PUBLISHER: The Business Research Company | PRODUCT CODE: 1578686
PUBLISHER: The Business Research Company | PRODUCT CODE: 1578686
Enterprise social networks (ESNs) are digital platforms used within organizations to improve internal communication, collaboration, and knowledge sharing. These networks are designed for both public and personal interactions within a business setting.
The primary types of enterprise social networks are cloud-based or web-based platforms and on-premises platforms. A cloud or web-based enterprise social network platform is an online tool that facilitates communication, collaboration, and information sharing among employees through internet-based applications. These platforms are utilized by enterprises of all sizes, including large companies and small to medium-sized enterprises (SMEs), across various industries such as education, travel and hospitality, media and entertainment, healthcare, information technology (IT) and telecom, retail, government and non-profit sectors, and others.
The enterprise social networks market research report is one of a series of new reports from The Business Research Company that provides enterprise social networks market statistics, including the enterprise social networks industry's global market size, regional shares, competitors with an enterprise social networks market share, detailed enterprise social networks market segments, market trends and opportunities, and any further data you may need to thrive in the enterprise social networks industry. This enterprise social networks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The enterprise social networks market size has grown rapidly in recent years. It will grow from $11.51 billion in 2023 to $13.45 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth during the historic period can be attributed to rising employee engagement, increasing demand from SMEs, the expansion of remote work, greater integration with existing tools, and the growth of e-commerce.
The enterprise social networks market size is expected to see rapid growth in the next few years. It will grow to $25.13 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The anticipated growth in the forecast period can be attributed to the increasing importance of data analytics, a greater focus on knowledge management, more support for agile work environments, a demand for customizable solutions, and a shift towards an employee-centric culture. Major trends expected during this period include the integration of AI and machine learning, enhanced security features, the adoption of gamification techniques, the incorporation of blockchain technology, and the integration of social learning platforms.
The increasing prevalence of remote working is expected to boost the growth of the enterprise social networks market. Remote working involves employees performing their job duties from locations outside the traditional office environment. This trend is gaining momentum due to its benefits, including increased flexibility, reduced overhead costs, and improved work-life balance for employees. Enterprise social networks play a key role in supporting remote work by enabling smooth communication, collaboration, and knowledge sharing among team members who are geographically dispersed. For instance, the World Economic Forum, a Switzerland-based non-governmental organization, reported in January 2024 that the number of global digital jobs that can be performed remotely is projected to increase by approximately 25% by 2030, reaching around 92 million, up from 73 million in 2024. Thus, the rise in remote working is driving growth in the enterprise social networks market.
Leading companies in the enterprise social networks market are focusing on developing cutting-edge solutions such as AI-powered networking platforms to enhance collaboration, streamline communication, and boost productivity within organizations. These AI-powered platforms use artificial intelligence to improve connectivity by analyzing data to match employees with relevant contacts, opportunities, and information. They also automate and personalize networking processes to facilitate more efficient collaboration and knowledge sharing. For example, in May 2023, The Goldman Sachs Group Inc., a US-based investment banking firm, introduced Louisa, an AI-driven social media platform designed for corporate use. Louisa automatically generates user profiles from company databases and uses AI to proactively connect employees based on potential deals and shared interests.
In July 2021, Salesforce Inc., a US-based cloud software company, acquired Slack Technologies LLC for $27.7 billion. This acquisition enhances Salesforce's capability to offer a unified platform for customer relationship management, employee collaboration, and digital transformation, positioning the company for continued growth in the evolving work environment. Slack Technologies LLC, a US-based software company, provides enterprise social networks that integrate with various business applications.
Major companies operating in the enterprise social networks market are Microsoft Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., SAP SE, Salesforce Inc., Zoho Corporation Pvt. Ltd., Aurea Software Inc., Alma Suite Inc., Jive Software Inc., Beekeeper Inc., Whaller Inc., Workplace Inc., LumApps Inc., Jalios SA, Happeo Inc., Igloo Software Inc., Vanilla Forums Inc., Jostle Corporation, Socialtext Inc., Talkspirit Inc., Jamespot Inc., Boonex Ltd., Axero Solutions Inc., Zyncro Tech S.L.
Asia-Pacific was the largest region in the enterprise social networks market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise social networks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the enterprise social networks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The enterprise social networks market includes revenues earned by entities by providing services such as streamlined communications, employee engagement, analytics, and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Enterprise Social Networks Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on enterprise social networks market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for enterprise social networks ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The enterprise social networks market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.