New York, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to the latest market report published by Persistence Market Research global enterprise social networks and online communities market is anticipated to grow from US$ 2,636.1 Mn in 2016 to US$ 12,189.0 Mn by 2026, registering a CAGR of 16.5% in terms of revenue during the forecast period (2016-2026). In this report, the global enterprise social networks and online communities market is tracked in terms of value and is calibrated to obtain the market revenue estimates.
Market dynamics
Increasing adoption of enterprise social networking technologies for collaboration with business technologies to improve social collaboration are major factors driving the growth of global enterprise social networks and online communities market. Demand for social media technology among businesses for activity streaming, blogging, profiles, expert advices and other secure communications is strong in this market and is slated to increase in the forecast period. Moreover, demand among industries such as healthcare for real time communication is expected to improve growth which is expected to reflect in the revenue forecast.
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However, lack of awareness about the technology, and the high cost of integration with business technologies are major challenges expected to be faced by market players in the global enterprise social networks and online communities market during the forecast period.
Market forecast
To understand and assess the demand and opportunities in this market, the report is categorically split into three major sections, namely market analysis – by enterprise type, by industry, and by region.
The section – market analysis by enterprise type, comprehensively analyzes the market on the basis of enterprise type and presents an in-depth analysis of the market in terms of value for 2016-2026. In 2015, large enterprise segment dominated the global enterprise social networks and online communities market, followed by medium enterprise segment. Moreover, small enterprise segment is anticipated to expand at the fastest CAGR of 21.7% over the forecast period in the global enterprise social networks and online communities market in terms of revenue, followed by large enterprise segment.
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The section – market analysis by industry, analyzes the global enterprise social networks and online communities market on the basis of industry verticals and the data is provided in terms of value for 2016-2026. The healthcare IT and Telecom industry is expected to expand at the highest CAGR of 17.0% in terms of value during the forecast period. In terms of market share, healthcare industry accounted major percentage of the revenue share of the overall market in 2015 and healthcare industry is expected to dominate the global enterprise social networks and online communities market throughout the forecast years, followed by IT and Telecom industry.
The section – market analysis by region, includes an in-depth country level analysis of all global regions namely, North America, Latin America, Asia Pacific (excluding Japan), Japan, Eastern Europe, Western Europe, and Middle East & Africa by enterprise type, industry and countries; and provides market data in terms of value for 2016-2026.
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In 2015, market in North America region dominated the overall global enterprise social networks and online communities market, followed by the market in Asia Pacific region. The enterprise social networks and online communities market in Asia Pacific region is forecast to expand at the highest CAGR over the forecast period, followed by North America and Europe regions respectively.
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Competitive landscape
Key players reported in this study on the global enterprise social networks and online communities market include Microsoft, IBM, Cisco, VMWare, Salesforce.com, Google, Jive and TIBCO, who have significantly increased their footprint in the global enterprise social networks and online communities market over the years.
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