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.
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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.
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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.
Enterprise social networks and online communities market is segmented based on deployment model, organization size, industry vertical and geography. By deployment model, the on-premise segment dominates the market globally. The segment growth is backed by the large enterprises segment having higher penetration of enterprise social networks owing to critical security concerns.
Nevertheless, with growing popularity of private clouds, cloud-based segment would exhibit higher growth rate during the forecast period. Further, based on the geography, North America led the global market in 2017.
This is attributed to high penetration of social media, significant expenditure by organizations on employee collaboration and presence of large number of market players.
The overall enterprise social networks and online communities market is fragmented in nature due to presence of large number of companies in the market. The market comprises tech giants including IBM Corporation, Microsoft Corporation, VMware, Inc. as well as small sized companies (including startups) such as MangoApps, Inc., Igloo Software and several others. Prime strategy adopted by these companies is consistent efforts in betterment of enterprise social media platforms for improved convenience, security and functionality of these networks.
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.
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