New York, NY -- (SBWire) -- 10/25/2017 --According to the latest market report published by Persistence Market Research titled 'Enterprise Social Networks and Online Communities Market: Global Industry Analysis and Forecast 2016–2026', the global enterprise social networks and online communities market is anticipated to grow from US$ 2,636.1 Mn in 2016 to US$ 12,189.0 Mn by 2026, registering a CAGR of 16.5% in terms of revenue during the forecast period (2016-2026). In this report, the global enterprise social networks and online communities market is tracked in terms of value and is calibrated to obtain the market revenue estimates.

Market dynamics

Increasing adoption of enterprise social networking technologies for collaboration with business technologies to improve social collaboration are major factors driving the growth of global enterprise social networks and online communities market. Demand for social media technology among businesses for activity streaming, blogging, profiles, expert advices and other secure communications is strong in this market and is slated to increase in the forecast period. Moreover, demand among industries such as healthcare for real time communication is expected to improve growth which is expected to reflect in the revenue forecast.

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However, lack of awareness about the technology, and the high cost of integration with business technologies are major challenges expected to be faced by market players in the global enterprise social networks and online communities market during the forecast period.

Market forecast

To understand and assess the demand and opportunities in this market, the report is categorically split into three major sections, namely market analysis – by enterprise type, by industry, and by region.

The section – market analysis by enterprise type, comprehensively analyzes the market on the basis of enterprise type and presents an in-depth analysis of the market in terms of value for 2016-2026. In 2015, large enterprise segment dominated the global enterprise social networks and online communities market, followed by medium enterprise segment. Moreover, small enterprise segment is anticipated to expand at the fastest CAGR of 21.7% over the forecast period in the global enterprise social networks and online communities market in terms of revenue, followed by large enterprise segment.

The section – market analysis by industry, analyzes the global enterprise social networks and online communities market on the basis of industry verticals and the data is provided in terms of value for 2016-2026. The healthcare IT and Telecom industry is expected to expand at the highest CAGR of 17.0% in terms of value during the forecast period. In terms of market share, healthcare industry accounted major percentage of the revenue share of the overall market in 2015 and healthcare industry is expected to dominate the global enterprise social networks and online communities market throughout the forecast years, followed by IT and Telecom industry.

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Market dynamics

Various social media platforms have been witnessing increasing adoption in organizations and business houses. Some of these platforms include Twitter and LinkedIn, which are primarily used by business professionals and companies to interact and remain updated regarding job openings and opportunities, apart from engaging in promotional and marketing activities. Companies are also advertising new product launches and offering details regarding product discounts etc. in order to drive sales and increase brand visibility online. Companies even connect with their business partners via these portals and platforms on a real-time basis.

Continuous development of modern technologies by key players in the enterprise social networking market such as Socialtext and Tibbr has enabled integration of social media platforms with business technologies. Companies are adopting social media to communicate and share information with clients and employees, and hence it has become necessary to integrate the same with other business technologies to take proper advantage of these technologies for collaboration purposes.

Lack of proper security is one of the major challenges that companies face, and is a primary factor expected to continue to restrain adoption of enterprise social networks and online communities. Online collaboration of business information with social networking websites creates an opportunity for hackers to illegally access information or gain unauthorized access to critical business data through social websites. Integration of CRM or ERP with enterprise social networking allows clients, vendors and other users to access content of a company, and as a result, preference for enterprise social networking among companies is relatively low.