A social networking service is an internet-based platform used to build social relationships between people. According to Research and Markets, the global social networking platforms industry is expected to grow at a CAGR of 25.38% between 2021 and 2026, reaching $939.68 billion in the terminal year. Increasing penetration of electronic devices, including mobile, tablets, and others, along with rising data consumption are projected to be the key growth drivers.
In addition, the number of social network users is estimated to increase to 4.41 billion by 2025 compared to 3.6 billion in 2020. This implies obvious long-term benefits for companies that operate in the given industry.
