Social networking has emerged as the most prominent cultural phenomena this century. Major multinational organizations place robust emphasis on gaining insights about the behavior and specific interests of users. Social media marketing is rapidly gaining popularity primarily due to rising number of active users. Present-day various businesses use social networking sites such as Facebook and Twitter to provide demos and to showcase and drive their brands/products, and to expand their client base.
Asia Pacific expected to witness fastest growth in the global social networking market
Increasing number of smartphone users is a key factor driving growth of the global social networking market. In addition, global social networking helps in directing search keywords towards websites of companies and to enhance brand visibility. Also, social networking helps to enhance web traffic on any company website which in turn help to generate more revenue or to expand the business reach. These are other factors expected to fuel growth to the global social networking market over the forecast period. Furthermore, technological developments in smartphones, and development of social media apps designed for smart phones are another key factors anticipated to boost growth of the global social networking market.
However, security issue is a key factor restraining growth of the global social networking market as targeted phishing attacks, spam and malware attacks. Also, other issues such as fake accounts, celebrity name misuse are other factors expected to hamper growth of the global social networking market over the forecast period.
The global social networking market report has been segmented on the basis of device, and region. On the basis of region, the global social networking market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America is a dominant player in the global social networking market and accounts for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to high internet penetration, and rising awareness about social networking among general population in this region. The market in Europe accounts for the second-highest revenue share contribution to the global social networking market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to increasing adoption of smart phones and technological advancements in this region.
Prominent players in the global social networking market include, Facebook Inc., Flickr, Google Inc., Instagram, LinkedIn Corporation, Meetup, MeetMe Inc., Pinterest, Tumblr Inc., and Twitter Inc.