Opportunity Assessment of Enterprise Social Networks Market : With Respect to Drivers, Restraints, Industry-Specific Challenges and Trends 2017-2025

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Use of social media by any organization internally and externally to connect individuals who share similar business interests and activities is known as enterprise social network (ESN). The social media tools help employees to share knowledge with their co-workers. This formal or informal communication between the employees helps in creating a healthy working environment. Owing to this communication, employees are able to share their opinions, views and thoughts with their co-workers and management.

ESN is an effective problem solving technique which involves the participation of all the parties required through media. ESN is an internal workplace which helps in creating connections between various departments, this is extremely beneficial in larger corporations. To protect the corporate image and brand, most large corporations have implemented social media policies to make sure that employees communicate properly with each other across all the social networking channels. Effective knowledge management is the ultimate goal behind the implementation of ESN. It is not a prevailing model yet; however, ESN is anticipated to gain popularity in the coming years.

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Organizations are implementing ESN due to its ability to enhance the communication and collaboration between the employees through media. Employees are able to voice their concerns through these platforms. Departmental boundaries are broken and hierarchies are flattened with the help of ESN. Moreover, it helps to spur innovation within the company as employees are sharing new ideas and thoughts between them and getting suggestions on how to make them better. ESN helps organizations to achieve business transparency, which is important to maintain the loyalty of employees. Employees are aware of the things going on within the organization and they are involved in the discussions happening around them. More than anything ESN gives a platform for employees other than the formal communication platforms such as the company e-mail.

ESN is gaining popularity, however, companies are indecisive over how to apply this technology to business processes and operations. Companies are concerned that use of social media could result in reduced productivity. Major concern is that employees could use these tools extensively leaving behind their primary responsibilities.

Major organizations are evaluating the benefits of implementing ESN. However, concerns regarding the usefulness of ESN for small size enterprises with very few employees remains a challenge for ESN market. In addition to this, acceptance by employees remains the most important aspect for implementation of the ESN. Top management cannot just implement ESN and wait for the results. If the employees are not encouraged by the use of ESN then it may not prove beneficial to any organization.

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ESN tools are used by many companies across the industry verticals including IT and telecom, retail, Banking, Financial services and Insurance (BFSI), professional services, and healthcare. During the recent years, IT and telecom has seen significant adoption for ESN tools. Further, other sectors such as retail and professional services are expected to see significant adoption of ESN tools during the coming years. Some of the major players in the global ESN market are Microsoft Corporation, salesforce.com, Inc., TIBCO Software Inc., MangoApps Inc., JIVE SOFTWARE, Inc., Kaltura Inc., VMWare, Inc., Zyncro Tech S.L., Socialtext, Inc., and IBM Corporation.

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