About Social Business Intelligence
Business intelligence software is an important tool or application used by organizations to analyze data and make improved real-time market decisions. Traditionally, business intelligence was used only for reporting, designing dashboards, and resolving queries. Its goal was to track key business performance and metrics. The main focus of traditional business intelligence was on delivering intelligence and data from data warehouses and other databases rather than directly from users. Because of the increased competition, organizations are expanding globally to capitalize on the rising advantages of globalization. The collaboration of information increases the demand for big data analytics, through which organizations can come up with strategies and decisions to keep their business competitive.
Technavio’s analysts forecast the global social business intelligence market to grow at a CAGR of 38.36% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global social business intelligence market for 2016-2020. To calculate the market size, the report covers the present scenario and prospects of the global social business intelligence market for the period 2016-2020. Also, it focuses on the major drivers of the market. Furthermore, it outlines the challenges faced by vendors and the market at large, as well as the key emerging trends.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Social Business Intelligence Market 2016-2020
Technavio recognizes the following companies as the key players in the global social business intelligence market: IBM, Oracle, SAP, and SAS Institute.
Other Prominent Vendors in the market are: Adobe Systems, Attensity, Beevolve, Clarabridge, Crimson Hexagon, evolve24, Google, HP, Kapow Software, Lithium Technologies, NetBase Solutions, Radian6, Sysomos, and Visible Technologies.
Commenting on the report, an analyst from Technavio’s team said: “The rsing preference for bundled offerings will be a key trend for market growth. A few companies prefer to have several vendors for different service offerings to retain an advantage during contract negotiations. However, several companies are looking for social business intelligence services from a single provider, as they are willing to compromise on a few features for smooth interoperability. In addition, the adoption of hybrid solutions has increased, adding to the complexity of managing different vendors. Many large enterprises are deploying the hybrid social business intelligence model with a single service provider.”
According to the report, one of the key drivers for market growth will be the need for data analytics to devise new predictive models. Earlier, enterprises gathered data, ran analytics, and uncovered information that could be used for decision-making in the future. Now, enterprises can identify insights for instant decision-making through data analytics. Data analytics helps enterprises extract insights from their data and use it to identify new opportunities. It helps enterprises make smarter business strategies, more efficient processes, higher profits, and happier customers.
Further, the report states that data security and privacy will be a major challenge for market growth. Cloud storage is a cost-effective and convenient way to store corporate data, but organizations will transfer their data or information to the cloud only if the trust is built between the cloud service providers and consumers. It is because the organization will lose control over data, and it will become dependent on the cloud computing service provider.
IBM, Oracle, SAP, SAS Institute, Adobe Systems, Attensity, Beevolve, Clarabridge, Crimson Hexagon, evolve24, Google, HP, Kapow Software, Lithium Technologies, NetBase Solutions, Radian6, Sysomos, Visible Technologies.