WeChat, China’s largest social media app, is poised to leapfrog the US market as the most valuable in the world, with a market cap of more than $1 billion, according to data from consultancy firm Gartner.
The US tech giant has become a leading force in China’s social media market and the world’s largest app market.
The WeChat app is now the most used platform in China, according the company, which has become the most dominant player in the country’s social network market.
It’s the first time the WeChat has topped Gartners global market share rankings, which are based on the number of active users, according Google Trends data.
The WeChat market cap is now $1,934 billion, compared with $1 trillion for Facebook and $1 for Twitter.
The US market is valued at $6.5 trillion, according Gartning, and it’s now valued at a little more than half of that.
WeChat’s market share grew 12 percent in the first half of 2018, to $2.1 billion.
Gartner forecasts WeChat will overtake Facebook as the dominant social media platform in the second half of this year.
Wechat, the Chinese equivalent of Facebook, had $4.9 trillion in market capitalization at the end of the first quarter.
Gartening says the platform’s market capitalizations are set to surpass $7.2 trillion by the end in 2021.
China’s government has been trying to foster more adoption of social media platforms.
It announced in April that it would be setting up a digital-payment platform to facilitate payments through WeChat in 2021, which will be available to all users.