The social media app industry has been thriving at an exponential rate. As per Statista, the total revenue in the social networking app market is projected to reach $43.39 billion in 2022. The same source also projects it to grow at a CAGR of 23.4% by 2028.
Now, this data isn’t just driven by millennials but its worldwide adoption by all age groups. The rising demands of large & small-scale enterprises utilizing social media platforms for marketing purposes are also adding to its enormous growth.
But, what does this data indicates?
It indicates that there has never been a better time to invest in any innovative ideation for a social network.
Here’s a detailed analysis of the social media industry for all enthusiasts aspiring to start their social network.
It all started in 1997 when Andrew Weinreich launched Six Degrees – a website that offered features like profile creation, friends lists, and school affiliation among other services. Since then social networking platforms have been on the rise and constitute half of the world’s population today. Especially, in the last decade – from 970 million people in 2010, it has grown to over 4.48 billion in 2021 across all social media platforms.
Further, it’s a direct result of this worldwide phenomenon that in 2019, the social networking app market size was estimated at $192.95 billion. In addition, a survey from Research and Markets projects it to reach $939.68 billion by 2026.
As per the statistics from Backlinko, the current global social media users split between men and women is 54% and 46% respectively. However, if you look at the monthly active users on top social media platforms, you will get a better understanding of males and females dominating different platforms.
On a region-based analysis, Western Europe has both male and female using social media services equally. Here’s a data on social media users worldwide.
From 2.07 billion people in 2015, the global social networking app users population has reached 4.48 billion in the last six years. This
As per Grand View Report, here are the key factors for consistent growth in the social networking segment.
40% of all internet users worldwide use social media for work purposes – something that’s only increasing with every passing year. This dictates the increasing revenue of social media platforms over time.
Here’s how social networking platforms generates revenue.
Absolutely! Here are some stats that prove it.
In 2022, Statista predicts,
With a large number of new users coming on board each day, the social networking industry is expected to prosper in the coming times.
At Code Brew, our expert development team has built over 10,000 apps for various industries like social media marketplace, on-demand ride-sharing, online food delivery, e-commerce, online education, healthcare, and a lot more. So, in addition to a social media app and website services, we offer a robust control panel that offers,
Fetch important details, understand your users’ behavior & target them with better offerings.
Manage all your users’ details in a single place & build steadfast relationships.
Manage different in-app channels and categories created by users & brands.
And that’s not the end of our esteemed services.
You can build a social networking app with our advanced technology stack.
Get a highly personalized and intuitive user experience with tools like Chatbots and Virtual Assistant.
Our in-app AI feature assists all users with anything and everything on the application.
Make your social media application more transparent with our blockchain technology.
Boost your social media app engagement with our AR Camera effects feature.
You don’t have to be a tech-savvy person to start any business. Outsource your social media app development to our professional team at Code Brew today!
Want to build a robust social media app?
Contact us today and we’ll be happy to help.August 11, 2022