Global Social Business Application Market 2015-2019
Covering: Market size and forecast for social business applications until 2019. Market segmentation based on enterprise collaboration and communication, marketing automation, digital asset management, and social media marketing management. The leading vendors analyzed by this report include Adobe, Oracle, Salesforce.com, and Hootsuite.
Market outlook of social business applications
Businesses use social business applications for conducting various functions of an organizations. For instance, the marketing department uses social media to market their products, and the HR department uses social media to recruit candidates and collect perceptions of employees on the company. Technavios market research analysts predict the global social business application market to reach a CAGR of close to 26% over the next four years.
Also, social media platforms generate enormous data regarding the consumer sentiments related to the market and their behavioural analysis. This huge data is known as big data, which on analysis, unfolds various trends and challenges of the market growth. Enterprises are increasingly investing in big data tools, and predictive tools to obtain such insights as this information helps CMOs to take informative decisions.
The market is also witnessing a huge demand for social media analytics tools that are used to gather insights from social marketing efforts and reach out to a larger customer base. Some of the popular social media open-source analytics tools are Google social analytics, SumAll, Facebook insights, and Twitter Analytics.
Global social business application market segmentation by category Enterprise collaboration and communication Marketing automation Digital asset management Social media marketing management
Digital asset management has become a significant part of social businesses, and this segment is growing at a promising rate. Digital asset management has threats as well as opportunities for the social businesses.
Deployment of digital asset management tools offer a repository of rich media content that can be used and reused. It offers its own stock photo collection, providing imagery for use in blog posts. Also, with the use of digital asset management tools, companies can track where content has been shared and where other data resides, such as metadata fields and features that allow companies to share content and track status on social media.
The leading vendors analyzed by this report Adobe Oracle Salesforce.com Hootsuite
Other prominent vendors of this market include Attensity, Beevolve, Brandwatch, Crimson Hexagon, Expion, HearseySocial, ListenLogic, Lithium, SAS, Socialbakers, Spreadfast, Sprinklr, Sprout Social , Sysomos, Viralheat, and Webtrends.
Key challenges faced by the leading vendors of this market The high cost of deploying social business software is one of the major challenges in the market. The price of social business software includes licensing cost, system design and customization, installation, and training and maintenance.
Moreover, enterprises need to train their employees on how to use the application efficiently. In addition, post-implementation, the software needs to be upgraded according to current market trends, which is one of the major growth inhibitors in terms of cost for SMEs.
Key questions answered in the report What are the key factors driving the global social business applications market What are the key market trends impacting the growth of the global social business applications market What are the various opportunities and threats faced by the vendors in the global social business applications market Trending factors influencing the market shares for EMEA, APAC, and Americas Key outcome of the five forces analysis on the global social business applications market Growth forecast of the global social business applications market until 2019
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Technavio Announces the Publication of its Research Report Global Social Business Application Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Social Business Application Market: Adobe, Oracle, Salesforce.com and Hootsuite
Other Prominent Vendors in the market are: Attensity, Beevolve, Brandwatch, Crimson Hexagon, Expion, HearseySocial, ListenLogic, Lithium, SAS, Socialbakers, Spreadfast, Sprinklr, Sprout Social, Sysomos, Viralheat, and Webtrends.
Commenting on the report, an analyst from Technavios team said: Marketing departments in organizations are targeting different marketing strategies to capitalize on multiple social media platforms such as Facebook, Twitter, and Foursquare. Due to the increasing usage of social media, marketers are aggressively capitalizing on social media marketing and the trend of app-install ads are gaining huge traction among app-marketers. App-install ads are defined as a unit that directs users to download a particular app. The main objective of using app-install ad is to get qualified traffic from sources outside stores such as social media platforms.
According to the report, increasing demand from customers and pricing pressure have led to intensified competition in the current business environment. This has necessitated the reduction of cycle time by accelerating the processes that support competitive strategies. Social business software centralizes business applications such as marketing management and eliminates process delays by providing real-time information about marketing activities.
Further, the report states that the high cost of deploying social business software is one of the major challenges in the market.