Social Business Intelligence Market Size, Share, Growth, And Industry Analysis, By Type (On-Premises, Cloud), By Application (SMEs, Large Enterprises, Government Organizations), Regional Forecast From 2022 to 2028

Updated On: 08 April 2024

Social Business Intelligence Market Report Overview

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The global social business intelligence market size was USD 3588.2 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the social business intelligence market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 27.5% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Social business intelligence is a management approach that brings together organizations to efficiently share data in order to increase the overall effectiveness of operational processes. It gives staff better opportunity to recognize client demand and to openly manage resources and products. Various facets of analysis, social media, and analytics are all improved by social business intelligence.

COVID-19 Impact: Interruption in Supply Chains to Deplete Market Growth

The eruption of COVID-19 has done act as a substantial restraint on some market in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. National governments' efforts to limit transfer have led to a decrease in business growth and confined trade in goods and services, with nations entering a 'lock down' state. Businesses suffered as a result of the outbreak in 2020 and 2021. Many markets were been affected from this because the main focus was on the respiratory issues. The social business intelligence market growth is expected to rebound from the shock over the forecast period.

Latest Trends

"Data Leveraging by the Service to Intensify Market Magnification"

Similar to the 2008 financial crisis, most businesses are focusing on operations, sales, income, and costs post the COVID-19 crisis. High-level issues are being faced by businesses. The effects of COVID-19 are costing them money. Leaders must understand what is generating their revenue both locally and globally. Everywhere has a different local legislature. What could be pertinent for the US may not be so for nations in Europe. Therefore, it's crucial to focus on customer behavior and emphasize what matters to audiences. COVID- 19 has accelerated the requirement for all businesses to use data to make decisions more quickly. Companies can define appropriate metrics with the aid of an extensive business intelligence approach. These times can be a positive aspect for many firms in terms of surviving a crisis better. Businesses can examine their operations more closely by using business intelligence to inventory their strengths and areas for improvement. Social business intelligence market goal is to use data to inform decisions that will increase and optimize income.

Social Business Intelligence Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into on-premise, cloud

On- premise are the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into SMEs, large enterprises, government organizations

SMEs are the leading part of the application segment

Driving Factors

"Elevating Need for Workforce Management to Boost Market Shar"

The increased need for workforce management is expected to cause the HR business function section to develop at a faster rate during the projection period. Many businesses are implementing business intelligence tools to enable their HR managers to make choices about their workforce in real time. It must effectively comprehend and predict talent availability, talent scarcity, employee life cycles, and attrition rates. Companies utilize analytics for hiring new employees to control retention and retirement plans, monitor safety and learning, and evaluate performance. HR managers can get real-time insights about the cost, capacity, capability, and excellence of the total workforce through business intelligence tools. Businesses are incorporating business intelligence apps with their current HR software to better assess employee engagement and attrition, forecast the frequency of promotions based on experience, potential, skill set, and other important aspects of appraisal and promotion activities. it is accomplished by the use of evidence-based analysis, predictive analysis, and employee data collection from the HRM (human resource management) procedure. Therefore, the elevating need for workforce management will boost the social business intelligence market share.

"Hadoop Deployment to Expand Market Forwarding"

A newer enterprise data operating system installed over SQL servers would benefit the worldwide social business intelligence sector. Hadoop transforms into a general-purpose data operating system throughout time thanks to distributed analytical frameworks like MapReduce. Hadoop can handle a variety of workloads, including graph analytics and stream processing, and gives appropriate performance at the lowest possible cost. This will certainly increase demand for Hadoop deployment within social business intelligence over time and will benefit the social business intelligence market.

Restraining Factors

"Security Flaws to Deplete Market Advancement"

Data security within social business intelligence system is one of the biggest issues businesses confront when implementing cloud services. Most businesses are moving their operations from on-premise systems to the cloud as demands for cloud-based services rises. Vendors delivering cloud-based solutions confront significant difficulties with security gaps and privacy issues involving sensitive data.

Social Business Intelligence Market Regional Insights

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"Introduction of Internet of Things to Foster Market Growth in North America"

During the projected period, North America is anticipated to have the biggest market size due to its technological development in business management data analysis for sales, production, and innovation. The majority of the significant companies contributing to the development of business intelligence have their headquarters in North America. Due to the introduction of IoT and the increased acceptance of advanced technologies, the requirement for business intelligence services have expanded. North America is predicted to expand at the highest CAGR area over the forecast period. Additionally, the business intelligence industry now has a more precise and trustworthy advantage thanks to the growing market and need for IoT and big data.

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. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• IBM (U.S.)
• Oracle (U.S.)
• SAP (Germany)
• SAS Institute (U.S.)
• Adobe Systems (U.S.)
• Attensity Group (U.S.)
• Evolve (U.S.)
• Clarabridge (U.S.)
• Crimson Hexagon (U.S.)
• Evolve24 (U.S.)
• Google (U.S.)
• HP (U.S.)
• Kapow Software/ Kofax (U.S.)
• Lithium Technologies (U.S.)
• NetBase Solutions (U.S.)
• Radian6/Salesforce (U.S.)
• Sysomos (Canada)
• Cision (U.S.)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

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