Enterprise Social Software/Networking Market Worth $6.18 Billion by 2018
DALLAS, February 13, 2013 /PRNewswire/ --
The report "Enterprise Social Software Market - Global Advancements, Demand Analysis and Worldwide Market Forecasts (2013 - 2018)" defines and segments the global enterprise social software market into various sub-segments with in-depth analysis and forecasting of revenues. It also identifies drivers and restraints for this market with insights on trends, opportunities, and challenges.
Browse 81 market data tables and 39 figures spread through 231 pages and in-depth TOC on "Enterprise Social Software Market - Global Advancements, Demand Analysis & Worldwide Market Forecasts (2013 -2018)".
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MarketsandMarkets has segmented the global ESS market by type of deployment models: on-premise and on-demand, by type of service consumers: Small Office Home Office (SOHO), Small and Medium Businesses (SMB), Enterprises. By type of verticals: Banking and Finance Service Insurance (BFSI), Academia and Government, Healthcare and Life Sciences, Retail, High Tech and Telecommunications and other sectors. By geographies: North America (NA), Asia Pacific incl. Japan (APAC), Europe (EU), Middle East, Africa (MEA) and Latin America (LA). The report also provides insights on the demand analysis of specific enterprise social features and evaluates the usage percentage of enterprise social solutions, across all departments such as IT, R&D, Marketing, Sales, HR, and Operations.
Major forces driving this market are the rising need to stay connected, seamless social integration channels and the popularity of sharing ideas on a real time basis. Rising need for enterprise internetworking amongst employees, partners, distributors, suppliers and others in the business value chain has given way to growing deployment of ESS on-premise as well as on the cloud. While enterprises across the globe are looking forward to incubate ESS into their current work scenarios, ESS providers look forward to gain better competitive advantage in this emerging market, thereby creating new technological features that facilitate quicker adoption of the same.
MarketsandMarkets believes that the need for increasing enterprise productivity, along with cost control measures is playing a pivotal role in shaping the future of enterprise social software. Even though the adoption of these tools is relatively slow due to closed mindsets of the top management, these solutions are expected to grow steadily and have a pervasive existence across all major verticals, owing to the growing demand of 'social connectedness' on a real-time basis. These solutions are well positioned to bring businesses closer, despite time zone barriers and organizational structures. MarketsandMarkets further expects that the integration of enterprise social software tools with the existing collaborative organizational tools and applications will further enhance the growth of enterprises, while ensuring their compliance and regulatory policies.
The global enterprise social software market is estimated to grow from $ 721.3 million in 2012 to $6.18 billion in 2018. This represents a compound annual growth rate (CAGR) of 44.9% from 2013 to 2018. In the current scenario, High Tech & Telecommunication vertical continues to be largest adopter for ESS solutions. In terms of geographies, North America is expected to be the biggest market in terms of revenue contribution, while APAC is expected to experience increased market traction in due course.
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