The enterprise social networks market is poised for substantial growth, with market value expected to rise from USD 5,337.8 million in 2024 to an impressive USD 20,315.4 million by 2034, reflecting a robust CAGR of 14.3%. The sector benefits from a dynamic ecosystem of established players, emerging start-ups, and venture capital investors, all contributing to its rapid expansion.
As organizations increasingly prioritize employee engagement as a key driver of productivity and retention, enterprise social networks have become indispensable tools. These platforms enable employees to share ideas, provide feedback, and collaborate on organization-wide initiatives. By fostering a sense of community and belonging, enterprise social networks help reduce employee turnover and enhance job satisfaction.
The market is further fueled by the demand for customizable solutions designed to meet the specific needs of different industries. Sectors such as healthcare, finance, and education have unique collaboration requirements, which can be addressed by tailored features and functionalities.
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This adaptability presents significant growth opportunities as businesses recognize the value of these platforms in streamlining communication and enhancing team collaboration.
Key Takeaways for Global Enterprise Social Networks Market:
- The global enterprise social networks market registered a CAGR of 10.6% during the historical period (2019–2023).
- The United States market is expected to grow at a CAGR of 13.1% through 2034, reaching a valuation of USD 4,403.7 million by that time.
- Germany holds around 22.6% market share in Western Europe, with a projected market valuation of USD 197.8 million by 2024.
- China continues to dominate the East Asian market, currently holding 50.4% share of the enterprise social networks sector in the region.
- The cloud/web-based segment leads the market in terms of revenue, expected to account for 54.3% of the total market share by 2024.
Competitive Landscape
Key players in the enterprise social networks market are investing in sophisticated technology and forming alliances. Key enterprise social network providers have also been purchasing smaller players to expand their footprint and penetrate the market in numerous countries.
Key Players of Enterprise Social Networks Market
- Jive Software
- Microsoft
- Salesforce
- Slack
- Igloo Software
- IBM Connections
- SAP Jam
- Lithium Technologies
- Zyncro
- GoToConnect
- Socialgest
- Takami
- Beehively
- Noodle Intranet
- Talkspirit
Recent Industry Developments in Enterprise Social Networks Market:
- In June 2024, Brandwatch has launched Case Management, a new feature within its social media suite that focuses on enhancing social customer care capabilities for brands. It allows brands to transition from basic community management to comprehensive customer care on social media platforms.
- In March 2023, Sprinklr has launched a new self-service version of its social media management solution, Sprinklr Social, with ChatGPT-enabled tools aimed at helping enterprise social teams. It allows social media teams to access Sprinklr Social on a self-service basis, making it more accessible to a wider range of businesses.
- In October 2022, Cretorial had announced the launch of the Enterprise Version of its AI-powered app, aimed at simplifying social media content creation for millions of Micro, Small and Medium Enterprises (MSMEs) and Small and Medium Businesses (SMBs). The platform helps users uncover hidden keywords, craft compelling ad copy, and generate engaging social media content
Key Segments of Enterprise Social Networks Market
By Type:
The industry is divided into cloud or web-based enterprise social and on-premises enterprise social network platform.
By Enterprise Size:
The segment is segregated into small and medium-sized enterprises (SMEs) and large enterprises.
By Industry:
The industry is classified by education, travel and hospitality, media and entertainment, healthcare, IT and telecom, retail, government and non-profit and others.
By Region:
A regional analysis has been carried out in key countries of North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.
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