Global social networking advertising to grow at a CAGR of 18% through to 2020

Technavio's new report on the global social networking market says it is expected to grow at a CAGR of 18% between 2016 and 2020, with the market worth US$55 billion by 2020. Social media advertising has become very popular with advertisers, especially during global events, as a way to increase ROI, the research firm. 

“Social networks play a very crucial role in social media advertising as it helps to target audience in various ways. Social networks collect larger amount of user information compared to other networks. Also, social media sites help in effective communication with the target audience by providing instant feedback. This helps advertising companies to comprehend their customer base and their requirements,” says Soumya Mutsuddi, Lead Analyst, Media & Entertainment, Technavio Research.

Social network ad spending on mobile devices is expected to dominate the social networking market during the forecast period, accounting for around 56.8% of the overall market. 

Key vendors in the global social networking market include Facebook, Google+, LinkedIn, Twitter, Weibo and YouTube. Intense competition prevails, Technavio said.

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