Social business intelligence: Key market research findings
- The Americas dominate the market geographically
- Cloud segment accounts for a majority of the market’s revenue
- Key vendors – IBM, Oracle, SAP, and SAS Institute
Technavio’s market research analysts predict the global social intelligence business market to reach almost $4 billion by 2020. The growing volume of information collected from social media is the fundamental factor stimulating growth in this market. The major corporate data sources include data generated from enterprise applications along with newly generated cloud-based data, social network data, and device data. Social business intelligence tools help in the retrieval and analysis of this vast and growing volume of diverse data. They also help optimize business decisions, discover significant weak signals, and develop indicator patterns to identify opportunities and threats. During 2015, the Americas dominated the global social business intelligence market by accounting for around 53% of the overall market share. The increased adoption of cloud-based business intelligence services by enterprises and government organizations is expected to contribute to the growth of the social business intelligence market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the social business intelligence segments based on the deployment.
“The increased integration of business intelligence with social networking plays a vital role in the growth of the global market. Enterprises utilize social media as a platform for marketing and communication to better reach consumers. With social networking becoming a popular source of big data, collaborations in social networking sites and integration of social networking with existing solutions will gain traction in the next few years,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.
During 2015, the cloud segment occupied more than 70% of the overall market space to become the primary revenue generator in the global social business intelligence market. Many social business intelligence vendors have started delivering software-as-a-service (SaaS) solutions to leverage the growing adoption of cloud-based systems. Cloud-based social business intelligence solutions are more popular with small businesses because of their cost effectiveness. This segment can be further classified into the public cloud, private cloud, and hybrid cloud.
The key vendors in the market include IBM, Oracle, SAP, and SAS Institute. The market currently appears to be fragmented, and this is due to the presence of many multinational vendors. Business intelligence software vendors are constantly trying to sustain themselves by improving their delivery models with technology and as a result, competition among vendors is intense. The high demand for social business intelligence among large enterprises and SMEs will further intensify the vendor competition in the coming years. The market has an immense growth potential and the large vendors cater to the needs of big enterprises due to their ability to cater to standardized business intelligence requirements. The market is also expected to witness the consolidation of small players with larger players and will also witness leading business intelligence software companies increasing their market shares by acquiring regional and small vendors.
A more detailed analysis is available in the Technavio report, Global Social Business Intelligence Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
