Social Commerce Global Market 2024 To Reach $1291.47 Billion By 2028 At Rate Of 13.7%
Social Commerce Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The social commerce market2 has experienced rapid growth in recent years. It is projected to increase from $672.11 billion in 2023 to $773.84 billion in 2024, reflecting a compound annual growth rate (CAGR) of 15.1%. Factors driving this growth during the historical period include the rise of social media platforms, the boom in influencer marketing, user-generated content, the integration of shopping features, trust in peer recommendations, and enhanced convenience and accessibility.
How Big Is the Global Social Commerce Market Expected to Grow, and What Is Its Annual Growth Rate?
The social commerce market is anticipated to experience rapid growth in the coming years. It is projected to reach $1,291.47 billion by 2028, with a compound annual growth rate (CAGR) of 13.7%. Factors contributing to this growth during the forecast period include live shopping experiences, the expansion of social payment options, the emergence of social commerce platforms, engagement within niche communities, and a focus on sustainability and ethical commerce.
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What Is Driving the Growth of the Social Commerce Market?
The rise in social media usage is expected to drive the growth of the social commerce market during the forecast period. More people are utilizing social media platforms such as YouTube, Facebook, and Instagram for various purposes. The usage of social media surged during the COVID-19 pandemic as individuals were restricted from going out, leading to an increase in shopping and marketing conducted through these platforms.
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Which Leading Companies Are Driving The Growth Of The Social Commerce Market Share?
Key players in the social commerce market include Amazon.com Inc., Microsoft Corporation, Alibaba Group Holding Limited, Facebook Inc., Tencent Holdings Limited, ByteDance Ltd., Instagram LLC, YouTube LLC, PayPal Payments Private Limited, Salesforce.com Inc., Xiaohongshu Inc., Pinduoduo Inc., Adobe Inc., LinkedIn Corporation, eBay Inc., TikTok Inc., Shopify Inc., Twitter Inc., Snapchat Inc.,
What Are The Key Trends Driving The Growth Of The Social Commerce Market Size?
Leading companies in the social commerce market are concentrating on developing new technologies, such as live commerce and social shopping, to enhance their market position. These innovations improve the overall social commerce experience by making it more interactive, dynamic, and user-focused.
How Is the Global Social Commerce Market Segmented?
1) By Product Type: Personal And Beauty Care, Apparel, Accessories, Home Products, Health Supplements, Food And Beverage, Other Products
2) By Device Type: Laptops And PCs, Mobiles, Other Devices
3) By Business Model: B2C, B2B, C2C
4) By End User: Individual, Commercial
North America: The Leading Region in the Social Commerce Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is the Social Commerce Market?
The primary product categories in social commerce include personal and beauty care, apparel, accessories, home products, health supplements, food and beverages, among others. Customers can directly purchase beauty and personal care products or services through social commerce apps. These social commerce websites are accessible on various devices, including laptops, PCs, and mobile phones, and they support different business models such as B2C, B2B, and C2C. Social commerce is utilized by both individuals and businesses
The Social Commerce Global Market Report 20243 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Social Commerce Market Report: Trends, Opportunities, Strategies, and More
The Social Commerce Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into social commerce market size, social commerce market drivers and trends, social commerce competitors' revenues, and social commerce market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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