Social Business Intelligence Market, By Deployment Type (On-premise and Cloud-based), By Size of Enterprise (Small Enterprise, Medium Enterprise and Large Enterprise), By Vertical (BFSI, Healthcare and Life Science, Consumer Goods and Retail, Travel and Tourism, IT and Telecommunication, Media and Entertainment, Government and Others) and by Region (North America, Europe, Asia Pacific, Row) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
Press Release : Social Business Intelligence Market
Social business intelligence is the process for data analysis from social networking websites and sources such as LinkedIn, Twitter, and Facebook. It combines analytics with social media, in order to offer vital business insights. Social business intelligence is typically used with BI methods and conventional reporting to help enterprises in better decision making. Enterprises implement social business intelligence in order to monitor consumer behaviour and preferences. With increasing adoption of social media technology, social business intelligence aids enterprises to remain competitive in the market.
The global social business intelligence market is estimated to account for US$ 30,049 MN in terms of value by the end of 2027.
Market Dynamics- Drivers
- Increasing use of social media boosting the demand for big data is expected to drive growth of the global social business intelligence market during the forecast period
Majority of private organizations are focused on adopting big data solutions, in order to capture and store large volumes of unstructured data through social media and emails. Furthermore, big data support managing unstructured data fully or partially from enterprise IT systems, social media platforms, and CRM conversations. Furthermore, big data offers Hadoop solutions, which enable users to manage, store, and analyze data across numerous resources efficiently. Hence, these factors are expected to drive growth of the global social business intelligence market during the forecast period.
- Growing adoption of cloud-based technologies and software-as-a-service is expected to propel the global social business intelligence market growth over the forecast period
Business intelligence services play a crucial role in big data analysis tools that are cloud-based. Deployment of cloud services on social media platforms has numerous benefits such as low infrastructure cost and service model remuneration. For instance, organizations such as Microsoft Corporation, IBM Corporation, and Oracle Corporation are adopting public and private cloud platforms to switch their enterprise workloads. In North America, the market for social business intelligence systems that are implemented on a private cloud platform is growing exponentially. Therefore, these factors are expected to propel the market growth over the forecast period.
North America held dominant position in the global social business intelligence market in 2019, accounting for 35.4% share in terms of value, followed by Europe, APAC and RoW respectively.
Figure 1: Global Social Business Intelligence Market Share (%), in terms of Value, By Region, 2019
Market Dynamics- Restraints
- Complexity associated with mapping data and data governance integrity while cloud adoption is expected to restrain growth of the global social business intelligence market during the forecast period
Enterprises carry out multiple operations and have a large volume of different data including that of the supply chain, ERP running financials, and other functions. These enterprises are required to determine and plan where data is, in order to share and integrate information. Mapping data is prone to error, time-consuming, and complex tasks in many integration processes. This acts as a roadblock for integration on the cloud. Thus, these factors are expected to restrain growth of the market during the forecast period.
- Challenges associated with security is expected to hinder the global social business intelligence market growth over the forecast period
In social business intelligence systems, one of the prime challenges faced by many organizations while adopting cloud services is data security. As demand for cloud-based services is growing, most organizations are shifting their workloads on the cloud from on premise based, therefore security breaches have increased. Hence, security breaches and privacy concerns are among the prime challenges faced by vendors offering cloud-based solutions. Hence, these factors are expected to hinder the global social business intelligence market growth in the near future.
- Positive attitude towards Hadoop can present significant business opportunity
Adopting new enterprise data operating systems over SQL is expected to make a positive impact on the global social business intelligence market. Furthermore, distributed analytic framework including MapReduce is expected to turn Hadoop into a general-purpose data operating system. It also offers sufficient performance at a low price and manages various types of workloads such as graph analytics and stream processing.
- Increasing use of in-memory analytics can pose excellent growth opportunities
Rising adoption of in-memory database is expected to accelerate analytic processing. Several tasks such as hybrid transaction processing, which are used for faster analytics operations would reside within the same database.
Figure 2: Global Social Business Intelligence Market Value (US$ Mn), 2017 - 2027
The global social business intelligence market was valued at US$ 19,043Mn in 2019 and is forecast to reach a value of US$ 30,049Mn by 2027 at a CAGR of 5.9% between 2020 and 2027.
- Trends by the size of enterprise
Business intelligence for small and medium enterprises have become affordable
Big data analytics is playing a significant role in the way various departments in a business, specifically sales and marketing, functions. SMEs are investing in BIs and gradually shifting from spreadsheets, as the solutions have become faster and more affordable. The BI solutions require configuration rather than development from scratch. For instance, in 2012, Zoho Corporation Pvt. Ltd. added Zoho Business Intelligence, which is a BI feature for Zoho CRM with Zoho report integration.
- Trends by vertical
Increasing demand for location intelligence
Spatial data is adding to complexity/simplicity of BI and analytics. For end users, it is beneficial to mash-up location-based intelligence with other data. The users are able to map marketing strategies, locate geographic sites for restaurants or cellular towers, etc. the challenge faced by enterprises to deploy BI is that these systems are not designed to be implemented on existing systems of the spatial data of the enterprise. Advanced BI vendors are gradually working on the issue, but traditional BI is not compatible when it comes to spatial data. For instance, in October 2014, Luciad, a Belgium-based software developing company, designed time dimension-based business intelligence to enhance location and its interactive user conference for BI.
Global Social Business Intelligence Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant impact on social business intelligence market as well. Software companies across the globe are using business intelligence tools to analyze the data to understand the consumer behaviors and market trends. Due to Covid-19 demand for these tools is increasing as companies are using insights generated from these tools to identify new financial threats and opportunities. For instance, IBM Corporation’s products such as IBM Watson Tone Analyzer and the IBM ILOG CPLEX are used by companies to analyses behavior of consumer and predict the ongoing effects of corona for next quarter.
Key players operating in the global social business intelligence market are IBM Corporation, TIBCO Software, Inc., SAP SE, Logi Analytics Inc., Tableaue Software, Inc., MicroStrategy, Inc., QlikTechnologies, Inc., Alteryx, Inc., and Microsoft Corporation.
Key players in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in June 2019, Logi Analytics Inc. acquired Zoomdata Inc., a data visualization firm
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