Enterprise Social Software Market Driven by Growing Demand for Technological Advancements in Social Networking Applications in the Corporate Sector
The global enterprise social software (ESS) market is anticipated to gain traction from the rising adoption of social networking as in the present times, it has become essential for organizations to maintain a portfolio that helps them educate their prospect clients before the one-to-one contact is made. The increasing espousal of social networking applications such as Twitter and LinkedIn by business professionals and companies is a key factor driving the growth of the enterprise social software industry around the globe. In addition, increasing usage of smartphones and internet-enabled devices is another aspect anticipated to create opportunities for the market participants. According to the Global System for Mobile Communications (GSMA), approximately 700 million new mobile subscribers are estimated to enter the telecommunication sector by 2025, globally. A rise in demand for increasing organizations productivity and cost governing measures in the companies are the key factors impelling the market for enterprise social software. The global Enterprise Social Software Market size is valued at $6.27 billion as of 2018 and is anticipated to grow with a CAGR of 12.72% throughout the forecast period 2019-2025.
Recent Developments in Enterprise Social Software
Enterprise social software offers organizations means to improve business operations through unified connectivity that allows for smoother communications across all departments. The convergence of social and collaboration software into a single vital offering could also encourage market growth with the advent of social software.
IBM offers Lotus Quickr and Lotus Connections, social software technologies which provide benefits of social media, wikis, blogs, and real-time messaging to the enterprises. Similarly, some other prominent ESS tools surfacing the market are:
Clarizen: Clarizen is a collaborative work management solution that helps companies to automate processes and streamline work, and build high-performance teams. A new version of this application features an advanced list of mobile and conditional formatting options.
eXo Platform: eXo Platform is an open-source social networking solution that is integrated around the social networks. This collaboration tool is useful in document management such as file sharing and storing, and community building in enterprises.
Slack: Slack is a messaging application that offers real-time messaging, file sharing, private groups, flexible browsing, internal and external sharing, and archiving all communication together in one place between multiple teams in the organizations.
Zoho Connect: Zoho Connect is an enterprise social software tool that enables users to connect with their colleagues, post messages, share files, leave comments, and share ideas.
Igloo Software: Igloo Software is a web-based intranet solution for small business that helps teams manage their projects, workflows, and resources. The software offers file sharing, team calendars, social newsfeeds, tasks, blogs, and also helps workgroups collaborate and manage their projects and workflows in the organization.
Enterprise social software solutions bring various benefits beyond social networking in organizations. The social software solution provides a platform for emerging businesses, helps in terms of deployment, and management as well. Enterprise social concept began with an emphasis on social sharing amongst employees within an organization, thereby enabling social connectedness with distributors and customers. The influx of software developers in the industry is the key element leading to the rise of enterprise social software gaining impetus around the globe. To increase productivity with faster interaction among employees, organizations have focused more on their internal communications. The digital transformation of the workplace and change in the modes of communication among employees in the enterprises led the social software demand worldwide. Additionally, the social software helps in streamlining shared files, record-keeping of files with version updates, and automating that benefit in tracking the updates of projects in an organization. The services include messaging, audio and video recording, intranet and portal, file sharing, and calendar and project management. Enterprise social software solutions should be able to scale the process collaborations, provide a set of capabilities for process flow, and minimizes the risk of silos in the organizations. To visualize consumer insights for enhanced decision making and for improving business strategies, continue to build momentum for enterprise social software is being deployed in the enterprises.
North America Holding Major Share of the Enterprise Social Software Market
North America generated approximately 37% of the global revenues in the enterprise social software market in 2018. Increasing penetration of internet, and development in enterprise applications in countries in this region fuel the growth of the enterprise social software industry. The huge working population in this region is another lucrative factor for high ESS market revenues in North America. Early adoption of technologies and business productivity optimization are the key factors for the growth of the ESS industry in this region.
The application segment that will be creating the most lucrative opportunities for the enterprise social software market is the BFSI sector. This application segment is projected to grow at a CAGR of 10.85% through to 2025. In the banking sector, enterprise social software is being used for file sharing, tagging, employee interaction, and corporate transparency. For instance, IBM Connections is an open-source database that facilitates business interactions. This software creates an employee-driven social business network which features profiles, communities, discussion forums and provides quick task execution through fast access to shared information in the banking sector.
Factors Driving Enterprise Social Software Market
· A rising trend in the global enterprise social software industry is the rising trend of bring your own device (BYOD) at enterprises for communication with employees and clients.
· Rising adoption of social software by entrepreneurs to reduce communication cost, to foster workforce productivity, and bring out the innovative ideas and knowledge has also fostered the demand for the enterprise social software globally.
· Nowadays, enterprises are shifting their focus towards digitization and the need for software automation are also rising demand for social software industry growth in the enterprises.
The Major Players in the Enterprise Social Software Market:
The prominent players in the enterprise social software market include Autodesk, Atos, Broadvision, Cisco, Google, IBM, Lithium Technologies, Microsoft, Salesforce, SAP, Tibco, and VMWare. High investments relevant to R&D and new product launches are witnessed in the enterprise social software market by these major players.
Prominent Mergers and Acquisitions
Mergers and acquisitions are the other key strategies adopted by the players to stay ahead of their competitors.
· Lithium Technologies, a San Francisco-based Company leader in providing software solutions announced acquisition with Spredfast, Inc., a U.S. based social media marketing Software Company in Sep 2018.
· Autodesk, a U.S. based software corporation, announced acquisition with BuildingConnected a leading construction bid-management platform in Dec 2018.
· Salesforce, an American cloud-based software company acquired MuleSoft LLC., a San Francisco based Software Company, which provides cloud platforms for building application networks in May 2018.
Such joint ventures aid the market players to expand their geographical boundaries and accentuate their footprint into the global enterprise social software market.
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