The social media security market is expected to reach a market size worth US$4,316.343 million by 2027, growing at a CAGR of 20.22%. This market was valued at US$1,189.385 million in 2020.
Social media is an emerging platform where people connect for numerous purposes. With rising internet penetration and growing smart device usage, social media is gaining robust popularity and adoption. However, with flourishing social platforms and users, social crime and insecurities have increased tremendously.
Social crime includes social harassment, fake profiles, misguiding leads, data theft, breaching, hacking, and others. The high risk of social crime creates the market demand for social media security services. It is expected that rising instances of social crime and dysfunctions will drive the market demand for social media security. Furthermore, expanding social media platforms' usage as earning sources has also increased the market prospects for social media security.
Geographically, the social media security market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions for the study. The Asia Pacific social media security market is expected to grow at a lucrative rate during the forecasted period. The regional market is fueled by growing internet penetration in the region and the rising adoption of social media.
Furthermore, an increase in social media earnings has notably increased disposable income. Social media platforms such as Instagram and Facebook have emerged as entertainment, education, skill enhancement, and connection area in the Asia Pacific region, which has significantly surged social media earnings.
A rise in income and propelling threat of social and cybercrime are expected to drive the market for social media security in the region. North America and European regions are anticipated to dominate the market owing to higher expenditure capability and significant users.
Growth Factor
Rising internet penetration has encouraged social media adoption, creating demand for social media security for saving the account for social/ cyber threats and crime.
One of the prime reasons which are expected to drive the market growth is growing internet penetration which has enabled the rising adoption of social media platforms around the globe. Data from the World Bank Organization shows that the proportion of the population using the internet increased exponentially from around 49% in 2017 to beyond 62% in 2021.
The rise in internet penetration has also surged social media platform usage. Data from Our World in Data shows that Facebook users around the globe increased from 1.75 billion in 2017 to 2.38 billion in 2019. The corresponding Pinterest users surged to 291 million in 2019, from 195 million in 2017.
Instagram, which has the most active users, saw a surge from 750 million users in 2017 to more than 1 billion users in 2019. It is expected that the rise in social media will bombard the market demand for social media security to insure oneself against social media risk.
Growing instances of cybercrime
Another key factor that supports the market growth of social media security is rising instances of social media and cybercrime, which has severely impacted the users. Social media has become an inevitable part of life and has opened numerous growth opportunities.
Various platforms like Instagram and Facebook have provided business and other earning opportunities, especially for individuals and small businesses and hence involve sharing loads of financial and personal information. With the boom of social media platforms and other facilities, a surge in cases of social media and cybercrime has been observed.
In India, for instance, the year 2020 witnessed a surge in cybercrime cases by 11.8%, accounting for 50,035 cases. Of these, 578 cases were the effect of fake news and information posted on social media platforms, 972 cases of harassment through cyberstalking and bullying, 149 instances of harm through fake profiles, and more than 98 cases of data theft through social platforms.
The National Crime Record Bureau (NCRB) also states that the rate of cybercrime in the country reached 3.7% in 2020 from 3.3% in 2019. Hence the rise in cybercrime has created the demand for social media security for better security.
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS 4.1. Market Drivers 4.2. Market Restraints 4.3. Porters Five Forces Analysis 4.3.1. Bargaining Power of Suppliers 4.3.2. Bargaining Powers of Buyers 4.3.3. Threat of Substitutes 4.3.4. The Threat of New Entrants 4.3.5. Competitive Rivalry in Industry 4.4. Industry Value Chain Analysis
5. SOCIAL MEDIA SECURITY MARKET, BY SIZE 5.1. Introduction 5.2. Large Enterprise 5.3. Small and Medium Enterprise
6. SOCIAL MEDIA SECURITY MARKET, BY SOLUTION 6.1. Introduction 6.2. Monitoring 6.3. Risk Management 6.4. Access Management 6.5. Others
7. SOCIAL MEDIA SECURITY MARKET, BY GEOGRAPHY 7.1. Introduction 7.2. North America 7.2.1. United States 7.2.2. Canada 7.2.3. Mexico 7.3. South America 7.3.1. Brazil 7.3.2. Argentina 7.3.3. Others 7.4. Europe 7.4.1. Germany 7.4.2. France 7.4.3. United Kingdom 7.4.4. Spain 7.4.5. Others 7.5. Middle East and Africa 7.5.1. Saudi Arabia 7.5.2. UAE 7.5.3. Israel 7.5.4. Others 7.6. Asia Pacific 7.6.1. China 7.6.2. India 7.6.3. South Korea 7.6.4. Taiwan 7.6.5. Thailand 7.6.6. Indonesia 7.6.7. Japan 7.6.8. Others
8. COMPETITIVE ENVIRONMENT AND ANALYSIS 8.1. Major Players and Strategy Analysis 8.2. Emerging Players and Market Lucrativeness 8.3. Mergers, Acquisition, Agreements, and Collaborations 8.4. Vendor Competitiveness Matrix
