Sales in the market for enterprise social networks are anticipated to grow at a CAGR of 13.9%, with a market value of US$26.5 billion by 2032. Nowadays, the market for business social networks makes up around 10% of the overall market for business collaboration. Employees can interact and exchange content and ideas with ease thanks to enterprise social networking and collaboration. Moreover, business social networks promote internal communication improvements and development optimization.
Companies in the industry provide a variety of enterprise social networking platforms. Among the most well-liked platforms are Slack, Yammer, and Clarizen. Business social networks provide a forum for interpersonal interaction and are a perfect setting for establishing a good time.
During the pandemic there has been huge rise in demand for enterprise social networking platforms. Growth can be attributed to the growing trend of remote working and the consequent need for streamlining the communication across the organizations, thereby driving the market.
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With closer integration with business applications, enterprise social networks can help organizations in transforming the main collaboration and communication hub. They can help in reducing the inbox clutter by replacing long and confusing email threads with private or public communication channels.
Enterprise social networking primarily emphasizes on the use of online social networks or social relations among individuals who share business interests and activities. Companies like Yammer are offering advanced enterprise social networking platforms. As per Microsoft, 85% of Fortune 500 companies collaborate with Yammer. Yammer offers an interface similar to Facebook that makes it easy even for novice users to start posting images and messages.
Moreover, on an enterprise social network, communication is often less fixed, less conventional, less formal, as compared to an email. This way, information flows more naturally, and reduce the hierarchical barriers.
“Growing need for streamlined communication across the IT and healthcare sectors is expected to augment the growth in the market,” says FMI analyst.
Key Takeaways:
· By type, the cloud/web-based enterprise social network platform segment is estimated to grow at a robust CAGR of 16.2% through 2032.
· Among the enterprise size, large enterprises segment is anticipated to expand at a CAGR of 12.5% between 2022 & 2032.
· By industry, the IT & telecom segment is anticipated to grow at a CAGR of 16.8% between 2022 & 2032.
· North America is dominating enterprise social networks market followed by Europe region in 2022. South Asia & Pacific is estimated to grow at the fastest rate over the forecast period.
· The market in U.S. is expected to progress at a CAGR of around 9.8% through 2032.
· In India, the enterprise social networks market is expected to grow at a CAGR of 22.6% during the forecast period.
· Enterprise social networks market in China is estimated to witness the absolute opportunity of US$ 3.1 Bn over the forecast period.
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More Valuable Insights on Enterprise Social Networks Market
Future Market Insight’s report on the enterprise social networks industry research is segmented into five major sections – type (cloud/web-based enterprise social network platform, and on-premises enterprise social network platform), enterprise size (small and medium-sized enterprises, large enterprises), industry (education, travel & hospitality, media & entertainment, healthcare, IT & telecom, retail, government & non-profit, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the enterprise social networks demand outlook.
Enterprise Social Networks Outlook by Category
By Type:
- Cloud/Web-based Enterprise Social Network Platform
- On-Premises Enterprise Social Network Platform
By Enterprise Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Industry:
- Education
- Travel & Hospitality
- Media & Entertainment
- Healthcare
- IT & Telecom
- Retail
- Government & Non-Profit
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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