Technavio has released a new market research report on the global social networking market, which is expected to grow at a CAGR of 18% between 2016 and 2020. Social media advertising has become very popular in recent times, thanks to the active participation of social media users. Social media advertising offers a solid platform for advertisers, especially during global events, to increase their return-on-investments (ROI). The Americas dominate the global market for social networking, accounting for 46% of the total market share. Due to the availability of a larger base of target audience, several brands have a higher chance of monetizing their advertisements in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Social networks play a very crucial role in social media advertising as it helps to target audience in various ways. Social networks collect larger amount of user information compared to other networks. Also, social media sites helps in effective communication with the target audience by providing instant feedback. This helps advertising companies to comprehend their customer base and their requirements,” says Soumya Mutsuddi, Lead Analyst, Media & Entertainment, Technavio Research.
The social network ad spending on mobile devices is expected to dominate the social networking market during the forecast period, accounting for around 568% of the overall market. Technavio’s market research analysts estimate that more than half of the global mobile user population will switch to smartphones. Mobile devices help in effectively targeting the audience, as most personal and professional interactions take place through these devices.
The leading vendors in the global social networking market include Facebook, Google+, LinkedIn, Twitter, Weibo and YouTube. Intense competition prevails in this market as social media is subject to rapid innovations and constant changes. Hence, to survive in the market, vendor have to come up with various strategies and offerings to maintain a customer base.
A more detailed analysis is available in the Technavio report, Global Social Networking Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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