What is Social Networking Services Market?
Social networking services are defined as a social network used to connect people to share interests and activities, moreover to explore the interests and activities of others to build online communities. It allows the user to create their profile and offers several ways to communicate with them like instant messenger, email, via video call, chat, and blogging, file sharing and so on. Moreover, according to Pew Research Center, two-thirds of American adults (68%) get news on social media and majority (57%) say they expect the news on social media where Reddit(73%), Twitter(71%) and Facebook(67%) stand out as the sites where the highest portion of user are exposed to the news. Because social networking advertising can grab the audience globally, business’s ads can absolutely reach people who are interested in the product or service.
The market study is being classified by Type (Internal Social Networking (Arpanet, Others) and External Social Networking (Facebook, Deviant Art, Others)), by Application (Photo, Video, Music, Book, Finance, Business and Others) and major geographies with country level break-up.
Facebook (United States), Twitter (United States), Tencent (China), Sina Weibo (China), YouTube (United States), Tik Tok (China), Dailymotion (France), XING (Germany), Pinterest (United States), LinkedIn (United States), Reddit (United States) and Instagram ((United States)) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Kakao Talk (South Korea), MoMo (China), Baidu (China) and Yahoo! Inc (United States).
Key players are adopting numerous strategy to gain market attention and to increase their market share, this strategy can be listed as increasing advertising portfolio, making partnership to adopt certain technologies and acquiring small players to finish the competition in the future. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Social Networking Services market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Social Networking Services market by Type, Application and Region.
On the basis of geography, the market of Social Networking Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- The Increasing Adoption of Smart Phones and Electronic Devices
- Increasing Promotional and Advertising Activity of Entrepreneur on Social Networking Site Is Also Booming the Demand for It in the Market
- Increasing Number of People Signing Up for and Using Social Media.
Market Trend
- Instagram and Tik Tok Is One of the Fastest-Growing Social Networking Platforms
Restraints
- Increasing Cost of Internet in Some Countries Such As GCC
Opportunities
- Social Networking Services Are Highly Visual Platform, Where Users Share Videos and Images as Well As Stories and Live Broadcasts Is Giving the Opportunity of Growth to the Market
- Linking People To Accurate Information And Helpful Resources Like The WHO And Local Health Ministries And Others Is Also One Of The Growth Opportunity For Accessing Social Networking Services.
Challenges
Market Leaders and some development strategies
For instance, in March 2020 Tik Tok Owner Bytedance debuted new music streaming app in India named as Resso over the ordinary music streaming apps, it includes social sharing, and songs through music accompanied gifts, lyrics and videos. This app allows the user to create vibes to express their views on music in the form of video, gif, or picture., and For Instance, March 2020 Facebook United States Based Social Networking Service Provider Has Expanded Access To Local Alerts In Order To Help Communicate COVID-19 Updates As It Has Spread In The US, Local Government Have Used This Site To Share Critical Information With Their Communities. For Keeping People Safe and Alert Them about Coronavirus
Key Target Audience
Social Networking Services, Technology, equipment, and solution providers, Private utility players, Government and research organizations and End users (media industry, automotive & electronic industry and others)