The following is the 2020 white paper on social platform development in emerging markets From Sullivan recommended by recordtrend.com. And this article belongs to the classification: research report, social networks.
The demand for young people in emerging markets is driving the rapid growth of the global social networking market, while shifting to real-time video and voice applications. The findings come from a new study published by Frost & Sullivan, a growth partnership.
Frost & Sullivan’s report “social networks in emerging markets” found that the global real-time social market (referring to social networking applications focusing on real-time video and voice interaction) is expected to show a compound annual growth rate (CAGR) of 26.6%. The scale will increase from US $19.7 billion in 2019 to US $64.1 billion in 2024, an increase of more than three times. Over the same period, real-time social income from emerging markets is expected to grow significantly by 41.7%, from US $1.5 billion in 2019 to US $8.6 billion in 2024.
Emerging markets drive the growth of real-time social market
Emerging markets in Southeast Asia, India, Pakistan, the Middle East and Africa are driving an increasing proportion of this real-time social market growth. The young population, rapid economic growth and the introduction of advanced mobile Internet technology mean that the growth of these markets is expected to greatly exceed the global average.
Gabriel Lu, a partner at Frost & Sullivan, said: “we expect to see strong social networking market growth in emerging markets, but we are surprised that the contribution of these markets is growing rapidly, especially in the area of real-time social networking.” The share of global real-time social income generated by emerging markets is expected to grow from 7.6% in 2019 to 13.4% in 2024, as these markets account for a higher share of real-time social market growth. Applications such as uplive and bigo are increasingly offering tailored products to meet the needs of young users in emerging markets. “
In 2019, the global average age is 30.9 years old, 30.3 years old in Malaysia, 29.7 years old in Indonesia, 28.4 years old in India and 25.7 years old in the Philippines. The huge population base and the high proportion of the younger generation in emerging markets together show that social networks have a huge potential user base. The total number of social network users in emerging markets is about 1.6 billion, 60% larger than those in developed economies (the United States and Western Europe).
In many of these markets, the combination of this young population and still imperfect mobile Internet coverage represents a huge potential for social media market growth, especially compared with relatively mature developed markets. For example, South Asia and sub Saharan Africa alone account for about 67% of the world’s population and cannot use mobile broadband Internet connections.
The real-time social dating market is growing with the development of culture and technology
The rapid growth of real-time social market is not only reflected in the field of real-time video and voice, but also promotes the explosive growth of online dating market. In 2019, the global online dating market is worth US $5.4 billion, and it is expected to grow at a compound annual growth rate of 23.8% to US $15.7 billion by 2024.
Real time social dating in emerging markets is expected to grow much faster than in developed markets. Emerging markets account for only 11.1% of global online dating revenue in 2019, but above average growth means they will account for 18.2% of global online dating revenue by 2024.
“Users in emerging markets generally prefer face-to-face communication to traditional SMS, which still dominates most dating applications in developed markets,” Gabriel explained. For example, cultural and religious practices in some emerging markets may not be suitable for face-to-face dating, leading young people to engage in relationships mainly or entirely through video and voice chat. “
The major real-time social dating market segments in these markets include tinder, Badoo, happn, Lamour and Azar.
Strong demand drivers indicate that emerging markets will continue to grow
As young users increasingly need real-time social networks based on video or voice, social and economic factors indicate that emerging markets will continue to be the main driving force for the growth of the global social network market. These factors include: young population; Rapid economic growth; Improve Internet penetration; Mobile Internet technology upgrading; And more and more people are willing to pay for online services.
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