The commercial applications for social networking and social media platforms in the enterprise has experienced mixed results. Part of the challenge stems from the use of the term Social Business to describe this phenomena -- since many executives still question the value of Social technologies.
That being said, there are encouraging signs that the market for these offerings is maturing, as software vendors expand the definition to incorporate more familiar business-oriented solutions.
The Social Business Applications Market is expected to grow from $13.9 billion in revenue in 2014 to $37 billion in 2019, according the the latest worldwide market study by 451 Research.
The specific market segments included in the analysis are Marketing Automation, Social Media Monitoring & Management, Enterprise Collaboration, and Web Experience Management.
As end-users and enterprises continue to embrace the Social Business movement, 451 Research believes this will lead to a healthy market CAGR of 22 percent from 2014 to 2019.
"Business applications are finally, if still slowly, moving from silo and legacy status toward an integrated ‘demand chain’ that can pull together back-end, internal, and customer-facing processes and transactions," said Alan Pelz-Sharpe, research director at 451 Research.
They believe that applications are being built to meet the needs and wants of increasingly dispersed workforces, and in 2015 they expect the number of players -- as well as IT budget investment -- to grow substantially in this market, and further outlying technologies to be drawn inward.
The sixty-five Enterprise Collaboration vendors represent the bulk of total market revenue, followed by Marketing Automation Software and Web Experience Management. Social Media Monitoring & Management Tools represents the smallest segment in the Social Business stack.
In addition to the top-line market and sub-sector revenue, 451 Research has examined generation by client size -- small and medium business and large enterprise -- with varying levels of end-user participation and expected growth rates across the Social Enterprise spectrum.
That being said, there are encouraging signs that the market for these offerings is maturing, as software vendors expand the definition to incorporate more familiar business-oriented solutions.
The Social Business Applications Market is expected to grow from $13.9 billion in revenue in 2014 to $37 billion in 2019, according the the latest worldwide market study by 451 Research.
The specific market segments included in the analysis are Marketing Automation, Social Media Monitoring & Management, Enterprise Collaboration, and Web Experience Management.
As end-users and enterprises continue to embrace the Social Business movement, 451 Research believes this will lead to a healthy market CAGR of 22 percent from 2014 to 2019.
"Business applications are finally, if still slowly, moving from silo and legacy status toward an integrated ‘demand chain’ that can pull together back-end, internal, and customer-facing processes and transactions," said Alan Pelz-Sharpe, research director at 451 Research.
They believe that applications are being built to meet the needs and wants of increasingly dispersed workforces, and in 2015 they expect the number of players -- as well as IT budget investment -- to grow substantially in this market, and further outlying technologies to be drawn inward.
The sixty-five Enterprise Collaboration vendors represent the bulk of total market revenue, followed by Marketing Automation Software and Web Experience Management. Social Media Monitoring & Management Tools represents the smallest segment in the Social Business stack.
In addition to the top-line market and sub-sector revenue, 451 Research has examined generation by client size -- small and medium business and large enterprise -- with varying levels of end-user participation and expected growth rates across the Social Enterprise spectrum.
Outlook for Social Business Applications Growth
I believe that we're likely to see this market continue to evolve as more organizations choose new applications that enable them to drive their Digital Growth agenda and thereby achieve new revenue goals. Moreover, savvy CIOs and CTOs have highlighted the need to enhance the customer experience.
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