Enterprise social network sales are projected to increase at a CAGR of 13.9%, reaching a market value of $26.5 billion by 2032. Currently, 10% or so of the market for corporate cooperation is made up of social networks for businesses. Enterprise social networking and collaboration allow for easy employee interaction and content and idea exchange. Business social networks also encourage better internal communication and development optimization.
There are several different enterprise social networking platforms offered by companies in the sector. Slack, Yammer, and Clarizen are a few of the systems that are most widely used. Business social networks offer a platform for human contact and are the ideal environment for having fun.
There has been a significant increase in demand for business social networking platforms during the pandemic. The market is expanding as a result of the rising popularity of remote work and the resulting necessity to streamline internal communications inside enterprises.
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Enterprise social networks can assist firms in changing the primary hub of collaboration and communication with better integration with business applications. By substituting lengthy and perplexing email threads with private or public communication channels, they can aid in clearing up the inbox.
The usage of online social networks or interpersonal relationships between people who have similar corporate interests and activities is the main focus of enterprise social networking. Platforms for advanced enterprise social networking are available from companies like Yammer. Microsoft reports that 85% of Fortune 500 organizations use Yammer for collaboration. Yammer has a Facebook-like user experience that makes it simple for even new users to start publishing photographs and messages.
Additionally, compared to email, communication on an industrial social network is frequently less rigid, conventional, and professional. In this way, hierarchical barriers are lowered and information flows more readily.
According to an FMI researcher, “increasing demand for streamlined communication across the IT and healthcare sectors is expected to augment the growth in the market.”
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, the 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.
- The 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)
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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