Enterprise social networking lays emphasis on the use of social networks among people who share business interests or activities. This facility is usually used in enterprises wherein it encompasses modifications to the corporate intranet and other classic software platforms. Enterprise social networks offer a number of benefits including document collaboration, enhanced employee communication, and establishing healthy discussions among employees. Organizations are implementing this platform to collaborate with external and internal parties to exchange organizational information.
Market Statistics:
The global enterprise social networks and online communities market is expected to surpass US$ 16,556.5 Mn in terms of value by the end of 2028.
Global Enterprise Social Networks and Online Communities Market: Drivers
Increasing use of content analytics is expected to propel the global enterprise social networks and online communities market during the forecast period
Content analytics play a vital role in the expansion of a business. Analytics allows a company to monitor social interactions related to products or services being offered. Companies make decisions on the basis of information provided by analytics tools related to product trends, growth, and challenges affecting the performance of products in the market. Hence, these factors are expected to propel growth of the global enterprise social networks and online communities market during the forecast period. For instance, Alcatel-Lucent, an IT and telecom company, is using enterprise social networking applications to analyze data and perform various analytical observations to understand problems and challenges.
Global Enterprise Social Networks and Online Communities Market: Opportunities
Growing adoption in government sector can present major business opportunities
Manufacturing industry and government sectors are primarily adopting enterprise social networking technology rapidly due to increasing need among employees working in these industries and sectors to communicate internally as well as externally, or to interact for job-related purposes. In countries such as the U.S. and U.K., various government departments such as security and law agencies, healthcare departments, and various other ministries support the usage of enterprise social networking platforms to enable connectivity between employees and the general public, for the dissemination of vital or important information in real-time. This technology is steadily witnessing increasing adoption in the manufacturing industry, for purposes such as to improve productivity among workers and to review performance, etc.
Global Enterprise Social Networks and Online Communities Market: Recent Developments
In December 2020, India based software company Forpose Pvt, Ltd introduced a new social networking app Forpose., this app created new business opportunities for the fashion sector.
In November 2021, U.S based social media company Facebook announced to integrate Microsoft Teams with Facebook Workplace. This integration allows users to share content from Microsoft workplace’s newsfeed into Microsoft Teams platform.
In October 2019, Facebook was awarded as global leader in enterprise business collaboration solutions by Information Services Group (ISG). Information Services Group (ISG) is a leading global technology research and advisory firm.
Market Restraint
Growing need for integration of business technologies is expected hamper growth of the global enterprise social networks and online communities market over the forecast period
Enterprise social networking requires integration of business technologies on a single social networking platform so as to publish business content. Companies need to integrate these platforms in order to synchronize daily activities, processes, and functions. In order to integrate business technologies with social media, IT expansion is required, which increases cost to the company. For instance, small companies do not use ERP and CRM solutions as IT expansion is required. However, companies have already started adopting social media networking to drive growth of their business. In order to efficiently use social networking platforms, small companies need to implement ERP and other technologies. Thus, these factors are expected to hamper the market growth in the near future.
Global Enterprise Social Networks and Online Communities Market - Impact of Coronavirus (Covid-19) Pandemic
Emergence of Covid-19 has led to avoidance of in-person meetings and gatherings to conduct business and has increased the preference towards remote work, virtual recruiting, virtual sales pitches, networking, and team building. This in turn has offered lucrative growth opportunities for players in the global enterprise social networks and online communities market. For instance, in February 2021, Preciate, announced new enterprise features for Preciate Social, which offers virtual networking, recruiting, onboarding, sales and team building with new features, such as expanded room capacity and one-click entry.
Key Takeaways:
- The global enterprise social networks and online communities market was valued at US$ 4,679.2 Mn in 2020 and is forecast to reach a value of US$ 16,556.5 Mn by 2028 at a CAGR of 16.5% between 2021 and 2028.
- The Large Enterprise segment was valued US$ 3,155.4 Mn in 2020 and is expected to witness a CAGR of 15.2% over the forecast period.
Market Trends:
North America Trends
Improvement in cybersecurity to boost regional market growth
In North America, many companies are adopting enterprise social networking to identify opportunities present in the market. Social engagement activities have allowed companies to endorse themselves and understand product demand with the use of analytics. It is expected that with improvements in cybersecurity, adoption rate of these social media-based technologies is expected to increase rapidly in the near future.
To know the latest trends and insights prevalent in this market, click the link below:
Increasing availability of open-source ESN platform
In North America, several enterprise social network providers are offering solutions free of cost. These include open-source providers, due to which the majority of companies are adopting this technology within their departments to engage employees in various social activities and to improve communication among them. For instance, companies such as eXo are providing social Intranet capabilities to small and medium companies in the U.S. and aid companies in building their respective business by enabling them to connect with employees, partners, and customers.
APEJ Trends
Rising adoption of modern technologies to aid in the rapid adoption of ESN technology
Enterprise social networking solutions have already been adopted in North American region and are used significantly by various end users. In the APEJ region, this technology is still in the introduction phase due to the slow adoption of other business technologies such as BYOD and ERP. It is expected that is the near future, demand for this technology in APEJ and Europe will increase at a high pace due to implementation of business technologies and the availability of technologies that can be further integrated.
Slow adoption of business technologies
In the APEJ region, countries such as Singapore and Australia & New Zealand are adopting social networking tools at a slower pace. A little less than half of the various organizations in APEJ are expected to implement enterprise social tools within their various departments in the next five to six years due to increasing demand for solutions that allow instant messaging and emailing over the company’s network.
Competitive Landscape
Major companies involved in the global enterprise social networks and online communities market are Microsoft Corporation, Socialtext Inc., Google, Inc., IBM Corporation, Zyncro tech, SL, Cisco Systems, TIBCO Software, VMWare, Inc., Jive Software, and Salesforce.com
