Social media market players are integrating shopping ads to facilitate direct purchases
Global Business Research Company Social Media Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, Feb. 9, 2022 /EINPresswire.com/ — Social media market trends include companies offering their social media platforms for e-commerce of goods and services to generate revenue. This can be attributed to the increasing adoption of e-commerce and online shopping by consumers due to the increasing penetration of internet and smartphones. For example, according to e-commerce news source Internet Retailer data 2020, e-commerce sales in the United States, on the rise due to the COVID-19 pandemic, increased by 44% and accounted for more than 21 % of total retail sales. Social media platforms enable targeted advertising based on social behaviors, geographic locations and consumer demographics. Instagram, a photo and video sharing social networking service, has added a “Shopping” tab to its app’s “Explore” page. According to data from a 2022 Instagram for Business survey, 44% of people use Instagram weekly to shop using features like the Shop tag. Other social media companies such as Snapchat and Twitter have also integrated shopping ads to facilitate direct purchases within their platforms.
The global social media market size is expected to grow from $159.68 billion in 2021 to $223.11 billion in 2022 at a compound annual growth rate (CAGR) of 39.7%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The social media market share is expected to reach $833.50 billion in 2026 with a CAGR of 39%.
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Growing penetration of mobiles, tablets and other electronic devices 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 sites. For example, the total number of smartphones in the world reached 6 billion in 2020, i.e. eight out of 10 people owned a smartphone in 2020, which ultimately drove the revenue of social media companies. This growing use of smartphones is expected to increase the use of the internet, thereby driving the social media market.
The major players covered in the global social media industry are Facebook, YouTube, Instagram, Twitter and LinkedIn.
TBRC’s Global Social Media Market research report is segmented by Type into Social Media Advertising, Social Media Subscription, by Social Media Service, Microblogging & Instant Messaging, photo sharing networks, by end user industry in retail and wholesale, transportation manufacturing, food and beverage, financial services, information technology, electrical and electronics manufacturing, media and entertainment , transport services, health care, other.
Global Social Media Market Report 2022 – By Type (Social Media Advertising, Social Media Subscription), By Service (Social Media, Microblogging & Instant Messaging, Photo Sharing Networks), By Industry (Retail & Wholesale, Transportation Manufacturing, Food & Beverage, Financial Services, Information Technology, Electrical & Electronics Manufacturing, Media & Entertainment, Transportation Services, Healthcare) – Market Size, Trends and Global Forecast 2022-2026 is part of a series of new reports from The Business Research Company that provides an overview of the social media market, forecast the size and growth of the social media market for the overall market, segments of the social media market, geographies, social media market trends, social media market drivers, restraints, revenue, profiles and market shares expensive from the main competitors.
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