After explosive growth in 2019, with the intensification of competition and the impact of market concerns, TikTok's growth will slow in the next few years, a report said.
According to an estimated report released by market research agency eMarketer, the number of TikTok users in the United States in 2020 will reach 45.4 million, a year-on-year increase of 21.9%. In 2021, the number of users will exceed 50 million (52.2 million).
In 2019, the number of TikTok users in the US market increased by 97.5%. This short video platform has attracted many users, especially children and young people.
As the application becomes more saturated among core young users, growth will slow to single digits by 2022, eMarketer predicts.
"TikTok had a breakout year in 2019, and it is incredibly popular among teens at this point," said eMarketer principal analyst Debra Aho Williamson.
"Some are spending multiple hours per day on the app, which is a testament to the incredible stickiness of its scrolling video format. But it has yet to develop a strong following among older generations."
This year, 21.6% of US social network users, or more than one in five, will use TikTok at least once a month. Despite having lower penetration than more established competitors, it's one of the few social apps whose penetration is growing.
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Competition may also hinder growth for TikTok in the coming years.
"This year, we expect new entrants like Firework and legacy players like Instagram and Facebook to take on TikTok," Williamson said. "Instagram is a particularly large threat; it recently added new tools to its Boomerang looping-effect feature that mimic similar features on TikTok."
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