LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global social business application market is expected to reach close to USD 23 billion by 2019, growing at a CAGR of over 26%.
This research report titled ‘Global Social Business Application Market 2015-2019,’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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On the basis of categories, the global social business application market can be segmented into:
- Enterprise collaboration and communication
- Marketing automation
- Digital asset management
- Social media marketing management
Enterprise communication and collaboration market
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% of the overall market share. Companies are increasingly incorporating socialization and collaboration technologies in order 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.
“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,” says Amit Sharma, a lead research analyst at Technavio for the enterprise application sector.
Marketing automation market
Marketing automation tools have huge potential to grow in the future as the effective deployment of the software acts as a differentiator for enterprises, giving them an edge over other companies that are not using marketing automation software in their different business processes. Technavio analysts expect it to reach USD 2.56 billion by 2019, growing at a CAGR of over 13%.
“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,” says Amit.
Digital asset management market
Digital asset management has become a significant part of social businesses, and the market is growing at a promising rate. These tools has threats as well as opportunities for social businesses. The deployment of digital asset management tools reduce time by offering a repository of rich media content that can be used and can in turn be 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,” says Amit.
Social media marketing management market
The social media marketing management tools market was valued at USD 0.78 billion in 2014 and Technavio expects it to reach USD 2.90 billion by 2019, growing at a CAGR of about 30%. Social media management tools help in analyzing social media interactions through multiple social media accounts from a single dashboard. The promising growth of the market is attributed to different use cases in companies. Enterprises nowadays are using different use cases. Some of the important use cases are social media monitoring, publishing, and analytic, among others.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Adobe Systems
- Hootsuite
- Oracle
- Salesforce.com
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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