What Is The Present Market Size Of The Enterprise Social Networks Market, And At What Annual Growth Rate Is It Expanding?
The enterprise social networks market size has grown rapidly in recent years. It will grow from $13.45 billion in 2024 to $15.63 billion in 2025 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to increasing employee engagement, rising demand from SMEs, increasing remote work, increasing integration with existing tools, and e-commerce expansion.
The enterprise social networks market size is expected to see rapid growth in the next few years. It will grow to $28.9 billion in 2029 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to the growing importance of data analytics, increased focus on knowledge management, increasing support for agile work environments, demand for customizable solutions, and shift towards employee-centric culture. Major trends in the forecast period include integration with AI and machine learning, enhanced security features, adoption of gamification techniques, integration of blockchain technology, and integration of social learning platforms.
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What Fundamental Drivers Are Expected To Boost The Enterprise Social Networks Market Throughout The Forecast Period?
Growing instances of remote working are expected to propel the growth of the enterprise social networks market going forward. Remote working refers to a work arrangement where employees perform their job duties from a location outside of the traditional office environment. The growing emphasis on remote working is driven by its potential to enhance flexibility, reduce overhead costs, and improve work-life balance for employees. Remote working utilizes enterprise social networks to facilitate seamless communication, collaboration, and knowledge sharing among distributed team members. For instance, in January 2024, according to the World Economic Forum, a Switzerland-based non-governmental organization, the global number of digital jobs that can be performed remotely from any location is expected to grow by approximately 25% by 2030, reaching around 92 million, up from 73 million in 2024. Therefore, the growing instances of remote working are driving the growth of the enterprise social networks market.
What Are The Key Segmentation Components That Define The Structure Of The Enterprise Social Networks Market?
The enterprise social networksmarket covered in this report is segmented –
1) By Type: Cloud Or Web Based Enterprise Social Network Platform, On Premises Enterprise Social Network Platform
2) By Enterprise Size: Small And Medium Sized Enterprises (SMEs), Large Enterprises
3) By Industry: Education, Travel And Hospitality, Media And Entertainment, Healthcare, Information Technology (IT) And Telecom, Retail, Government And Non-Profit, Other Industries
Subsegments:
1) By Cloud Or Web-Based Enterprise Social Network Platform: Software-As-A-Service (Saas) Platforms, Collaboration Tools With Social Networking Features, Enterprise Social Media Platforms, Cloud-Based Knowledge Sharing And Community Platforms, Social Intranet Solutions Hosted On The Cloud
2) By On-Premises Enterprise Social Network Platform: On-Premises Collaboration And Communication Tools, On-Premises Knowledge Management Platforms, Private Social Networks For Organizations, Customizable On-premises Social Platforms For Employee Engagement, Enterprise Social Intranet Systems Installed Locally
Which Rising Trends Are Anticipated To Influence The Future Trajectory Of The Enterprise Social Networks Market?
Major companies operating in the enterprise social networks market are focusing on developing innovative solutions such as artificial intelligence (AI)-powered networking platforms to enhance collaboration, streamline communication, and improve overall productivity within organizations. Artificial intelligence (AI)-powered networking platforms in enterprise social networks use AI to enhance connectivity by analyzing data to match employees with relevant contacts, opportunities, and information. They facilitate more efficient collaboration and knowledge sharing by automating and personalizing networking processes. For instance, in May 2023, The Goldman Sachs Group Inc., a US-based investment banking company, launched Louisa, an AI-powered social media platform tailored for corporate settings. It automatically generates user profiles from company databases and employs artificial intelligence to proactively connect employees who could benefit from networking based on potential deals and shared interests.
Who Are The Standout Companies Known For Innovation In The Enterprise Social Networks Market?
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.
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Which Geographical Region Is Projected To Lead The Enterprise Social Networks Market Throughout The Forecast Period?
Asia-Pacific was the largest region in the enterprise social networks market in 2024. 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.
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