2016 was a big year for Snapchat, with the platform continuing it's rapid evolution by introducing new ad features and options, along with the new user tools like Memories, Bitmoji integration and improved messaging functionality. And that, of course, is before we even talk about Spectacles, Snap Inc's first hardware play.

But at the same time, new challenges arose - the most notable being Instagram Stories.

And while the increased competition does present a new consideration for the app, the projections for Snapchat's continued growth remain strong.

We created this infographic to outline Snapchat's expansion and position in the market in 2017, as well as the existing opportunities for marketers.