Enterprise Social Networking Market Analysis (2023 - 2030)
The Enterprise Social Networking Market was valued at USD 2982.8 million in 2021 and is set to reach USD 8162.3 million in 2027. The market is set to witness a CAGR growth rate of 6.36% over the forecast period of 2022 – 2027.
The usage of online social networks or social relationships between individuals who have corporate interests and/or activities is the main emphasis of enterprise social networking. Enterprise social software, which is essentially social software deployed in "enterprise" (business/commercial) situations, is frequently a facility of enterprise social networking (considered as a fundamental component of Enterprise 2.0). It includes adjustments to corporate intranets (also known as social intranets) and other traditional software platforms that big businesses use to arrange their communication, collaboration, and other intranet-related activities. The usage of a typical external social networking service to increase awareness for an organization is also typically included in the definition of corporate social networking.
It is doubtful that workplace social networking platforms will be widely used if training is not given to staff who have never used them. To secure the resources required and encourage adoption across the organization, enterprise social networking must be supported at the highest levels of the business. According to Gartner, just 10% of organizations realize the value in a social collaboration solution, largely because there was insufficient change management during the launch. There are numerous theories put up regarding the topic of the lack of adoption.
The openness they provide to how businesses operate is another significant advantage of enterprise social networks. They work well as a tool for knowledge management. Most large organizations use social media strategies to promote their corporate identity and brand and to ensure that employees can speak freely on numerous social networking sites.
Due to their smaller staff bases, small businesses, unlike their larger counterparts, are concerned about the value of enterprise social networks. The eager adoption of workplace social networks by employees is an additional difficulty.
Key Market Insights:
- Small and medium-sized business (SMEs) sales are anticipated to increase at a CAGR of 16.7% over the course of the projected year. To deal with the escalating trends of social media platforms and expanding digitization, SMEs are implementing corporate social network solutions and services. The market for enterprise social networks is anticipated to be dominated by large businesses. The market is predicted to expand at a CAGR of 12.5% over the projection period, creating a new opportunity worth US$ 11.5 Bn by 2027.
- Over the course of the prediction, Europe is estimated to continue to rank among the most desirable markets. The report estimates that during the evaluation period, the United Kingdom will generate an additional absolute dollar opportunity of US$ 1,079.6 Mn. In addition to North America, Europe is anticipated to represent a sizable portion of the market for workplace social networks due to its ongoing use of these solutions to assure employee engagement and increased productivity.
- Through 2027, the demand for enterprise social networks in the US is anticipated to make up almost 61% of the market share in North America. Enterprise social network providers in the US are concentrating on providing cutting-edge solutions for on-premises and cloud-based enterprise social network platforms. The existence of established important businesses who provide cutting-edge enterprise social networking solutions and services can also be credited with growth.
- Industry-specific demand is anticipated to increase in the IT & telecom sector at a 16.8% CAGR over the course of the projection period. The increase in spending by businesses on eliminating internal communication obstacles and improving company procedures can be related to the segment's growth. Additionally, IT & telecom organizations are implementing enterprise social network software solutions to control and foster centralized cooperation. By 2027, it is anticipated that the IT & telecom market will present a US$ 6.7 Bn incremental opportunity.
- Over the course of the prediction, Europe is estimated to continue to rank among the most desirable markets. The report estimates that during the evaluation period, the United Kingdom will generate an additional absolute dollar opportunity of US$ 1,079.6 Mn. In addition to North America, Europe is anticipated to represent a sizable portion of the market for workplace social networks due to its ongoing use of these solutions to assure employee engagement and increased productivity.
Market Segmentation:
BY ENTERPRISE
BY INDUSTRY
- Education
- Government
- IT & Telecommunications
- Aerospace & Defense
- Manufacturing
- Media & Entertainment
- Automotive
- Banking Financial Services and Insurance
- Consumer Goods
- Others
BY DEPLOYMENT TYPE
BY REGION
- North America
- Europe
- The Asia Pacific
- Rest Of the World
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