Markets for Social Media Security worth $4.31 billion - Global Forecasts to 2027

By 2027, the market for social media security is estimated to be worth $4,316.343 million, increasing at a CAGR of 20.22 percent. In 2020, this market was worth US$1,189.385 million.

Social media is a new platform where people can connect for a variety of reasons. Social media is expanding in popularity and adoption as internet penetration and smart device usage rise. However, as social platforms and users have grown in popularity, social crime and insecurity have skyrocketed.

Data theft, breaching, hacking, and other forms of social crime include social harassment, phoney profiles, misleading leads, and data theft. Social media security services are in high demand due to the increasing danger of social crime. Rising incidences of social crime and dysfunction are predicted to fuel market demand for social media security. Furthermore, as the use of social media platforms as revenue sources has grown, so has the market for social media security.

The analysis divides the social media security market into five regions: North America, South America, Europe, the Middle East and Africa, and Asia Pacific. During the anticipated period, the Asia Pacific social media security market is expected to rise at a lucrative rate. The regional market is fueled by expanding internet penetration and social media adoption in the region.

Additionally, growing social media earnings have significantly improved discretionary income. In the Asia Pacific region, social media platforms such as Instagram and Facebook have developed as a source of entertainment, education, skill advancement, and connection, resulting in a considerable increase in social media revenues.

The market for social media security in the region is likely to be driven by rising affluence and the growing threat of social and cybercrime. Because of their superior spending capacity and large user base, North America and Europe are expected to dominate the market.

Factor of Growth

As internet penetration has increased, so has need for social media security to protect accounts from social/cyber dangers and criminal activity.

Growing internet penetration, which has enabled the increased usage of social media platforms around the world, is one of the primary factors projected to fuel market expansion. According to World Bank data, the proportion of the population who uses the internet has expanded dramatically from roughly 49 percent in 2017 to over 62 percent in 2021.

The increased use of social media platforms has coincided with the increase in internet penetration. According to data from Our World in Data, the global number of Facebook users climbed from 1.75 billion in 2017 to 2.38 billion in 2019. In 2019, the number of Pinterest users increased to 291 million, up from 195 million in 2017.

Instagram, which has the most active users, has grown from 750 million in 2017 to over one billion in 2019. The expansion of social media is predicted to increase market demand for social media security to protect oneself from social media risk.

Cybercrime is becoming more prevalent.

Various platforms, such as Instagram and Facebook, have created commercial and other earning opportunities, particularly for people and small organisations, and so require sharing a great deal of financial and personal data. With the rise of social media platforms and other tools, there has been an increase in incidences of social media and cybercrime.

In India, for example, cybercrime incidences increased by 11.8 percent in 2020, accounting for 50,035 incidents. 578 cases were caused by bogus news and information shared on social media platforms, 972 cases of cyberstalking and bullying, 149 cases of harm caused by phoney profiles, and more than 98 cases of data theft via social media platforms.

According to the National Crime Record Bureau (NCRB), the country's rate of cybercrime increased to 3.7 percent in 2020 from 3.3 percent in 2019. As a result of the surge in cybercrime, there is a greater demand for social media security.