The global decentralized social network market value is expected to rise from US$ 12,132.2 million in 2023 to US$ 101,200.8 million by 2033. Over the next decade (2023 to 2033), global demand for decentralized social networks is projected to increase at 23.6% CAGR.
The growing popularity of decentralized social networks due to their several benefits, including improved control over user-generated content and censorship resistance is expected to drive the market.
Decentralized social networks are transforming the social media landscape in several ways. One of the most significant changes is the shift towards greater user control and ownership of data.
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Decentralized networks use blockchain technology to store data in a decentralized, encrypted manner, giving users greater control over their personal information and content.
Another significant transformation is the move towards more transparent, community-driven governance models.
Decentralized networks are often managed by a community of users, who collectively make decisions about the direction and operation of the platform. This approach fosters greater transparency and accountability and helps to ensure that the platform’s values align with those of its users.
Decentralized social networks also offer a more diverse and inclusive space for social interaction. Traditional social media platforms are often dominated by a small number of large, well-funded companies, which can limit the diversity of voices and perspectives that are represented.
Decentralized networks, on the other hand, are often developed and run by smaller, more diverse groups, which can help to create a more inclusive and representative social media ecosystem.
Finally, decentralized social networks are transforming the business model of social media. This in turn is expected to positively impact market expansion.
Various decentralized platforms use cryptocurrencies to incentivize user participation and content creation, creating a more direct and transparent link between users and the platform’s revenue stream. This approach may help to foster more sustainable, community-driven revenue models for social media, which could be more resilient to the whims of advertisers and corporate interests.
Key Takeaways from this Market:
- The global decentralized social network market is poised to exhibit a CAGR of 23.6% through 2033.
- Based on the end-use industry, the IT & telecommunications segment is expected to progress at a CAGR of 27.3% from 2022 to 2033.
- By user type, the individual user segment is set to thrive at 38.1% CAGR from 2023 to 2033.
- The United States decentralized social network industry is forecast to exhibit a 29.9% CAGR.
- The United Kingdom market is anticipated to expand at a CAGR of 28.4% through 2033.
- Decentralized social network demand in China is expected to thrive at 29.6% CAGR through 2033.
- The decentralized social network industry in Japan is likely to exhibit a CAGR of 31.0% between 2023 and 2033.
- South Korea’s decentralized social network market is projected to rise at 27.2% CAGR during the forecast period.
Major Players in the Global Market are:
- Mastodon
- Scuttlebutt
- Steemit
- Minds
- Holochain
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Who is Winning?
The decentralized social network industry is highly competitive, with companies striving hard to improve their market share. Few of the significant participants in this industry include Mastodon, Scuttlebutt, Steemit, Minds, Holochain, Soclly, Indorse, and Akasha, among other companies.
The market for decentralized social networks was still in its infancy, with various new platforms developing to challenge the dominance of centralized social media giants like Facebook, Twitter, and Instagram.
Mastodon, Diaspora, Steemit, Minds, and Hive were some of the key decentralized social networks in 2021. These networks seek to provide users more control over their data and privacy, as well as greater freedom of expression.
Recent developments:
- In 2023, a new decentralized social crypto project called ice network was launched.
Market Segmentation:
By BlockChain Type:
- Ethereum
- EOS
- Steem
By User Type:
- Individual Users
- Businesses
By End-use Industry:
- Healthcare
- BFSI
- Education
- IT & Telecommunications
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
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