Mediaboss Marketing

PRESS RELEASE

Published May 16, 2023

The global Social Networking App market was valued at USD 40.2Billion in 2022 and it is anticipated to grow up to USD 430.2 Billion by 2032, at a CAGR of 26.7% during the forecast period.

A social networking app is an app that allows people to connect with each other for the purpose of sharing information, and experiences, or simply chatting. There are many different social networking apps available, each with its own unique features and purpose. Some popular social networking apps include Facebook, Twitter, Instagram, and Snapchat.

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Market Trends and Drivers

Growing investment from Meta to provide in-stream ad-free features for global clients is propelling market growth. Rapidly growing demand for free gaming subscription-based social networking apps in the U.S. is bolstering the industry growth over the years. 3D image context with augmented reality-based features of social media is refueling the business needs. The growing demand for big-screen interfaces with dark mode in the U.K. is set to drive the use of these applications. National lockdowns enforced across the globe owing to the effect of coronavirus led to widely affecting the global supply chain of numerous businesses worldwide. Smoother in-app purchasing of social services and the rapid shift of consumers to software as a service-based app had taken a dramatic boost for social networking apps. Discovering online communities for theatre, sports art, music, games, and yoga, had gained traction during the pandemic era. The growing demand for live streaming videos and the surge in the adoption of OTT platforms in India had further propelled the market growth.

Market Restraints and Challenges

There are a few key restraints and challenges in the social networking app market. Firstly, users are becoming more aware of the potential risks associated with sharing personal information online. This is leading to a decline in usage of social networking apps, as users are increasingly concerned about their privacy. Secondly, social networking apps are also facing competition from other types of apps, such as messaging apps and gaming apps. This is making it difficult for social networking apps to maintain their user base. Finally, social networking apps are also facing regulatory scrutiny in many jurisdictions. This is making it difficult for them to operate freely in many markets.

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Global Social Networking App Market Segmentation

By Device Type

Smartphone Laptop Others

Major Players in the Global Social Networking App Market

The key players in the Social Networking App market are Reddit, Snapchat, Twitter, Meet Up, Facebook, Tumblr, Viber, Instagram, Line, and Yubo., among others.

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Social Networking App Industry Is Expand at a CAGR of 26.7% to ... - Digital Journal