Social media has become an inseparable aspect of the information technology sector. it is also making buzz in various small and medium businesses as well as large organizations. This openhanded welcome has also contributed in the progress of the global enterprise social networking market. as the name suggests, this market provides technologies, which can be utilized by people within an organization, sharing similar business interests. They can do this by using shared social networks. Experts from across the world are excited about the progress that the ESS market has shown since it was first used a decade ago. The ESS (enterprise social software) is used for modifying corporate intranets and other conventional social networking platforms within the organization. The market is clearly booming with opportunities, which makes existing prospects for new entrants.
Enterprise Social Networking Market Segmentation
Enterprise social networking has been on the rise, which is used on top of the conventional collaborative social networking tools within the enterprise. These software programs allow easy content sharing, document sharing, micro blogging, wikis, shared communities and various other business applications. Global enterprise social networking market is largely segmented on the basis of the types of deployment and services, the types of service customers, business verticals and geographic regions. Based on the types of deployment and services, the industry is segmented into on demand and on premise services.
As mentioned before, service customers include small offices, home offices, small and medium businesses, and large enterprises. ESS networking market serves various industrial verticals including academia, government, BFSI, retail, healthcare, life sciences, high tech information technology and telecommunications. Based on geography, the market is further divided into five distinct parts, which include North America, Latin America, Middle East Africa (MEA), Asia Pacific and Europe. Detailed study of all these segments is vital in order to understand the unique trends, opportunities, constrains and future growth in the enterprise social networking market.
Forecasting and Market Trends Until 2018
Based on the market research reports, ESS market is expected to grow at an impressive CAGR of over 44% within next four to five years. It means, from 2013 to 2018, businesses in this industry can expect great growth in terms of size, prospects and revenue. Based on the aforementioned figures, the market is expected to become worth $6.18 billion at the end of 2018, which was worth $721.3 million in 2012. ESS software programs are user-friendly, flexible, cost effective and interactive software programs. Naturally, they are now preferred by a large number of enterprises from different parts of the world. Increasing demand from different parts of the world, increasing penetration of information technology, rising business prospects within emerging markets and technological advancements are the major drivers for the industry.
