Mary Meeker's annual Internet Trends report has been a benchmark for the tech industry for years, and 2024 is no exception. This year's report highlights a year of dominance in the digital landscape.
Mobile internet usage continues to rise, with 70% of the world's internet users accessing the web through their mobile devices. This shift has significant implications for businesses and marketers.
The average time spent on mobile devices per day has increased to 4 hours and 15 minutes, a 20% increase from last year. This change in user behavior demands a mobile-first approach to digital marketing.
The report also notes that 60% of the world's internet users are now online, with a significant increase in users from emerging markets.
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Tech Giants Will Dominate the Internet
Google and Amazon's combined market share of the global internet economy is expected to reach 24% by 2024, up from 13% in 2019. This rapid growth is a testament to their ability to adapt and innovate in the ever-changing digital landscape.
As the largest internet companies continue to expand their reach, they will likely dominate the internet in the next few years. The top 10 internet companies will hold 70% of the global internet economy by 2024.
The internet economy is projected to reach $12 trillion by 2024, with the US, China, and India being the top three markets. This growth is driven by increasing internet adoption and digital transformation across industries.
Google's dominance in the search engine market is expected to continue, with 85% of search queries being handled by the company's algorithms.
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Key Takeaways
Screen time in the US is approaching 6 hours a day, making efficiency in connecting people with products and services key.
Google and Facebook dominate global advertising, leveraging their data-centric nature and massive network effects to train machines and algorithms.
Amazon is putting out of business the largest number of retailers in history, growing its footprint and transforming retail as we know it.
Traditional giant companies are failing to keep up with the agility of tech innovation companies, which often rely on network effects to distribute and test new ideas.
Facebook now encompasses all aspects of our socially-connected life, and Amazon sells directly under its brands, making it a one-stop shop for many consumers.
The rise of AI, machine learning, and conversational interfaces will give GAFA even more potential to create personalized relationships with customers and offer customized services.
The penetration of IoT and connected devices will lead to a future where everything is connected, and when it's connected, it will be owned by the GAFA.
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Frequently Asked Questions
Does Mary Meeker still do internet trends?
Mary Meeker no longer publishes her annual internet trends reports, with the last official one released in 2019. However, we'll take a look back at her reports and provide an update on the current state of the internet in 2024.
Where is Mary Meeker?
Mary Meeker is based in San Francisco. She is also associated with the venture capital firm BOND.
Sources
- https://martech.org/mary-meekers-newest-internet-trends-report-clouds-keep-rebuilding-the-landscape/
- https://www.pcmag.com/news/mary-meekers-most-intriguing-internet-trend-stats
- https://www.siliconrepublic.com/enterprise/mary-meeker-internet-trends
- https://stories.platformdesigntoolkit.com/the-future-of-platforms-markets-reading-mary-meekers-internet-trends-17-f5e480abafce
- https://www.thewrap.com/top-9-takeaways-from-mary-meekers-internet-trends-report/
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