Enterprise Social Networks and Online Communities Market is Estimated to Witness High Growth Owing to Increasing Adoption of Social Media Platforms in Enterprises

Enterprise social networks help organizations foster engagement and collaboration between employees, customers, and other stakeholders. They enable discussion boards, file sharing, internal messaging, employee directories and search.

Market Dynamics:

The enterprise social networks and online communities market is expected to witness significant growth over the forecast period owing to increasing adoption of social media platforms in enterprises to foster collaboration and engagement. Approximately 70% of enterprises are using social technologies and about 50% are actively engaging their employees through social platforms. Enterprise social networks offer better communication avenues as compared to traditional email systems. They also help improve productivity by enabling seamless sharing of knowledge and ideas. Furthermore, growing popularity of work-from-anywhere business models is also fueling the adoption of enterprise social collaboration platforms to ensure workforce connectivity from remote locations.

global enterprise social networks and online communities market is estimated to be valued at US$ 5,539.0 million in 2021 and is expected to exhibit a CAGR of 16.5 % over the forecast period (2021-2028).

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Growing Adoption of Cloud-Based Solutions Driving Enterprise Social Networks and Online Communities Market Growth

The rising adoption of cloud-based solutions across various industries has emerged as a key driver boosting the adoption of enterprise social networks and online communities. Many organizations are migrating their traditional on-premise software systems to cloud-based platforms to improve collaboration, enhance productivity and reduce costs. Cloud-based enterprise social networking platforms offer various benefits like easy accessibility from any device, low upfront costs, automatic updates, scalability and eliminating the need for expensive on-premise servers and infrastructure. This has encouraged more companies to adopt cloud-based enterprise social networking solutions to improve teamwork and engage employees. Furthermore, the ability of cloud platforms to easily integrate with other business applications is also accelerating their adoption for connecting dispersed workforces.

Increasing Focus on Remote Workforce Driving Demand for Enterprise Social Collaboration Tools

The COVID-19 pandemic has transformed work cultures with widespread adoption of remote and hybrid work models across organizations. This seismic shift towards distributed work environments has increased the focus on leveraging collaboration technologies to empower remote employees. Enterprise social networks and online communities have emerged as effective tools for enabling seamless interaction and knowledge sharing between remote teams. They facilitate improved communication, task management and file sharing virtually. Additionally, these platforms foster a sense of community and connectivity among remote employees. As companies continue embracing flexible work policies in the long run, there will be increasing demand for enterprise social networking solutions to collaborate efficiently in distributed workspaces.

Top Key Players:

Microsoft Corporation, Socialtext Inc., Google, Inc., IBM Corporation, Zyncro tech, SL, Cisco Systems, TIBCO Software, VMWare, Inc., Jive Software, and Salesforce.com

Detailed Segmentation:

Global Enterprise Social Networks and Online Communities Market, By Enterprise Type
Small Enterprise
Medium Enterprise
Large Enterprise

Global Enterprise Social Networks and Online Communities Market, By Industry Type
Healthcare
BFSI
IT and Telecom
Government
Retail and Consumer Goods
Others

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Regional Analysis:

⁃ North America: United States, Canada, and Mexico
⁃ South & Central America: Argentina, Chile, Brazil and Others
⁃ Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.
⁃ Europe: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.
⁃ Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC.

Security and Compliance Concerns Acting as a Restrain for Enterprise Social Networks Growth

While several advantages are driving the adoption of enterprise social networking platforms, security and compliance concerns continue to act as a significant restrain. Sharing proprietary information on public social networks can potentially expose companies to security threats and data breaches. Ensuring privacy and preventing data leaks are major challenges for organizations. Moreover, complying with stringent privacy regulations like GDPR adds to compliance complexities. Customers also have reservations regarding unauthorized access and cyberattacks on enterprise social networks. Addressing such security vulnerabilities and allaying privacy concerns through robust authentication, authorization and encryption measures is crucial for gaining wider trust and acceptance of these solutions. However, it remains a technological and financial challenge, especially for startups.

Growing Popularity of BYOD Trend Opening New Opportunities

The trend of employees using their personal devices like smartphones, tablets for work related tasks has been rising steadily over the past few years. Often referred to as bring your own device (BYOD), this trend allows flexibility but also poses security threats. Enterprise social networks with mobile-friendly interfaces and native apps are well-placed to tap into this opportunity. They enable employees to securely access internal profiles, files, communities and collaborate from their personal devices seamlessly. As BYOD accommodates changing worker preferences and improves productivity, the market potential of enterprise social platforms optimized for mobile usage will continue expanding. Vendors leveraging innovative mobile experiences can gain competitive edge in this growing market.

Rising Adoption of Visual Communications Driving Experimentation with New Formats

End users are constantly demanding more visually engaging experiences on enterprise platforms similar to consumer social media. There is a growing trend of companies leveraging short-form videos, GIFs, photos and interactive posts on their internal networks to foster creativity and connections. For example, short looping videos are being used for highlighting new projects, product updates or celebrating team achievements. Similarly, user generated visual content in the form of photos and GIF comments are improving participation. To stay relevant, vendors are experimenting with novel immersive formats like augmented reality and virtual meeting spaces. As visual communications become more prevalent in the workplace, enterprise social networks enabling rich multimedia sharing will be crucial for higher user adoption and engagement.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Enterprise Social Networks And Online Communities Market over the forecast period?
What are the key trends expected to influence the Enterprise Social Networks And Online Communities Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Enterprise Social Networks And Online Communities Market?
What long-term impact will strategic advancements have on the Enterprise Social Networks And Online Communities Market?
Who are the key players and stakeholders in the Enterprise Social Networks And Online Communities Market?
What are the different segments and sub-segments considered in the Enterprise Social Networks And Online Communities Market research study?

Strategic Points Covered in Table of Content of Global Enterprise Social Networks And Online Communities Market:

Chapter 1 : Introduction, market driving forces, and product The study and research objectives are to investigate the Enterprise Social Networks And Online Communities market.

Chapter 2: Exclusive Summary - Enterprise Social Networks And Online Communities Market Fundamentals.

Chapter 3: The Changing Impact on Market Dynamics- Drivers, Trends, and the Challenges and Opportunities of Process Spectroscopy

Chapter 4: Enterprise Social Networks And Online Communities Market Factor Analysis, Porter's Five Forces Analysis, Supply/Value Chain, SWOT Analysis, Market Entropy, and Patent/Trademark Analysis are all presented in this chapter

Chapter 5: 2017-2022 Forecast by Type, End User, and Region/Country

Chapter 6: Evaluating the key players in the Enterprise Social Networks And Online Communities market, including the Competitive Landscape, Peer Group Analysis, BCG Matrix, and Company Profile.

Chapter 7: To evaluate the market by segments, countries, and manufacturers/companies, as well as revenue share and sales by major countries in these regions (2023-2030).

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