Instagram to become fastest-growing social media platform

MANILA, Philippines–Social media platforms are on track to surpass six billion users by 2028, following a rapid increase in the number of users over the past few years, according to data from OnlyAccounts.io.

The figures highlight an increase of more than 1.3 billion users globally over the last four years. Today, nearly 4.9 billion people are active on social media, and this is projected to grow by another 25% in the years ahead.

In a detailed analysis, Statista data sheds light on this surge. A mere five years ago, in 2019, social media platforms counted about 3.5 billion users. This ballooned to close to 4.9 billion recently. This translates to approximately 350 million new users annually.

While the overall market is anticipated to grow, the pace will decelerate.

Projections for 2023 anticipate an increase of 304 million users, compared to the 395 million new users recorded in 2020. The years 2024 through 2026 are expected to witness an average annual addition of 250 million users. By 2028, the yearly growth is estimated to shrink to 183 million.

OnlyAccounts.io

Yet, despite this decrease in growth pace,  OnlyAccounts.io said that over the span of five years, more than 1.1 billion new users are likely to join social media platforms. As a result, the global penetration rate will ascend from 63.7% to an impressive 75.3%.

While Facebook and TikTok presently lead in total users, it’s Instagram that’s anticipated to experience the most significant growth spurt. Statista’s projections place Instagram as the potential leader, outpacing TikTok, in the race for user growth within the next four years.

Instagram recently reported 1.33 billion users, an increase of 86 million from the previous year. The platform’s users are projected to soar by 17.2% by 2027, reaching 1.56 billion, which is roughly a fifth of the world’s social media users.

Comparatively, TikTok’s growth is predicted at 17%, taking its user numbers to over 2.2 billion. Facebook, although retaining a vast user base, is forecast to experience the slowest growth among the top three, with a 14% increase, culminating in 3.1 billion users by 2027.

OnlyAccounts.io