Social Networking App Market is expected to showcase a CAGR of around 22% due to the growing demand for encrypted & self-destructive messaging-based social apps| UnivDatos Market Insights

NOIDA, India, Feb. 23, 2023 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Social Networking App Market was valued at USD 60 billion in 2021 and is expected to grow at a CAGR of around 22% from 2022-2028. The analysis has been segmented into Marketplace (Google Play Store, Apple App Store, Microsoft Store, and Others); Device (Smartphones and Others); Revenue Source (Advertising, In-App Purchases, and Paid Apps); Region/Country.

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The social networking app market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the social networking app market. The social networking app market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the social networking app market at the global and regional levels.

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Market Overview

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.

COVID-19 Impact

The COVID-19 pandemic had its worst impact on several industries. The market was severely impacted in the first few months as government-imposed lockdowns around the world brought business to a halt. Measures taken by governments to curb the epidemic have reduced economic activity, restricted the movement of goods and services, and put countries on lockdown.

The global social networking app market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• 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
• On the basis of revenue source, the market is segmented into advertising, in-app purchases, and paid apps. The advertising segment catered to a significant share of the social networking app market in 2020. This is because social media advertising allows businesses to hyper-target specific users, build an audience database, and directly track return on investment. Moreover, social media advertising majorly helps in increasing brand awareness, managing brand reputation, and boosting conversions or sales

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Social Networking App Market Geographical Segmentation Includes:

• North America (U.S., Canada, and the Rest of North America)
• Europe (Germany, U.K., France, Italy, Spain, and the Rest of Europe)
• Asia-Pacific (China, India, Japan, and the Rest of Asia-Pacific)
• Rest of the 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. 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.

The major players targeting the market include

• Reddit, Inc.
• Meta
• Twitter, Inc.
• Meetup
• Tumblr, Inc.
• Viber Media S.à r.l.
• LinkedIn
• ByteDance
• Snap Inc.
• Koo Bombinate Technologies Pvt. Ltd.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the social networking app market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the social networking app market?
• Which factors are influencing the social networking app market over the forecast period?
• What are the global challenges, threats, and risks in the social networking app market?
• Which factors are propelling and restraining the social networking app market?
• What are the demanding global regions of the social networking app market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Social Networking App Market Report Coverage

About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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