The global enterprise social software market is foretold to grow at a faster pace in the present enterprise ecosystem. The demand for enterprise social software systems and solutions could increase in the near future because of their user-friendly and flexible nature focused on improving the business value of organizations across the globe. Besides sheer social networking and connectivity, these solutions offer various benefits to users. Early adopters of enterprise social software are evangelizing the different advantages of this social suite even now. Prominent pervasiveness and global adoption trends across most verticals are clear signs of the optimistic growth of the market.
The global enterprise social software market is foreseen to expand at a CAGR of 20.0% during the forecast period 2017–2022. By 2024, the market could be valued at a US$6.1 bn from a US$2.4 bn achieved in 2017.
Market to Witness Superiority of Large Enterprise in Terms of Size
The world enterprise social software market is prognosticated to be cataloged into three segments, viz. large, medium, and small, on the basis of enterprise size. Out of these markets, large enterprise could generate an overpowering revenue of US$4.0 bn by the end of 2024. The absolute growth produced by this segment could be larger than any other under the same classification. However, there could be a slight drop in the market share of large enterprise, from a 69.0% in 2017 to a 66.1% in 2024.
In terms of segmentation by vertical, the world enterprise social software market is envisaged to be segregated into banking, financial services, and insurance (BFSI), healthcare, IT and telecommunications, retail, and government. As per deployment, on-premise and cloud-based could be the key markets for enterprise social software.
The analysts provide a deep insight into all of these segments so that readers could gain a sound understanding of their future projections and performance in the world enterprise social software market.
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North America to Clasp Towering Share with Handsome CAGR
As far as the geographical study of the international enterprise social software market is concerned, prime regions such as North America, Latin America, Europe, Asia Pacific except Japan (APEJ), and the Middle East and Africa (MEA) and Japan could take a significant position. Nevertheless, North America is envisioned to be an extremely promising market for enterprise social software with a 21.5% CAGR expected to be posted between 2017 and 2024. Throughout the course of the forecast timeframe, the region could dominate the market in view of revenue.
Japan and the MEA are anticipated to lose massive basis points (BPS) in their market share by 2024 over 2017, i.e. 170 and 92 respectively. Europe could be a lucrative region for the international enterprise social software market as it is projected to reach a valuation of US$1.3 bn by 2024 end. APEJ, on other hand, could reach a US$1.0 bn by the same year.
Some of the crucial industry players in the worldwide enterprise social software market are predicted to be Aurea, Inc., IBM Corporation, Lithium Technologies, Inc., Microsoft Corporation, Salesforce.com, Inc., SAP, Socialtext, Inc., Synacor, Inc., TIBCO Software, Inc., and VMWare, Inc.
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