Social Networking Market - Analysis, Segments, Growth and Value Chain 2016-2024

Over the last decade, social media has evolved from being a mere platform to a part and parcel of the everyday life of users. Social media marketing is rapidly gaining popularity primarily due to the increasing active participation of social media users. Several figures indicate that Facebook had 1.79 bn monthly active users as of third quarter of 2016. Businesses today are using social networking sites such as Facebook and Twitter to exhibit their brands/products, to build brand image, and expand their client base. Due to the immense potential of social media, the global social networking market is expected to tread along a healthy growth track. 

One of the primary factors contributing to the growth of the global social networking market is the fact that social media is being increasingly acknowledged as a platform that helps in directing search keywords towards the websites of companies, leading to enhanced website traffic and brand popularity/visibility. 

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The proliferation of smartphones is also playing a vital role in the growth of the market. A large number of active users access social media through mobile phones. Social media apps designed for smartphones regularly track activities and further increase the relevance of social media marketing. The growing transition from texted-based content to image-centric solutions is likely to provide a significant boost to the growth of the global social networking market in the near future. 

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