Increasing social media users, expanding social media communication volumes, and constant increase in amount of time people spend on social media are the key factors contributing to the growth of social networking advertising market. Increasing number of smartphone users and growing trend towards accessing social media content through mobile devices, and rising focus on delivering personalized web-based advertisement based on overall user behavior & preference accelerated the growth of social networking advertising market.
However, constraints on lack of proper insights whether social media advertising channels have generated any revenue in business, is acting as a major restraint to the social networking advertising market. Contrarily, expanding small and medium sized enterprises (SMEs) and continuous preference towards social media adverting tools to reach target customers is expected to boost the demand of social networking advertising market in the forecasted years.
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COVID-19 scenario analysis:
➢ The fast-changing developments surrounding the COVID-19 pandemic is encouraging for social media’s unparalleled ability to offer mass instantaneous communication to a large audience.
➢ Facebook halted its construction of its Huntsville, Alabama data center campus due to safety concerns over staff during the COVID-19 outbreak.
➢ Microsoft has seen a 775% increase in Teams’ calling and meeting monthly users during lockdown in Italy, where social distancing or shelter in place orders have been enforced.
➢ Google and YouTube, as well as its parent company Alphabet, Microsoft, LinkedIn, Reddit, Twitter, and Facebook have come together to help millions of people stay connected while also jointly combating fraud and misinformation during pandemic.
This shift towards increasing smartphone usage promotes advertisers and marketers to shift their strategies and campaigns to accommodate for mobile web-based advertising. For instance, companies without a mobile-friendly website risk losing valuable exposure on Google Inc.’s (GOOG) web search queries because Google changed its algorithm so that more mobile-friendly websites have priority placement for search queries made on mobile devices. This will create growth opportunity in the global social networking advertising market globally in forecast period of time.
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Every business is trying to optimize its conversion rate. They implement strategies to boost conversion rates through social media advertising. Designing social media ads convey the message of organizations to users on the following landing page which is proven to increase conversion rates. Social media advertising tracks every single impression, click, and conversion on ads. This tracking mechanism quashes the need for the spray-and-pray approach.
Social media advertising thrives on data therefore, the decisions are guided by the coverage of target audience and revenue of the business increasing the demand for social networking advertising and will create growth in the global social networking advertising market globally in forecast period.
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Leading Market Players:
➢ Tencent Holdings Ltd.
➢ Twitter Inc.
➢ Facebook Inc.
➢ LINE Corporation
➢ Sina Weibo
➢ Kakao Talk
➢ Google LLC
➢ Snapchat
➢ LinkedIn Corporation
These players have adored various strategies to increase their market penetration and strengthen their position in the industry. Current and future Social Networking Advertising market trends are outlined to determine the overall attractiveness of the market.
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