Enormous Growth In The Number Of Social Media Users Across The Globe Will Boost Social Business Intelligence Market

The social business intelligence market is anticipated to witness the fastest growth rate over the forecast period. The procedure of gathering social information, scrutinizing it to make better decisions is termed as social business intelligence (SBI or social BI). SBI access business data and perform questions to create insights.

Driver

Increasing number of social media users allows analytic industries to gain better consumer data and advance consumer behavioral analysis. Rising importance of competitive intelligence and increasing expenditure on analytics are the factors that will support overall business expansion in the forecast period. In addition, cost-efficient and easy to use property coupled with rising entrepreneurship across the globe will escalate overall industry growth. 

Restraints

Factors such as lack of skilled technical expertise and data analysis and customization are time-consuming and complex process is expected to hamper product demand in the forecast period. Also, rising concern regarding data privacy and safety among consumers using cloud-based offerings will show a negative impact on overall industry growth.

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Opportunities

Small business easily adopts social media analytics on account of the accessibility of definitely designed inexpensive tools. This, in turn, will create new avenues for industrial development in the forecast period. Also, rising awareness of analytics for competitive advantage and better efficiency will create new growth opportunities for social media analytics in small and medium enterprises.

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. Based on applications, the industry is categorized into government organizations, SMEs, and large enterprises. 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.

Wearable devices such as smartwatches are gaining popularity in the North America social BI industry

Globally, North America is expected to remain dominant with significant revenue share over the projected period. Rising use of enhanced digital and technological services in the enterprise and financial segment will boost industry growth in this region. Regions such as Latin America, Asia Pacific, Eastern Europe, and Japan are developing industry. Middle East and Africa is anticipated to witness a lucrative growth rate in the forecast period owing to lack of awareness regarding social media platform.

Asia Pacific is expected to witness the fastest growth over the forecast period. The high growth is attributable to rising adoption of high-end technologies, rapid monetary developments, digitalization, globalization, and foreign direct investments will show a positive impact on overall business outlook. Economies like India, China, Japan, and Singapore are major consumers in this region.

Prominent players of the social business intelligence 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. As social media platforms are gaining popularity among consumers, thus major players are shifting their focus towards expanding social business intelligence services across the globe.