Social Networking - Central & Western Europe

Central & Western Europe

The Social Networking market in Central & Western Europe is expected to witness significant growth in the coming years.
According to projections, the total revenue in this market is estimated to reach US$10.07bn by 2022.
This indicates a promising future for the industry in the region.
Furthermore, the market is anticipated to maintain a steady annual growth rate of 4.01% from 2022 to 2027, resulting in a projected market volume of US$13.13bn by 2027.
This growth trajectory highlights the increasing popularity and demand for social networking platforms in the region.
In terms of revenue streams, the in-app purchase (IAP) segment is projected to generate US$944.70m in 2022.
This indicates the willingness of users to spend on additional features and services within social networking applications.
Similarly, the paid app revenue in the Social Networking market is expected to reach US$3.99m in 2022.
This demonstrates the potential for monetization through paid applications within this market segment.
Advertising revenue is also expected to play a significant role, with projections indicating that it will reach US$9,125.00m in 2022.
This highlights the importance of advertising as a revenue source for social networking platforms in Central & Western Europe.
Moreover, the number of downloads in the Social Networking market is projected to reach 325.80m downloads in 2022.
This showcases the widespread adoption of social networking applications in the region.
Currently, the average revenue per download is estimated to be US$30.92.
This metric helps gauge the monetization potential of each user and highlights the value that social networking platforms can derive from their user base.
It is worth noting that when comparing the global landscape, in China leads in terms of revenue generation, with projections indicating US$49.67bn in 2022.
This showcases the immense market size and potential of the Chinese social networking market.
Overall, the Social Networking market in Central & Western Europe is poised for growth, with various revenue streams and a substantial user base driving its expansion.

Key regions: China, Europe, Asia, South Korea, India

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.