Technavio Sees Huge Growth in Social Business Applications
Research firm Technavio has predicted that the global social business application market will reach close to $23 billion by 2019, expanding at a compound annual growth rate of more than 26 percent.
This research report, titled "Global Social Business Application Market 2015-2019," segments the global social business application market into enterprise collaboration and communication, marketing automation, digital asset management, and social media marketing management.
Advancement of technologies have opened many avenues in the enterprise communication and collaboration market, thereby making it the largest revenue-generating segment, with more than 52 percent of the overall market share, according to the research firm. Companies are increasingly incorporating socialization and collaboration technologies to converge legacy applications across the enterprise landscape. Most of the enterprise applications, such as CRM and unified communications, are transforming due to the growing trend of consumerization of IT, it found.
"Since CRM solutions are directly linked with revenue generation, the adoption of tools is high. Also, in the forecast period the market for internal tools is going to increase at a promising growth rate, especially if the internal tools can be integrated with the information and data coming from the external social process," said Amit Sharma, a lead research analyst at Technavio for the enterprise application sector, in a statement.
Marketing automation tools have huge potential to grow as the effective deployment of the software acts as a differentiator for companiese. Technavio analysts expect it to reach $2.56 billion by 2019, growing at a CAGR of more than 13 percent.
"Marketing automation software is being adopted increasingly to enhance the overall communication process with existing and prospective customers, to develop continued collaboration of the vendor-customer relationship. Also, the service providers of this software tool provide customized products as per customer needs," Amit said
Digital asset management, he adds, has become a significant part of social businesses, and the market is growing at a promising rate. Digital asset management tools offer a repository of rich media content that can be used and reused. It offers its own stock photo collection, providing imagery for use in blog posts.
"With the use of digital asset management tools, companies can also track where content has been shared and where other usage data resides, such as metadata fields within the digital asset management tool, allowing companies to share content and track status on social media," Amit said.
The social media marketing management tools market was valued at $780 million in 2014 and Technavio expects it to reach $2.9 billion by 2019, growing at a CAGR of about 30 percent. The promising growth of the market is attributed to different use cases, including social media monitoring, publishing, and analytics.
The top vendors highlighted by Technavio's research analysts in this report are Adobe Systems, Hootsuite, Oracle, and Salesforce.com.