Social Networking App Market Size, Share & Trends Analysis growing at a CAGR of 26.2% from 2023 to 2030
The global social networking app market size was estimated at USD 49.09 billion in 2022 and is anticipated to reach USD 310.37 billion by 2030, growing at a CAGR of 26.2% from 2023 to 2030. This can be credited to the rising demand for 5G technology across the globe. The surge in the adoption of personalized feed-based apps in Europe is expected to boost industry growth.
Key Market Trends & Insights
- Asia Pacific made the largest contribution in the global market of 44.5% revenue share in 2022.
- Europe is projected to witness a CAGR of 31.4% from 2023 to 2030.
- Based on marketplace, the google play store dominated the global market in 2022 with the market share of 54.9%.
- Based on device type, the smartphones accounted for a highest revenue share of 89.6% in 2022.
- Based on revenue source, the advertising segment accounted for highest market share of 64.5% in 2022.
Market Size & Forecast
- 2022 Market Size: USD 49.09 Billion
- 2030 Projected Market Size: USD 310.37 Billion
- CAGR (2023-2030): 26.2%
- Asia Pacific: Largest market in 2022
- Europe: Fastest growing market
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Moreover, the growing demand for encrypted & self-destructive messaging-based social apps in India is refueling the expansion of the business. In addition, the soaring demand for video chat services in Saudi Arabia is supplementing the industry growth. Moreover, the ease of access to in-app purchase-based social networking apps is bolstering the adoption of these applications globally. However, the data security concern may cause a hindrance to the industry growth. At present, key players are focusing to adopt video filter-enabled social networking apps. Hence the market is expected to perform significant market growth during the forecast period.
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.
