The report states that the market is expected to reach the valuation of US$ 7.2 Bn in 2022. As per FMI, enterprise social networks market is witnessing growth owing to the rising demand for streamlining the communication across the organizational hierarchy to improve productivity and efficiency.
According to the enterprise social networks industry analysis by Future Market Insights (FMI), the adoption of enterprise social networks in the market is estimated to grow at a CAGR of 13.9% over the forecast period.
Enterprise social networks work as an all-access platform where employees can find all the important documents such as training resources, project related data, guides, industry news, and relevant research papers.
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.
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.
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Key Takeaways:
- 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, 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 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 8% through 2032.
- In India, the enterprise social networks market is expected to grow at a CAGR of 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.
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 networks solutions is helping organizations in reforming the communication across their workforce. Owing to this, demand for streamlined communications across the organizational hierarchy is increasing. Hence, companies are adopting enterprise social networks solutions and services for management of enterprise communication workflows.
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.
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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)
Related Links –
https://uppervote.com/read-blog/36488
https://s30481987968.whotrades.com/blog/43050896045?nrac=1
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