Social Business Intelligence Market is Poised to Grow at a Healthy CAGR of 6% from 2016 to 2026 | FMI

By the end of 2017, the global market for social business intelligence is predicted to be worth US$ 17 billion in terms of revenue from global deployment, according to FMI. The market is anticipated to grow at a CAGR of 6% from 2016 to 2026, reaching a value of US$ 29 billion by the end of that year.

According to Future Market Insights (FMI), a number of the major competitors in the market include SAP SE, SAS Institute Inc., Logi Analytics, Inc., TIBCO Software, Inc., Alteryx Inc., MicroStrategy, Inc., Microsoft Corporation, Qlik Technologies, Inc., and Tableau Software, Inc. To increase their market share, several of these firms are concentrating on big data applications that are being developed across a range of end-use industries, including healthcare.

They are exploring prospects in the development of social media tools and software. Several companies in the market are a substantial investments in research and development aimed at wearable technologies based on social business intelligence to gain a competitive edge over others.

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The various end-use verticals for the social business intelligence market are BFSI, healthcare and life sciences, consumer goods and retail, travel and tourism, IT and telecommunication, media and entertainment, and government. Of these, the BFSI sector is the leading segment as it held a major market share of 20.2% of all the verticals in 2016. The segment is anticipated to retain its dominance throughout the assessment period. However, the travel and tourism segment is anticipated to rise at higher year-over-year growth from 2017 to 2026.

Rising Ubiquity of Social Media to Bolster Demand

The growing demand for big data analytics tools for the analysis of social media, coupled with the rising ubiquity of social networks world over, is a key factor driving the market. The pressing need for next-generation analytical data generation technologies and management systems across modern enterprises is a primary factor driving the market in various regions.

The robustly rising popularity of social media among product and customer service teams, largely on account of benefits that percolate beyond marketing and promotion, is a key trend accentuating the market. The growing demand for various big data tools such as Hadoop in managing vast sets of unstructured data emanating from online and social media sites and CRM conversations is a notable trend catalyzing the demand for social business intelligence tools. This is motivated by the intensifying needs to garner data-driven insights into customer taste and preference across enterprises.

The pressing need for gaining customer insights in real-time for accelerating time-to-market is a key aspect of a fast-growing modern enterprise, necessitating the demand for social business intelligence tools. The rising adoption of cloud-based technologies and services will expectedly create exciting opportunities for market players in the coming years.

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Data Security Major Concerns, Advanced Enterprise Data Operating Systems to Open up Exciting Avenues

The concern of privacy of data and their enterprise security are key factors likely to hamper the demand for social business intelligence to an extent. Nevertheless, the marked shift of enterprises workloads from on-premise to cloud is expected to allay these mounting concerns, thereby bolstering the demand for social business intelligence. In addition, the advent of advanced enterprise data operating systems has led players overcome the constraints associated with traditional database systems, notably SQL servers.

The growing popularity of Hadoop for building large-scale database has enabled enterprises manage large operational requirements. This is a welcome trend in the global social business intelligence market. Furthermore, the introduction of YARN and MapReduce has substantially expanded the capabilities of Hadoop, thereby creating lucrative avenues for market players.

The global social business intelligence market is segmented based on:

By Deployment Type

On-premise
Cloud-based
By Size of Enterprise

Small Enterprise
Medium Enterprise
Large Enterprise
By Vertical

BFSI
Healthcare and Life Sciences
Consumer Goods and Retail
Travel and Tourism
IT and Telecommunication
Media and Entertainment
Government
Others

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.