According to FMI, the global market for social business intelligence solutions is expected to be valued at US$ 17 billion by the end of 2017, based on income from global deployment. The market is predicted to reach a worth of US$29 billion by the end of 2026, rising at a CAGR of 6% from 2016 to 2026.
BFSI, healthcare and life sciences, consumer goods and retail, travel and tourism, IT and telecommunication, media and entertainment, and government are the various end-use verticals for the social business intelligence industry. The BFSI industry is the most popular, accounting for 20.2 percent of all verticals in 2016. Throughout the evaluation period, the category is expected to maintain its dominance. From 2017 to 2026, however, the travel and tourism segment is expected to develop at a faster rate year over year.
The ubiquity of social media is expected to boost demand.
A crucial driver driving the market is the expanding need for big data analytics tools for social media analysis, combined with the increasing prevalence of social networks around the world. A significant reason driving the market in various areas is the urgent requirement for next-generation analytical data production technologies and management systems across modern companies. A prominent trend highlighting the market is the rapidly growing use of social media among product and customer service teams, owing to benefits that extend beyond marketing and promotion.
Players to Watch:
According to Future Market Insights, SAP SE, SAS Institute Inc., Logi Analytics, Inc., TIBCO Software, Inc., Alteryx Inc., MicroStrategy, Inc., Microsoft Corporation, Qlik Technologies, Inc., and Tableaue Software, Inc. are among the market’s key competitors (FMI). A majority of these organizations are focusing on big data applications emerging from various end-use industries, particularly healthcare, to consolidate their market dominance. They’re investigating the possibility of creating social media software and tools. Some market players are investing heavily in research and development aimed at wearable technology based on social business intelligence to gain a competitive advantage over their competitors.