Analysis of recent trends in the enterprise social network market:

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The report states that the market is expected to reach a valuation of US$7.2 billion in 2022. According to the IMF, the enterprise social networking market is growing due to the growing demand for streamlining communication across the organizational hierarchy to improve productivity and efficiency.

According to analysis of the enterprise social networking industry by Future Market Insights (IMF), the adoption of enterprise social networks in the market is expected to grow at a CAGR of 13.9% over the period of forecast.

Enterprise social networks work as a full access platform where employees can find all important documents such as training resources, project data, guides, industry news and documents relevant research.

During the pandemic, the demand for enterprise social media platforms has increased dramatically. The growth can be attributed to the growing trend of remote working and the resulting need to streamline communication between organizations, thereby boosting the market.

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With tighter integration with enterprise applications, enterprise social networks can help organizations transform the primary hub for collaboration and communication. They can help reduce inbox clutter by replacing long and confusing chat threads with private or public communication channels.

Enterprise social networks mainly focus on the use of online social networks or social relationships between individuals who share interests and business activities. Companies like Yammer offer advanced enterprise social networking platforms. According to Microsoft, 85% of Fortune 500 companies work with Yammer. Yammer offers a Facebook-like interface that allows even novice users to start posting images and messages.

In addition, on a corporate social network, communication is often less fixed, less conventional, less formal, compared to an e-mail. In this way, information flows more naturally and reduces hierarchical barriers.

“The growing need for streamlined communication in the IT and healthcare sectors is expected to augment the market growth,” says the IMF analyst.

Key points to remember:

By type, the cloud/web-based enterprise social media platform segment is expected to grow at a robust CAGR of 2% through 2032.
Among enterprise size, the large enterprise segment is expected to grow at a CAGR of 5% between 2022 and 2032.
By sector, the IT and telecommunications segment is expected to grow at a CAGR of 8% between 2022 and 2032.
North America dominates the enterprise social networking market followed by Europe region in 2022. South Asia and Pacific is expected to grow at the fastest rate during the forecast period.
The market in the United States is expected to grow at a CAGR of around 8% through 2032.
In India, the enterprise social networking market is expected to grow at a CAGR of 6% during the forecast period.
It is estimated that the enterprise social media market in China will witness an absolute opportunity of US$3.1 billion during the forecast period.

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More valuable insights into the enterprise social media market

Future Market Insight’s report on enterprise social networking industry research is segmented into five major sections – type (cloud-based/web-based enterprise social networking platform and social networking platform on-site business), company size (small and medium business, large enterprise), industry (education, travel and hospitality, media and entertainment, healthcare, IT and telecommunications, retail, government and commercial nonprofits, and others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and assess opportunities lucrative in the demand prospects of enterprise social networks.

How is the adoption of enterprise social media platforms driving the market?

The growing adoption of enterprise social media solutions is helping organizations reform communication among their workforce. For this reason, the demand for streamlined communications in the organizational hierarchy is increasing. Hence, companies are adopting enterprise social networking solutions and services for managing business communication workflows.

Growing need for enterprise internetworking among partners, employees, distributors, and suppliers of small and medium enterprises is expected to augment the market growth over the forecast period.

Enterprise Social Media Insights by Category

By type:

Cloud/web-based enterprise social networking platform
On-premise enterprise social networking platform

By business size:

Small and medium-sized enterprises (SMEs)
Large companies

By industry:

Education
travel and hospitality
Media and entertainment
Health care
IT & Telecom
Detail
Government and non-profit
Others

By region:

North America
Latin America
Europe
East Asia
South Asia and the Pacific
Middle East and Africa (MEA)

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Report link: https://www.futuremarketinsights.com/reports/enterprise-social-networks-market

Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.

This press release was published on openPR.

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