According to a new market research report published by Credence Research “Enterprise Social Networks And Online Communities Market (Deployment Model – On-premise and Cloud-based; Enterprise Size – Small Enterprises (Upto 250 Employees), Medium Enterprises (251 to 500 Employees) and Large Enterprises (Above 500 Employees); Industry Verticals – Healthcare, IT & Telecom, Banks, Financial Services & Insurance (BFSI), Government, Retail & Hospitality and Others (Manufacturing, Energy & Utilities etc.)) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global enterprise social networks and online communities market is set to exhibit double digit growth during the forecast period from 2018 to 2026.
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Enterprise social networks and online communities market expected to witness rapid growth owing to factors such as increasing efforts by organizations towards enhanced employee interaction (expenditure on intranets) and growing impact of social media over people. Over the past few years, social media platforms have undergone swift rise with over 2.5 Bn active users in 2017 up from nearly 1.0 Mn in 2010. Considering the strong impact of social media over people, enterprise social media networks have emerged highly promising for improving employee cooperation and efficiency.
Enterprise social networks offer numerous benefits including improved document collaboration, establishing healthy discussions among the employees and enhanced employee communication among others. In addition, market players have higher emphasis on continual release of updated versions with an aim of simplifying the platform for better convenience and user experience. This enables the companies to establish healthy environment among the employees, thereby retaining talent and improving productivity. Similarly, these networks are designed for both internal as well as external communication. This helps employees to invite client representatives located outside the organization to engage in conversation for better service.
Some of the major players profiled in the report include IBM Corporation, Microsoft Corporation, Cisco Systems, Inc., Jive Software, Inc., Google, Inc., Communispace Corporation, VMware, Inc., Socialtext, Inc., Telligent, Inc., Mzinga, Inc., Sprinklr, Inc., SAP SE, Lithium Technologies, Inc., TIBCO Software, Inc., Convo, Salesforce.com, Inc., Zyncro Tech SL and others.
Growing Investment towards Enhanced Employee Collaboration to Bolster the Enterprise Social Networks & Online Communities Market
The overall enterprise social networks & online communities market expected to demonstrate double digit CAGR during the forecast period from 2018 to 2026, up from US$ 2,562.3 Mn in 2017. Enterprise social networks and online communities have significantly enhanced internal collaboration among the employees due to ease of information sharing and communication. The most prominent factor responsible for introduction of social networks in corporate sector is the continually growing user base of social media worldwide. As of 2017, a person on an average spends more than 2½ hours every day on social media websites globally. Subsequently, enterprise social media has emerged as a powerful tool capable of transforming internal collaboration in corporate sector.
Enterprise social networking technology allows employees to connect, collaborate, and exchange learnings, informally over an online platform. The concept of introducing social media in enterprises focuses on encouraging socializing and sharing among people rather than broadcasting information to the masses. The market has been gaining rapid traction due to the immense convenience in communication offered to employees. This may include sharing information as short messages, documents, updates, links and videos with other interested employees.
With consistently growing penetration of cloud-based services, these social networks and online communities are made available on software as a service (SaaS) basis. Similarly, market players also offer on-premise installation of these platforms for enterprises seeking higher data security. Nevertheless, dominance of conventional communication and collaboration tools such as Instant Messaging, Emails, SharePoint, Skype and others remain as major challenge for the market growth.
Cloud-based Enterprise Social Network Platforms to Witness Higher Growth over the Forecast Period
The overall enterprise social networks and online communities market is primarily governed by large enterprises. Thus, majority of the companies prefer installing on-premise solution for ensuring higher level of data security. In 2017, the on-premise segment led the market accounting for nearly 2/3rd of the total market value generated worldwide. Nevertheless, cloud-based enterprise social networking segment is projected to register faster growth during the forecast period. Due to availability of deployment over more secure private cloud, the segment would experience higher growth in the following years.
North America to Continue Leading the Market; Asia Pacific to Emerge as the Fastest Growing Region
North America led the global enterprise social networks and online communities market, with a market share of over 45%, in 2017. The market here is primarily backed by the U.S., having high popularity of social media networks. The U.S. is among the top 10 countries having high penetration (approximately 71%) of social media networks across the world. In addition, presence of numerous companies including IBM Corporation, Jive Software, Inc., Communispace Corporation, Microsoft Corporation (Yammer) and few others is another major factor supporting the market growth. Over the forecast period, Asia Pacific is set to emerge as the fastest growing on account of growing IT & telecom and healthcare sectors in the region.
Large Number of Enterprise Social Network and Online Community Vendors Make the Market Highly Competitive
The overall market is still in nascent stage with limited adoption across different industry verticals. Due to presence of large number of players, the market has emerged highly competitive over the period. Majority of the companies including IBM Corporation, Jive Software, Inc., Communispace Corporation and Socialtext, Inc. focus on developing frequent updates in their software with an aim of improving user experience, convenience and look-and-feel of the platform. This further encourages the end-user organizations to adopt enterprise social networks and online communities for better employee engagement. Major players profiled in the market include IBM Corporation, Microsoft Corporation, Cisco Systems, Inc., Jive Software, Inc., Google, Inc., Communispace Corporation, VMware, Inc., SAP SE, Socialtext, Inc., Telligent, Inc., Mzinga, Inc., Lithium Technologies, Inc., TIBCO Software, Inc., Convo, Salesforce.com, Inc., Zyncro Tech SL and others.
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Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology
1.4.1 Phase I – Secondary Research
1.4.2 Phase II – Primary Research
1.4.3 Phase III – Expert Panel Review
1.4.5 Approach Adopted
Chapter 2 Executive Summary
2.1 Market Snapshot: Global Enterprise Social Networks & Online Communities Market
2.2 Global Enterprise Social Networks & Online Communities Market, By Deployment Model, 2017 (US$ Mn)
2.3 Global Enterprise Social Networks & Online Communities Market, By Enterprise Size, 2017 (US$ Mn)
2.4 Global Enterprise Social Networks & Online Communities Market, By Industry Vertical, 2017 (US$ Mn)
2.5 Global Enterprise Social Networks & Online Communities Market, By Geography, 2017 (US$ Mn)
Chapter 3 Market Dynamics
3.1.1 Global Enterprise Social Networks & Online Communities Market Value, 2016 – 2026, (US$ Mn)
3.2 Market Drivers
3.3 Market Growth Inhibitors
3.3.1 Impact Analysis of Drivers and Restraints
3.4 Key Market Trends and Future Outlook
3.5 Attractive Investment Proposition, by Geography, 2017
3.6 Competitive Analysis
3.6.1 Market Positioning of Key Enterprise Social Networks & Online Communities Companies, 2017
3.6.2 Key Strategies Adopted by the Leading Players …
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