The Number of Mobile Social Networking Users Worldwide is Forecast to Reach 4.4 Billion by 2024
Rising Penetration of Mobile
Devices Coupled with High Speed Mobile Internet Services Drive the Growth of Mobile
Social Networking, According to a New Report by Global Industry Analysts,
Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Mobile Social Networking market. The number of mobile social networking users,
worldwide, is forecast to reach 4.4 billion by 2024, driven by the increasing penetration of smartphones
and tablets, high-speed broadband, and development of live streaming apps.
Mobile Social Networking, an offshoot of
the web-based social networking, is defined as social spaces structured to
facilitate collaboration, communication, and sharing of similar
interests/activities, photos, audios, videos, and information across various
networks and contacts using the mobile phone as the platform. The trend of
mobile social networking has been fast catching up owing to its benefits of
offering users with an easy and convenient solution for keeping in touch with a
large pool of friends and acquaintances through their mobile phones or any
other hand-held device. Growing penetration of mobile phones compatible with
social networking applications is a major factor currently driving growth in
the mobile social networking industry. Increasing adoption of mobile devices
such as smartphones, tablets, and phablets has led to the explosive growth in mobile
social networking.
Future growth in the market will be driven by fast paced urbanization, changing lifestyle trends,
increased role of digital platforms in day-to-day life, strong growth in mobile
subscriber base, high-speed broadband, and sophisticated wireless technologies
including Wi-Fi routers. Technological advancements pertaining to mobile
phones, tablets and other handheld devices, integration of more visual centric
communication, virtual reality and augmented reality, and development of live
streaming apps are all poised to benefit the mobile social networking market in
the long term. The trend towards personalization of video services is also
propelling the growth of mobile social networking. The rising popularity of
mobile social networking has led to a surge in social media advertising and
marketing over the years. Companies are increasingly promoting their brands on mobile social media in a bid to expand their customer base. Further, businesses have
enthusiastically embraced social media and have made it one of their key
channels of communication, both for communicating externally and internally.
As stated by the new market research
report on Mobile Social Networking, Asia-Pacific constitutes the largest market
worldwide. The region also represents
one of the fastest growing markets driven by huge investments in mobile
communications infrastructure, large underserved market base with low mobile
service penetration levels, rapid urbanization, growing middle class population,
and rising popularity of social media sites and apps. The Middle East &
Africa represents the fastest growing market with a CAGR of 14.4% over the
analysis period. The growth in the region is led by growing penetration of
smartphones, and rise of visually orientated social networks in the region.
Major players in the market include
Facebook Inc., WhatsApp Inc., Google Inc., YouTube LLC, LINE Corporation,
Microsoft Corporation, LinkedIn Corporation, Pinterest, Reddit Inc., Snap Inc.,
Tencent Holdings Limited, Tumblr Inc., Twitter Inc., and Viber Media S.Ã r.l,
among others.
The
research report titled “Mobile Social Networking: A
Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, mergers, acquisitions and other strategic
industry activities of global companies.
The single segment report provides market estimates and projections for
all major geographic markets such as the US, Canada, Japan, Europe (France,
Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China,
India and Rest of Asia-Pacific), Middle East & Africa, and Latin America
(Brazil, Mexico and Rest of Latin America).
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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