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Social Business Intelligence Market By Industry Vertical (Healthcare, Retail, BFSI, Government and Public Sector, IT & Telecommunication, Media & Entertainment and Travel, Tourism & Hospitality) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026

The actual functionalities of social business intelligence predominately resemble those of other types of business intelligence. The basic objective remains to elucidate the key performance indicators and analyze the overall performance with the help of an array of tools for reporting, visualizations, dashboards, and others. However, despite the tools remaining the same, technologies for business intelligence and analytics have greatly evolved. Before the advent of social media, retrieving information from focus groups and surveys was the only way to create buyer personas. However, the immense popularity of social media has made it easier for business organizations to analyze and expand their consumer base. In this context, social business intelligence is critical because it analyses naturally emerging trends. It provides companies with important information such as search habits, customer demographics, and social behavior, among others.

Social business intelligence solutions are drastically reducing the time it takes to gain insights from and analyze unstructured data. In the case of business intelligence, the entire process is time-consuming and relies on information technology. In contrast, because big data is instantaneous, social business intelligence requires a shorter time period for insights. Moreover, social business intelligence facilitates sentiment analysis by capturing and monitoring rapidly generated big data. Other benefits of social business intelligence over conventional business intelligence include no-hassle documentation, gaining trusted followers, spying on the competition, understanding customer demographics, and advertising more accurately. Unlike conventional business intelligence, the majority of the analyzed data is unstructured.

One of the primary factors driving social business intelligence market growth is the growing usage of social media worldwide. With the increasing penetration of mobile devices, social media has emerged as an important platform where users express their opinions about a particular product or service. Moreover, this forms an important medium for understanding the views and preferences of customers about a product or service. Social media, thus, acts as an important medium for creating a positive brand image. Considering the importance of social media, it becomes immensely important to form an understanding and conduct an in-depth analysis of the data generated via social media. This may include images, GIFs, videos, tweets, and personal metrics, among others. Organizations are therefore adopting social business intelligence, considering the significant impact it can have on a business.

Despite its numerous benefits, data security remains a prime concern for the social business intelligence market. Privacy and security are of paramount importance to the government and banking institutions. As social media data is mostly stored in the cloud, ensuring reliable and effective data security becomes imperative. Reluctance towards adopting new technology is another important factor limiting the market growth.

Some of the major players profiled in the report are SAP SE, Oracle Corporation, IBM Corporation, Attensity Group, Inc., SAS Institute, Inc., Adobe Systems, Inc., Microsoft Corporation, Crimson Hexagon, Inc., Google, Inc., NetBase Solutions, Inc., evolve24, LLC, Kapow Software, Inc., Lithium Technologies, Inc., Salesforce.com, Inc., Sysomos, Inc., and Cision AB, among others.

On the basis of industry vertical, the global social business intelligence market is segmented into the following categories:

  • Healthcare
  • Retail
  • Banking, Financial Services, and Insurance (BFSI)
  • Government and the Public Sector
  • Telecommunication
  • Media & Entertainment
  • Travel, Tourism, and Hospitality

In 2017, the social business intelligence market worldwide was led by the BFSI segment. The BFSI sector is complex and sophisticated in nature, requiring a consistent need for business intelligence. Moreover, as these industries generate mountains of data, they are subject to significant regulations. In an environment where change is more rapid than ever before, it becomes immensely important for BFSI organizations to find proper and efficient ways to attract and retain clients. Social business intelligence can dramatically impact the way banks market their products and services. Moreover, it also has an impact on how banks conduct risk management, business forecasting, product and service design, customer education, and competitive analysis. With the growing use of social media, where customers are increasingly expressing their opinions on financial matters, it becomes vital on the part of BFSI organizations to incorporate social business intelligence. Considering these factors, the BFSI segment is expected to maintain its dominant position throughout the forecast period.

The travel, tourism, and hospitality segment are expected to witness the highest growth rate during the forecast period. Social business intelligence enables organizations to understand the current trends in travel, factors influencing travel decisions, future outlook, travel plans, accommodations, and several other related preferences. Social media platforms are important influencers in the travel, tourism, and hospitality industries. Moreover, social media acts as an important platform for travelers to share their experiences. Therefore, social business intelligence is expected to witness dramatic growth in the travel, tourism, and hospitality industries in the years to come.

Based on geography, the global social business intelligence market is segmented into the following regions and countries:

  • North America
    • U.S.
    • rest of North America
  • Europe
    • U.K.
    • Germany
    • Russia
    • France
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • South Asia
    • Rest of Asia Pacific
  • Rest of the World (RoW)
    • Middle East and Africa (MEA)
    • Latin America

North America, being the early adopter of social business intelligence, dominated the global market in 2017. The adoption of social business intelligence in verticals such as telecommunications and banking, financial services, and insurance (BFSI) has been high in recent years. Moreover, the high penetration of social media in the region has influenced the social business intelligence market's growth positively over the course of time. The United States, in particular, ranks first and second in terms of the number of Twitter and Facebook users, respectively, creating a favorable market for social business intelligence solutions to thrive.

Asia-Pacific is expected to witness the fastest growth during the forecast period. The rising penetration of social media coupled with a high regional population using social networking sites is one of the most prominent factors aiding the social business intelligence market's growth here.

Frequently Asked Questions:

The market for Social Business Intelligence is expected to reach US$ XX Bn in 2026.

The Social Business Intelligence market is expected to see significant CAGR growth over the coming years,at 17.8%

The report is forecasted from 2018-2026.

The base year of this report is 2017.

SAP SE,Oracle Corporation,IBM Corporation,Attensity Group, Inc.,SAS Institute, Inc. are some of the major players in the global market.

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Godaddy
Published Date:  Jan 2018
Category:  Technology & Media
Report ID:   58959
Report Format:   PDF
Pages:   120
Rating:    4.1 (22)
Delivery Time: 24 Hours to 48 Hours   
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