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
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.
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.
COVID-19 Insights
With the outbreak of the virus, governments around the world implemented a nationwide lockdown which confined the population within the four walls of their homes. Increased uncertainty and lockdown anxiety accompanied by more time in hand increased the usage of social media platforms for entertainment, business, and more. An increase in users and average hours of usage raised social media insecurity and thus created robust demand for social media security.
| Report Metric | Details |
| Market size value in 2020 | US$1,189.385 million |
| Market size value in 2027 | US$4,316.343 million |
| Growth Rate | CAGR of 20.22% from 2020 to 2027 |
| Base year | 2020 |
| Forecast period | 2022–2027 |
| Forecast Unit (Value) | USD Million |
| Segments covered | Size, Solution, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | RiskIQ, Proofpoint, Sophs Ltd., Trend Micro Incorporated, Symantec Corporation, Micro Focus, ZeroFox, KnowBe4 Incorporated, Centrify Corporation, Brandle Incorporated |
| Customization scope | Free report customization with purchase |
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the social media security market size by 2027?
A1. The social media security market is expected to reach a total market size of US$4,316.343 million in 2027.
Q2. What are the growth prospects for the social media security market?
A2. The global social media security market is expected to grow at a CAGR of 20.22% over the forecast period.
Q3. What is the size of the global social media security market?
A3. Social Media Security Market was valued at US$1,189.385 million in 2020.
Q4. Which region holds the largest market share in the social media security market?
A4. North America and European regions are anticipated to dominate the social media security market owing to higher expenditure capability and significant users.
Q5. What factors are anticipated to drive the social media security market growth?
A5. One of the prime reasons which are expected to drive the social media security market growth is growing internet penetration which has enabled the rising adoption of social media platforms around the globe.
RiskIQ
Proofpoint
Sophs Ltd.
Trend Micro Incorporated
Symantec Corporation
Micro Focus
ZeroFox
KnowBe4 Incorporated
Centrify Corporation
Brandle Incorporated
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