Enterprises across multiple industrial verticals are compelled to employ programs that deliver custom analytical reports on their businesses and help them improve their entrepreneurial efficiency through intelligent solutions. Growing adoption of cloud technologies among all sorts of businesses has propelled the demand for such programs, which can be collectively identified as social business intelligence. Future Market Insights, thus, predicts that the impact of cloud technology will remain greatly profitable for adoption of social business intelligence programs.
Future Market Insights’ recently published report on global social business intelligence market reveals that in 2016, more than US$ 5.8 Bn worth of social business intelligence programs were deployed through cloud-based models. Although, the report further elucidates that social business intelligence programs are directed to improve business efficiency of enterprise, internally. Ergo, in 2017 and beyond a majority of social business intelligence programs will be deployed through on-premise models.
Cloud technologies, nevertheless, will gain prominence in the global market for social business intelligence. The market, which is presently valued at US$ 15.8 Bn, is anticipated to expand steadily at 6% CAGR and bring in more than US$ 28 Bn by the end of 2026. Tools and platforms developed for collaborative or social business intelligence will continue to be devised from advanced technologies. Growing usages of social media, rising implementation of big data analytics, and higher preference to software-as-a-service business model are some of the key drivers for growth of the global social business intelligence market.
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Apropos the report, North America is expected to dominate the global social business intelligence market by closing in on 40% revenue share towards the end of the forecast period. The region will also showcase fastest revenue growth at 7.7% CAGR, and is likely to surpass US$ 11 Bn by 2026-end. Demand for social business intelligence program will also gain traction in Western Europe, while Middle East & Africa will render slowest revenue growth at 3.6% CAGR.
The report identifies four most-lucrative industrial verticals for adoption of social business intelligence programs as healthcare, travel & tourism, governance & administration, and the banking, finance, securities & investment (BFSI) sector. Collectively, more than half of global social business intelligence market revenues will be emanating from these verticals throughout the forecast period. The report also reveals large enterprises will be attributing to the largest chunk of global revenues through 2026. Small and medium-sized enterprises will also witness an uptick in their presence in global social business intelligence market.
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IBM Corporation, SAP SE, Tableau Software, Inc., Qlik Technologies, Inc., SAS Institutes, Inc., MicroStrategy, Inc., Logi Analytics, Inc., Microsoft Corporation, TIBCO Software, Inc., and Alteryx, Inc., are leading providers of social business intelligence programs profiled in the report.