The global enterprise social software market is foreseen to capitalize on opportunities brought in with the boom in big data and its analytics requiring solutions for collecting large volumes of data and extracting useful information to make improved decisions. A growing number of young employees familiar with social media and successful enterprise social software deployments could allow a myriad of favorable prospects to flow in the market.
According to Transparency Market Research (TMR), the global enterprise social software market could rake in a US$6.1 bn by 2022 end at a 20.0% CAGR between 2017 and 2022. In 2017, the market earned a US$2.4 bn.
Global Enterprise Social Software Market: Major Insights
The world enterprise social software market is predicted to be impacted by some influential trends such as the stable shift to inclusive suites and platforms. Vendors could be forced to shift to providing a multi-level support in the foreseeable future due to the surging demand for a single all-inclusive platform. Such a platform should be able to address all types of requirements including wikis, online communities, blogs, messaging, and email. The convergence of social and collaboration software into a single vital offering could also encourage market growth with the advent of social software. As a result, tasks such as messaging, emailing, and file sharing could be performed without the use of conventional tools.