The Global 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) - Global Forecast to 2027, is expected to be valued at US$ 30,049 million by 2027, exhibiting a CAGR of 5.9% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Social business intelligence or also referred to as social BI is the creation, publishing, and sharing of customer business analytics reports and dashboards by end users of cloud technology. Social business intelligence aids enterprises by offering customer inputs and feedback. Increasing the adoption of social media technology has led to increased implementation of social business intelligence. The global social business intelligence market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
The global social business intelligence market is estimated to account for US$ 30,049 Mn in terms of value by the end of 2027.
Rise in demand for business intelligence solutions, tools, and platforms is expected to drive growth of the global social business intelligence market during the forecast period
The demand for social media monitoring and analytics tools is increasing rapidly worldwide. This is due to the fact that the requirement to manage, analyze, and sort unstructured data. Social media analytics tools facilitate organizations to identify patterns in customer preferences and helps in enhancing presence in the market. Therefore, these factors are expected to drive growth of the global social business intelligence market in the near future. For instance, in April and July 2015, Microsoft Corporation and IBM Corporation introduced Threat Analytics Tool in cloud and Advanced Threat Analytics respectively. Threat analytics tools are user-friendly, which offers an overall view of threats in the dashboard; i.e. from which source threats are originating.
Self-service business intelligence gaining traction can present lucrative growth opportunities
In the recent past, various enterprises have become information explorers. Data users have become more analytical and sophisticated with urge to make precise business decisions based on robust data instead of intuitions. Moreover, self-service is reporting major popularity to be an effective means of charting and visualization for improving BI productivity. Commercialization of information access and interactivity has led to the evolution of better methods for users to personalize dashboards to meet their needs, such as combining external data with internal corporate data. For instance, in October 2015, IBM Corporation redesigned its flagship BI solution with smart features for accelerated modeling and reporting.
High investment costs for social BI is expected to hamper the global social business intelligence market growth over the forecast period
Implementing social business intelligence solutions requires significant initial capital investment. Although large enterprises can afford social BI solutions, small and medium-sized companies cannot afford such significant investment. Therefore, these factors are expected to hamper the global social business intelligence market growth over the forecast period.
Wearable devices gaining significant traction
Growth of the IoT is adding to the vast pool of data, with everything from television, cars, smartwatches and other devices producing data, which may or may not offer valuable insights for businesses. Health monitoring is gaining traction among the population in countries in North America. Devices that can monitor bodily data from heart health to sleep pattern and suggest lifestyle adjustments is gaining popularity among the consumers in countries in North America. For instance, in October 2015, IBM Corporation redesigned its flagship BI solution with built-in for accelerated modeling and reporting.
Increasing number of BI mobile applications, BI solution users, and data storage availability
Business Intelligence solutions for small and medium-sized businesses are present in the markets in Russia and Ukraine. The revenue from license transactions is reducing owing to decrease in applications of BI as an addition to the implemented ERP system and license cost. The number of BI product vendors has reduced as a result of prominent global players trying to eliminate minor companies by either acquiring or merging with them. The number of projects based on BI solutions is also increasing as key vendors are focusing on service cost and license and are trying to minimize investments by integrating various BI platforms into a single entity.
Global Social Business Intelligence- Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. The overall revenue for all the software companies has declined due to covid19. The new ongoing projects have been put on hold or delayed. Companies like Apple, Google, and Microsoft has started investing on Research and development areas to control covid-19 situation. Recently, Google and Apple have collaborated together to design the contact tracing system to notify other users about infected people. These companies are using Business intelligence & AI tool to analyze these data.
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.