Global Social Commerce Market Report 2021: Market to Reach $2.9 Trillion by 2026 – Augmented Reality & Virtual Reality Emerge to Revolutionize Social Commerce – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Social Commerce – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
The global market for Social Commerce estimated at US$559.7 Billion in the year 2020, is projected to reach a revised size of US$2.9 Trillion by 2026, growing at a CAGR of 30.8% over the analysis period.
B2C, one of the segments analyzed in the report, is projected to grow at a 31.9% CAGR to reach US$2.2 Trillion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the B2B segment is readjusted to a revised 29.6% CAGR for the next 7-year period. This segment currently accounts for a 32.6% share of the global Social Commerce market.
Global Social Commerce Market to Reach US$2.9 Trillion by the Year 2026
The use of social media in marketing is growing, driven by the enormous potential social media platforms have in digitally promoting, marketing and selling products online and providing companies access to a large audience that they otherwise would not have been able to reach with other means.
After over a decade and a half after its emergence, social commerce is rampant on social media sites that with their inspirational and entertaining content make a product profitable. The fast changing consumer mobile usage habits continue to foster growth in the electronic commerce, mobile commerce and social commerce markets.
Enormous growth in adoption of 4G enabled smartphones, expanding deployment of 4G networks, and subsequent rise in number of people accessing online multimedia content over mobile handsets are also boosting market prospects for online shopping and social commerce.
Spiraling global sales of smartphones coupled with widespread consumer acceptance of Mobile value added services (M-VAS), such as, Mobile Internet browsing, mobile games, mobile social networking, mobile music, mobile payments, mobile wallet, mobile learning, and mobile Location-Based-Services (LBS), bode well for social commerce.
Social commerce is advancing with the addition of advanced technologies (for instance Augmented Reality) that allows shoppers to visualize themselves wearing the clothing items they wish to purchase and also solicit feedback using social media tools. The rise of e-commerce catalyzed by the pandemic is expected to boost market prospects in the coming years.
The U.S. Market is Estimated at $51.2 Billion in 2021, While China is Forecast to Reach $1.5 Trillion by 2026
The Social Commerce market in the U.S. is estimated at US$51.2 Billion in the year 2021. The country currently accounts for a 6.9% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$1.5 Trillion in the year 2026 trailing a CAGR of 34% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 23.2% and 24.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 25.4% CAGR while Rest of European market (as defined in the study) will reach US$1.9 Trillion by the end of the analysis period.
E-commerce market witnessed a huge increase in First Time Users (FTUs) in several parts of Asia, Latin America and the Middle East & Africa, and also in North America and Europe as many people embraced the concept of online retail in place of traditional shopping.
As social distancing norms remained relevant for almost the entirety of 2020, the online retail stores experienced a huge surge during the year. Widespread roll out of 4G LTE networks, increased penetration of smartphones, and robust promotion of e-commerce on social media platforms have been instrumental in promoting growth in these regions.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- The Growing Role of Social Media in Marketing Opens the Pathway for Social Commerce
- These are Times When Questions Abound & Answers Are Few
- So How Fast Or Slow Are We Moving?
- Split Scenarios Unfold: The Great Vaccine Divide Emerges
- Progress on Vaccinations, Why Should Businesses Care?
- With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About an Economic Comeback Despite a Continuing Pandemic
- Overview of Social Commerce, Its Benefits and Significance
2. FOCUS ON SELECT PLAYERS (Total 123 Featured)
- Alibaba (China) Co., Ltd.
- Etsy, Inc.
- Facebook, Inc.
- LinkedIn Corporation
- Reddit, Inc.
- Renren, Inc.
- Tencent – Qzone
- Tencent Holdings Ltd.
- Tumblr, Inc.
- Twitter, Inc.
- Weibo Corporation
- Yahoo!, Inc.
3. MARKET TRENDS & DRIVERS
- Internet Infrastructure, the Catalyst for Digitalizing Consumer Lifestyles Including Digital Social Presence
- Mobile Computing Devices Are a Ubiquitous Indicator of Modern Digital Life
- Changing Consumer Mobile Usage Habits Beyond Just Voice Communication Encourage the Social Commerce Concept
- Spiraling Mobile Broadband Subscriptions Bode Well for Social Commerce
- As a Powerful Communication Medium, Here’s Why Vendors & Advertisers Cannot Ignore Social Media
- The Rise of e-Commerce Catalyzed by the Pandemic Shifts Growth Into High Gear in the Social Commerce Market
- Pandemic Fast Forwards eCommerce Growth
- Vital Role of Social Commerce in an eCommerce Strategy
- Artificial Intelligence Emerges to Revolutionize Digital & Social Commerce
- Augmented Reality & Virtual Reality Emerge to Revolutionize Social Commerce
- Blockchain Benefits in Social Media & Social Commerce
- Security & Privacy Concerns & Legal Issues: The Biggest Challenges for Social Commerce
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/bqck7j
Laura Wood, Senior Press Manager
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