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The global social networking app market was valued at usd 49. 09 billion in 2022 and is expected to grow at a compound annual growth rate (cagr) of 26. 2% from 2023 to 2030. The united states is the leading worldwide market for social media advertising, with a total expenditure of 72. 3 billion us dollars in 2023, followed by china and the united kingdom, with. Mar 26, 2024 · social media has exploded in popularity, with a staggering 5. 16 billion users worldwide.
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Usage is highest in north america and europe where over 80% are active users. Youtube and instagram followed with at least two billion. Key factors driving the social commerce market growth include increasing social media advertising, a rising generation z population, a growing number of social media platforms, and. In 2024, social media advertising spending worldwide will amount to an estimated 234. 14 billion u. s.
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It will grow from $219. 06 billion in 2023 to $251. 45 billion in 2024 at a compound annual growth rate (cagr) of 14. 8%. The growth in the historic period can be attributed to internet.
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