Enterprise Social Networking (ESN) Market Size, Share, Growth, and Industry Analysis by Type (Internal Corporate Social Networking, and Public Social Networks) By Application (BFSI, Government, Manufacturing, IT, Telecom, Retail, Healthcare, Education, and Media), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Enterprise Social Networking (Esn) Market Report Overview

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The global enterprise social networking (ESN) market size was USD 2782.8 million in 2021 and is projected to touch USD 12906.28 million by 2031, exhibiting a CAGR of 16.5% during the forecast period.

Enterprise social networking (ESN) is used for online social networks or social relations among people who share the same business activities or interests. The technology connects employees, processes, business, and internal activities. It is the same as social media platforms.

Increased adoption of cloud-based technology coupled with growing usage of social media platforms is estimated to foster market growth. The need for better communication in organizations and companies is projected to accelerate market progress. Increased adoption of the platform in several industries, such as IT, BFSI, healthcare, government manufacturing, retail, telecom, education, and media. Such wide application across several industries is anticipated to surge market growth. Increased need for providing easy-to-manage coupled with several advantages are content sharing, wikis, document sharing, and micro-blogging. These advantages of the technology are projected to fuel market growth in the forthcoming years. The presence of major market players and the expansion of IT infrastructure services is expected to boost the market growth. However, high cost and required professional knowledge about the technology are estimated to obstruct market growth over the forthcoming years. The technology becomes a financial burden to small and medium businesses, which is projected to restrict enterprise social networking (ESN) market growth.

COVID-19 Impact: Remote Working and Increased Virtual Meetings to Fuel Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the enterprise social networking (ESN) experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Growing demand for work from home culture or remote working due to the pandemic to foster market growth. Increased demand for technology in the IT sector and rapid digitalization surge market progress. High demand for better virtual communication and meeting foster market growth.

LATEST TRENDS

"Increased Demand for Streamlined Communications to Stimulate Market Growth "

Increased demand for streamlined communication coupled with technology is helps in replacing confusing and long email threads with private or public communication channels. It makes communication easy and easy to access via emails. Such factors are predicted to fuel market growth. it also, help to track all conversation and avoid communication issues. The technology offers all-access platform to employee and integrate cloud-based knowledge. These factors are projected to drive market growth. It also helps to find important documents such as training resources, project-related data, industry news, guides, and relevant research papers. These factors are anticipated to boo enterprise social networking (ESN) t market progress in the forthcoming years.            

Enterprise Social Networking (ESN) Market Segmentation

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• By Type

Based on type, the market is divided into internal corporate social networking, and public social networks.

Internal corporate social networking is expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into IT, BFSI, government, manufacturing, telecom, retail, healthcare, education, and media.        

IT is expected to be the leading part of application segmentation.

DRIVING FACTORS

"Inclusive Corporate Culture and Need for Social Informal Communication to Promote Technology Adoption           "

Increased demand for corporate workplaces and smart working techniques is projected to boost technology adoption. The technology offers newly joined team members a clear image of the organization's culture and provides comfortable communication between co-workers. An increase in remote working and the growing adoption of work-from-home culture globally are predicted to drive market growth. Further, ESN helps establish a fun and informal channels to build strong connections between employees. It offers a comfortable environment at work station and is anticipated to surge market growth. Presence of major market players and the expansion of IT infrastructure services is expected to boost enterprise social networking (ESN) market growth in the upcoming years.         

"Increased Adoption of Cloud-Based Technology to Surge Market Performance"

Increased adoption of cloud-based technology coupled with growing usage of social media platforms is estimated to foster market growth. High need for better communication in organizations and companies is projected to accelerate market progress. Increased adoption of the platform in several industries, such as IT, BFSI, healthcare, government manufacturing, retail, telecom, education, and media. Such, wide application across several industries is anticipated to surge market growth. Increased need for providing easy-to-manage coupled with several advantages are content sharing, wikis, document sharing, and micro-blogging. These advantages of the technology are projected to fuel enterprise social networking (ESN) market growth in the forthcoming years.  

RESTRAINING FACTORS 

"High Cost of the Technology to Hamper Market Growth  "

High cost and required professional knowledge about the technology are estimated to obstruct market growth over the forthcoming years. Technology has become a financial burden to small and medium businesses, which is projected to restrict the market growth.

Enterprise Social Networking (ESN) Market Regional Insights

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"Increased Adoption of Advanced Technology in North America to Drive Market Share "

North America is estimated to account for the enterprise social networking (ESN) market share due to the increased adoption of advanced technology. The presence of several market players in the region is estimated to drive market growth. The high need for better communication in organizations and companies is projected to accelerate market progress. Increased platform adoption in several industries such as IT, BFSI, healthcare, government manufacturing, retail, telecom, education, and media. Such wide application across several industries is anticipated to surge market growth.

Europe is anticipated to witness lucrative market growth opportunities owing to the rise in the adoption of the latest technology to enhance efficiency. Increased adoption of cloud-based technology coupled with growing usage of social media platforms is estimated to foster market growth. High need for better communication in organizations and companies is projected to accelerate enterprise social networking (ESN) market progress.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Google, Inc. (U.S.)
• Lithium Technologies Inc. (U.S.)
• TIBCO Software Inc. (U.S.)
• SAP SE (Germany)
• Salesforce (U.S.)
• VMware (U.S.)
• Cisco Systems (U.S.)
• IBM Corporation (U.S.)
• Vanilla Forums (Canada)
• Zimbra (U.S.)
• Axero Solutions (U.S.)
• Igloo Software (Canada)
• Zoho Corporation (India)
• Aurea Software Inc. (U.S.)
• SocialText Inc. (U.S.)
• Microsoft Corporation (U.S.)                           

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.