The global social media advertising market size is expected to reach USD 262.62 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 12.4% from 2021 to 2028. The increasing popularity of digital advertising tools among various industries in recent years to offer information about their companies and products is accelerating the market growth. Additionally, the growing adoption of social media advertisement across emerging economies is driving the market. Moreover, technological developments in virtual reality (VR), augmented reality (AR), artificial intelligence, and machine learning have allowed the delivery of customized advertising content to the customers, which has led to significant market growth.
Moreover, social media advertising is rapidly gaining popularity owing to its effectiveness and high customer engagement. Furthermore, a lockdown situation was observed during the COVID 19 pandemic and the market witnessed a slight decline as many advertisers slashed marketing budgets or paused advertising spending for a shorter period. The increasing spending on digital advertising after the ease of several restrictions is expected to boost the market growth over the forecast period. The mobile platform segment is expected to register the highest CAGR from 2021 to 2028. The increasing number of smartphones users, coupled with the rising internet penetration rate across the globe, is propelling the market growth. Additionally, rising investment in developing social media advertising in mobile by various advertisers due to high engagement of customers is driving the market.
The consumer goods industry vertical segment is expected to register the fastest CAGR of 14.1% from 2021 to 2028. The rising popularity of social media platforms for promoting the brand and building product awareness is driving the market. Moreover, the growing sale of consumer goods through social media advertising is expected to accelerate the market growth. Furthermore, approximately, over 50% of the global population is on social media, which implies the growth in the market over the forecast period. North America dominated the market with a revenue share of more than 30.0% in 2020. Technological advancements in augmented reality and virtual reality are projected to boost the market growth over the forecast period. Furthermore, the rapidly growing number of internet users across the region is upsurging the market growth. Moreover, the increasing investments associated with digital advertising, especially in social media advisement, are expected to drive the market in this region.
The report “Social Media Advertising Market Size, Share & Trends Analysis Report By Platform (Desktop, Mobile), By Industry Vertical (Retail, Consumer Goods), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global social media advertising market on the basis of platform, industry vertical, and region: