- The global social media messaging market is projected around USD 28 billion by 2024. Rising internet penetration should play a pivotal role in market growth over the forecast period (2016-2024). Advancements in mobile data networks, like 4G will provide better internet services, favoring the market.
’Social media messaging’ costs are relatively lower compared to conventional services (provided by mobile network companies). This is predicted to spur market sales. Governments worldwide monitor social media platforms to keep abreast with the latest events and curb unlawful activities. Similarly, messaging companies are expanding their designs to increase adoption. These factors can also further the market in the coming eight years.
Smartphones have justified their name. Tablets and smartphones have replaced personal computers (PCs). Social networks provide a base of communication for people wanting to socialize and/or partake in e-commerce recommended by known sources. They serve as instant messaging services that help users to connect with their colleagues, family members, friends, and others. These platforms allow users to share news, trends, pictures, private information, etc.
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Herein, messages can be shared in multiple formats; such as videos, gifs, photographs, and texts. Different companies use social media messaging to make their brand more popular and advertise their products. These platforms provide gaming, payment, life-logging, & other services. They are the most extensively used application globally. The employment of online media messaging is primarily dependent on mobile app engagement.
Facebook, an online media platform has immensely benefitted from the mobile frenzy due to its wide adoption. Facebook Messenger enables texting through smartphone data plan, bypassing the need to pay for individual text messages. However, false information and inappropriate content can affect the transparency of messaging platforms. Furthermore, lack of internet penetration and unavailability of technology in developing nations would inhibit industry growth.
The social media messaging market is fragmented into messaging, platforms, age demographics, and regions. On the basis of messaging, the industry is divided into non-instant and instant. Platforms are bifurcated into mobile based and social media. Age demographics consist of 18 to 29, 30 to 49, and 50 years & above.
Market regions encompass North America, Latin America, Europe, Middle East & Africa (MEA), and Asia Pacific. Europe and North America could exhibit substantial growth owing to regional adoption of social media platforms, high internet penetration, and high-speed mobile technologies.
Tencent Holdings Limited is a China based company that owns ‘WeChat.’ It dominates the online media messaging industry in the country. Apart from chatting, this app is used for shopping. The app is available for Android and iOS smart phones, appealing to larger masses.
Kakao Inc., a Korea based company launched ‘KakaoTalk’ app that is available on Android and iOS operation systems. KakaoTalk is catapulting user-engagement to a whole new level. It has gone beyond simple communication portals and morphed into a platform for taxi services, payments, media, e-commerce, & gaming.
Accredited to their global presence, leading mobile messaging companies are evolving into key communication hubs. Major players in the worldwide social media messaging market comprise Facebook Inc., Twitter Inc., and Telegram Messenger LLP.
Information Source: Radiant Insights
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