Research outfit eMarketer is bullish on Snapchat.
According to eMarketer, Snapchat will have 293.01 million users worldwide at the end of 2019, up from the forecast of 281.27 million it issued during the second quarter of the year.
The company sees Snapchat adding over 63 million users by the end of 2023, compared with its previous forecast of 52 million.
Snapchat’s largest market is the U.S., which makes up 27.4% of its 2019 users, according to eMarketer.
While the app was hit hard in the U.S. last year, with its user base slipping 1.4% due to the redesign, eMarketer sees positive growth in 2019, up 5.9%, which will push its user base in the country over the 80 million mark for the first time.
Users between the ages of 12 and 17 will provide the biggest turnaround, according to eMarketer, after 1.1 million of them left the platform in 2018.
Instagram remains Snapchat’s strongest competitor, eMarketer said, projecting the Facebook-owned photo- and video-sharing network for a 6.7% jump in its U.S. user base this year, to 107.2 million, and an 11.6% global climb to 788.43 million.
eMarketer principal analyst Debra Aho Williamson said in a release, “Snapchat has regained momentum, but Instagram never lost it. These apps will continue to compete for users as we head into 2020.”
Instagram also claims a larger share of digital ad revenue worldwide, with eMarketer pegging it for $15.01 billion at the end of 2019, or a 4.6% share, versus $1.53 billion and 0.5%, respectively, for Snapchat.
Williamson said, “Snapchat has reported gains in users every quarter so far in 2019, and we believe that the relaunched Android app has reinvigorated growth. In addition, features such as the successful baby face and gender swap filters earlier this year have driven increases in user engagement with the app.”