Online Community and Social Business Software Market Size, Share, Growth, And Industry Analysis By Type (Cloud-based, On-premises), By Application (Large Enterprises, Small and Medium Enterprises (SMEs)), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Online Community and Social Business Software Market Report Overview

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The global online community and social business software market size was USD 7051.2 million in 2022. As per our research, the market is expected to reach USD 18963.0 million by 2028, exhibiting a CAGR of 17.93% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the online community and social business software market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Online community software is a type of software that allows users to create, manage, and share content online. It is a type of software that allows people to communicate and collaborate online. It can be used for many purposes, such as creating online communities, managing customer relationships or conducting market research.

Growing demand for automation of event management and website management is expected to be one of the major factors supporting the growth of the market. In addition, the rise of social media and smartphone adoption in the coming years will create ample opportunities for the online community management software market as organizations can target customers based on their preferences. In addition, many application manufacturers and operating system developers implement similar functions as software offerings.

COVID-19 Impact: COVID-19 Measures Have Led To the Closure Of Several Facilities

Companies and damage too many large companies. Manufacturing, retail and e-commerce, tourism, automotive, the transport and restaurant sectors suffered the most. The demand for accounting software is largely driven by factors such as the growing need for advanced, automated and efficient accounting solutions and the proliferation of cloud-based accounting software. But since the outbreak of the COVID-19 pandemic, most companies are looking to reduce additional costs, including those related to accounting software. Concerns about information security also have some limitations that hinder the growth of information security accounting software market. Costs resulting from software maintenance and customization, training and the computer hardware required to operate the accounting software limit its adoption. Any accounting software subscription is subject to a software license fee and software updates and upgrades on a monthly, quarterly or annual basis. Due to the current economic instability, it is expected that most SMEs will outsource their accounting operations instead of using their own accounting software.

Latest Trends

"Demand For Services Is Growing Among Large Companies Leading Market Extension"

Large companies account for a larger share of the global market compared to smaller market players because they have more capital to invest and a strong global presence. Large companies use these enterprise social networks and online collaboration solutions to connect with employees around the world and promote their products and analyze user behavior related to those products. In the near future, the demand for services such as consulting and implementation among large enterprises is expected to increase due to the current widespread adoption of enterprise social networking platforms.  

Online Community and Social Business Software Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Cloud-based, On-premises. Cloud-based is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Large Enterprises, Small and Medium Enterprises (SMEs). Large Enterprises will be dominating segment.

Driving Factors

"Growing Use Of Social Media Among Businesses Is Expected To Boost the market"

Organizations and businesses are increasingly adopting different social media platforms. Some of these platforms include LinkedIn and Twitter, which are primarily used by business professionals and companies to communicate and stay updated on jobs and opportunities, excluding advertising and marketing activities. In addition, companies promote new product launches and provide information about product discounts to increase sales and increase brand visibility online. Thus, these factors are expected to drive the global online community and social business software market growth during the forecast period.

"Increasing Use Of Social Networking Platforms Among Businesses Expected To Boost The Market "

Various companies are increasingly using multiple social networking platforms such as Google. Many companies and professionals often use such platforms for communication, document/file sharing and information exchange. In addition to participating in marketing and promotional activities, professionals network with non-corporate organizations to find various work-related opportunities and jobs. Companies also spend a lot of money to promote new products, product information and other incentives to increase sales and build brand awareness online. Through these platforms and portals, companies also communicate with their business partners in real time. During the estimated period, these factors will enhance the online community and social business software market growth.

Restraining Factors

"High Implementation Costs Are Expected To Restrain The Growth Of The Market"

Business social networks are advanced technology. IT expansion and employee training are essential to implement this technology in organizations. In addition, this technology requires other business technologies to integrate so that companies can publish content and collect information about customers. Thus, these factors are expected to curb the growth of the global enterprise social networking and online community market during the forecast period.

Online Community and Social Business Software Market Regional Insights

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"North America Accounts for the Highest Turnover in due to a number of different industries"

North America region accounted for the largest online community and social business software market share in the global enterprise social software market in 2022. The growth of the market is driven by a large number of established players and many medium and large companies. Many organizations are adopting enterprise social software for various functions to improve business process management. Increasing penetration of internet, communication devices and mobile phones is expected to boost the growth of the market in the region. The region is a major center of technological innovation and an early adopter of innovative technologies. North America dominated the world market in terms of revenue share. The growth is due to a number of different industries, such as education, healthcare, automotive and other active players. These players are constantly developing their online community software solutions by adding new features and functions that enhance the user experience. Additionally, these companies are also focused on expanding their customer base by attracting small and medium-sized businesses to the North American region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. Key industry players in the antacid tablet market have a significant impact on market dynamics. These companies are at the forefront of research and development, consistently introducing innovative formulations and product variations. Their focus on convenience and effectiveness sets industry standards and influences market growth.

List of Market Players Profiled

• Lithium (Canada)
• inSided (Netherlands)
• GetSatisfaction (U.S.)
• JomSocial (U.S.)
• Oxwall (U.S.)
• Crowdstack (U.S.)
• Higher Logic (U.S.)
• Jive (U.S.)
• Disqus (U.S.)
• Forumbee (U.S.)
• Viafoura (Canada)

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.