The worldwide enterprise social networks market size added up to US$ 6.4 Billion in 2021. Deals in the enterprise social networks market are supposed to increment at a 13.9% CAGR, with the market valuation arriving at US$ 26.5 Billion by 2032.
The report expresses that the market is supposed to arrive at a valuation of US$ 7.2 Billion in 2022. According to FMI, the enterprise social networks market is seeing development inferable from the rising interest in smoothing out the correspondence across the hierarchical order to further develop efficiency and proficiency.
As per the enterprise social networks industry examination by Future Market Insights (FMI), the reception of enterprise social networks in the market is assessed to develop at a CAGR of 13.9% over the estimated period.
Enterprise social networks fill in as an all-entrance stage where workers can find every one of the significant reports, for example, preparing assets, project-related information, guides, industry news, and applicable examination papers.
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During the pandemic, there has been a 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 communication across organizations, thereby driving the market.
With closer integration with business applications, enterprise social networks can help organizations transform the main collaboration and communication hub. They can help reduce the inbox clutter by replacing long and confusing email threads with private or public communication channels.
Enterprise social networking primarily emphasizes 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, and less formal, as compared to email. This way, information flows more naturally and reduces the hierarchical barriers.
Key Takeaways from the Enterprise Social Networks Market Report:
- By type, the cloud/web-based enterprise social network platform segment is estimated to grow at a robust CAGR of 2% through 2032.
- Among the enterprise size, the large enterprises segment is anticipated to expand at a CAGR of 5% between 2022 & 2032.
- By industry, the IT & telecom segment is anticipated to grow at a CAGR of 8% between 2022 & 2032.
- North America is dominating the 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 the U.S. is expected to progress at a CAGR of around 8% through 2032.
- In India, the enterprise social networks market is expected to grow at a CAGR of 6% during the forecast period.
- The enterprise social networks market in China is estimated to witness an absolute opportunity of US$ 3.1 Billion over the forecast period.
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.
How is Adoption of Enterprise Social Networking Platforms Boosting the Market?
Increasing adoption of enterprise social network solutions is helping organizations reform communication across their workforce. Owing to this, the demand for streamlined communications across the organizational hierarchy is increasing. Hence, companies are adopting enterprise social network solutions and services for the management of enterprise communication workflows.
The rising need for enterprise internetworking among partners, employees, distributors, and suppliers across small and mid-size enterprises is expected to augment the growth in the market over the forecast period.
Leading Key Players:
- IBM Corporation
- Salesforce
- TIBCO Software
- Yammer (Microsoft)
- Higher Logic
- Alma Suite
- Zyncro
- eXO
- Talkspirit
- BlueKiwi
- Zoho Corporation
- JIVE Software
- Boonex
- Cisco
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Enterprise Social Networks Market Segmentation:
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)
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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