is also helping the market to grow at a strong growth rate. For instance, according to Nasdaq, Inc.; approximately 4.6 billion people worldwide were connected to social media in 2022, up from 3.9 billion in 2020.
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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 many 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.
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.
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For a better understanding of the market adoption of the telecom billing software industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. 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.
Some of the major players operating in the market are Reddit, Inc.; Meta; Twitter, Inc.; Meetup; Tumblr, Inc.; Viber Media S.à r.l.; LinkedIn; ByteDance; Snap Inc.; and Koo Bombinate Technologies Pvt. Ltd.
Global Social Networking App Market Segmentation
Market Insight, by Marketplace
· Google Play Store
· Apple App Store
· Microsoft Store
· Others
Market Insights, by Device
· Smartphone
· Others
Market Insights, by Revenue Source
· Advertising
· In-App Purchases
· Paid Apps
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Reddit, Inc.
· Meta
· Twitter, Inc.
· Meetup
· Tumblr, Inc.
· Viber Media S.à r.l.
· ByteDance
· Snap Inc.
· Koo Bombinate Technologies Pvt. Ltd.