SAN FRANCISCO, June 9, 2020
SAN FRANCISCO, June 9, 2020 /PRNewswire/ -- The Social Business Intelligence Market is anticipated to achieve significant revenue share by 2028. Social BI is the management technique that assimilates group sharing to enhance ongoing processes, projects, and products. It is generally managed by third-party analytical software and requests consumer response and contribution at initial points in the process.
Rising adoption of cloud-based technologies and increasing use of social media across the globe will show a positive impact on overall industry growth in the forecast period. Social media websites such as Snapchat, Facebook, LinkedIn, and Twitter have gained enormous popularity among the populace creating their own data. Thus, rising number of potential consumers interacting with each other using such media will boost industrial development. In addition, these are cost-efficient and require low analytical and technical skills will escalate business outlook in the coming years.
Restraints, Opportunities, and Challenges
Factors such as data privacy and security issues will hamper overall industry growth. Rising adoption by SMEs and growing need to generate insights from unused data will create new opportunities to expand industrial global presence. Maintenance and data management quality and lack of skilled personnel are major challenges faced by the industry.
Social business intelligence industry is categorized based on type, application, sales channel, and regions.
Based on type, the industry is categorized into the cloud and on-premises. Cloud-based segment is expected to account for the largest revenue share and continue its dominance over the forecast period. This solution come with a regular minimum fee, eradicates the necessity for a huge one-time investment, and eliminates periodic expenses for updates and maintenance. These features of cloud-based solutions will show a positive impact on overall industry growth.
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Based on applications, the industry is categorized into government organizations, SMEs, and large enterprises. The large enterprise's segment is expected to remain dominant over the forecast period. This segment comprises several businesses such as telecommunication, retail, healthcare, IT, and BFSI. These industries use business intelligence for prognostic analysis as it helps them segmenting market-based on consumer preference. SMEs segment is anticipated to witness the fastest growth rate over the projected period. The segment is expected to gain momentum owing to favorable regulatory policies in the BFSI and healthcare sectors and a rise in several online retail consumers will propel segment growth.
Based on the sales channel, the industry is categorized into a distribution channel and a direct channel.
Geographically, the industry is categorized into Middle East & Africa, North America, South America, Europe, and Asia Pacific. Globally, North America is expected to account for the largest revenue share and continue its dominance over the forecast period. The high growth is attributable to rising demand for wearable devices such as Fitbit that monitors bodily data from sleep to health patterns. In addition, presence of major manufacturers such as IBM Corporation, Qlik Technologies, and Oracle Corporation will enhance product demand in the region. The U.S. is a major consumer in this region as health monitoring is gaining traction among the populace.
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Prominent players of the market include Cision, IBM, Sysomos, Oracle, Radian6/Salesforce, SAP, NetBase Solutions, SAS Institute, Lithium Technologies, Adobe Systems, Kapow Software/Kofax, Attensity Group, HP, Beevolve, Google, Clarabridge, Evolve24, and Crimson Hexagon. These players are concentrating on R&D activities to introduce novel products and technologies in the industry. Thus, rising popularity of social media platforms encourages enterprises to shift towards social business intelligence services.
This report provides detailed historical analysis of global market for Social Business Intelligence from 2013-2018, and provides extensive market forecasts from 2019-2028 by region/country and subsectors. It covers the sales volume, price, revenue, gross margin, historical growth and future perspectives in the Social Business Intelligence market.
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