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Enterprise Social Networks and Online Communities Market : Healthcare Industry Estimated to Account for Maximum Market Revenue Share by 2026
Such platforms also enable collaboration with online communities to provide/gain certain benefits to users such as internal knowledge improvement, productivity in teamwork, promotion of organization’s business, sharing ideas, group solving of complex problems and social collaboration of employees for blogging and others.
Revenue generated by global enterprise social networks and online communities market is estimated to reach US$ 2,636.1 Mn by 2016, witnessing an increase of 10.2% over 2015. The global enterprise social networks and online communities market is anticipated to grow at 16.5% CAGR during the forecast period 2016-2026, and reach US$ 12,189.0 Mn in revenues by 2026 end.
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Continuous development of modern technologies by key players in the enterprise social networking market such as Socialtext and Tibbr has enabled integration of social media platforms with business technologies.
Companies are adopting social media to communicate and share information with clients and employees, and hence it has become necessary to integrate the same with other business technologies to take proper advantage of these technologies for collaboration purposes.
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.
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Large enterprise segment is estimated to hold the largest share among the other enterprise implementing enterprise social networks and online communities solutions, accounting for US$ 1,853.6 Mn by 2016, up from US$ 1,691.4 Mn in 2015.
Among all the industry verticals, healthcare industry is estimated to account for maximum market revenue share by 2026, owing to detailed and real time communication available with the help of the enterprise social networking. Moreover, IT and Telecom and retail and consumer goods industry is also adopting this technology at a significant rate.
The global enterprise social network and online communities market is segmented into the seven key regions of North America, Latin America, Asia Pacific (Excluding Japan), Japan, Eastern Europe, Western Europe, and Middle East & Africa. The market in the North America region is expected to be the largest revenue generator for global enterprise social networks and online communities market by 2026, and is expected to account for a revenue share of 20.4% by 2026.
Owing to the fact the region being fairly advanced in terms of adoption of modern technologies. Region wise, the market in Asia Pacific is estimated to be the second largest player in global enterprise social networks and online communities market with market revenues expected to be worth US$ 3,714.1 Mn by 2026.
Some popular vendors such as IBM, TIBCO, etc. are focusing on launching new solutions and technologies specifically suited to enterprise social networks and online communities’ platform, to consolidate their position in the market. Microsoft, another major player in this market has acquired Yammer, an enterprise social networking platform to strengthen its position in this market.
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