Increasing Internet Penetration to Create Opportunities for the Global Social Business Intelligence Market until 2020, Reports Technavio

LONDON--()--Technavio analysts forecast the global social business intelligence market to grow at a CAGR of more than 38% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global social business intelligence market for 2016-2020. The report also outlines the challenges faced by vendors and the market at large, as well as the key emerging trends.

Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global social business intelligence market:

  • Rise in volume of information from social networking sites
  • Increased need to improve market responsiveness
  • Increased internet penetration and social media use

Rise in volume of information from social networking sites

Social media applications and social networking sites are responsible for generating a large volume of information, which will continue to increase in the future. The major corporate data sources include data generated from enterprise applications along with newly generated cloud-based data, social network data, and device data. These data must be accessible as an extension to the corporate information framework and should be made available for analysis and for making decisions.

Amrita Choudhury, a lead enterprise application research analyst at Technavio, says, “Social business intelligence tools are useful in the retrieval and analysis of this vast and growing volume of diverse data. They also help optimize business decisions, discover significant weak signals, and develop indicator patterns to identify opportunities and threats.”

In order to gain a competitive edge, businesses are dependent on social networks to understand the customer requirement. This increases the demand for social business intelligence software and collaboration facilities that enable information analysis. Currently, many business enterprises are showing increased interest in cloud-based social business intelligence solutions, as it has the capability to integrate all social network channels and collaborate under one platform. It is also less expensive and more efficient than on-premises social business intelligence solutions.

Increased need to improve market responsiveness

Many businesses are facing increased competition because of the rise in customer demand and pricing pressure. This has led to the need for enterprises to increase the speed of processes that support competitive strategies, which reduce the operation cycle time. In addition, social business intelligence tools provide real-time information that can help organizations avoid process delays and centralize management to improve their market response and decision-making.

“To survive in the competition, organizations need to transform data into actionable intelligence through constant improvements in customer-facing strategies. Many organizations are using social business intelligence tools to increase their sales effectively. Social business intelligence tools help organizations consistently and efficiently transform raw sales, service, marketing, and customer data into useful information,” asserts Amrita.

Increased internet penetration and social media use

Governments worldwide are promoting the higher usage of the internet. APAC has more internet users than any other region because of China and India, which are the most populated countries in the world. As of 2015, China has the largest internet user base, with over 700 million users; it is followed by India, which has around 400 million internet users.

Internet penetration will be around 58% of the world population by 2020. The major reasons for the growing internet user base are technological development, growing young workforce population, the decline in bandwidth constraints, and improvements in the internet speed. The innovations in long-term evolution (LTE) and 3.5G communication technologies, which provide high internet speeds, have increased the use of social networking sites on mobile devices.

Browse Related Reports:

Do you need a report on a market in a specific geographical cluster or country but can’t find what you’re looking for? Don’t worry, Technavio also takes client requests. Please contact enquiry@technavio.com with your requirements and our analysts will be happy to create a customized report just for you.

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.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global social business intelligence market to grow at a CAGR of more than 38% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com