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Social Business Intelligence Market Eyeing Remarkable Growth due to Increasing Adoption by Business Organizations
Market Analysis
The global social business intelligence market will touch USD 71.5 billion at a 14.30% CAGR by 2032, as per the latest Market Research Future report.
Key Players
Key players profiled in the social business intelligence market report include,
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Market Scope:
|
Report Attribute |
Details |
|
Market Size 2022 |
USD 21.5 Billion |
|
Market Size 2023 |
USD 24.5 Billion |
|
Market Size 2032 |
USD 71.5 Billion |
|
Compound Annual Growth Rate (CAGR) |
14.30% (2023-2032) |
Market Segmentation
The global social business intelligence market is bifurcated based on vertical, business function, organization size, deployment mode, and component.
By component, solutions will lead the market in the forecast period.
By deployment mode, cloud will domineer the market in the forecast period.
By organization size, large enterprises will spearhead the market in the forecast period.
By business function, finance will spur the market in the forecast period.
By vertical, BFSI will head the market in the forecast period.
Drivers
Growing Use of Cloud-Based Technologies to Boost Market Growth
The growing use of cloud-based technologies in businesses will boost market growth in the forecast period. Business intelligence service plays an imperative part in the big data analysis tools which are cloud-based. The use of cloud services on the social media platforms possesses untold perks like service model remuneration and low infrastructure cost. Organizations like Oracle Corporation, IBM Corporation, and Microsoft Corporation for instance are using private and public cloud platforms in switching their enterprise workloads. The cloud deployment enables an enterprise in managing BI applications via outsourcing the BI infrastructure. This helps the organization to increase productivity, reduce operating cost, and optimize implementation timeframes.
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Opportunities
Increasing Adoption by Business Organizations to offer Robust Opportunities
The increasing adoption of social business intelligence by various organizations will offer robust opportunities for the social business intelligence market in the forecast period. SMEs can utilize it for understanding their target market, improving customer service, and gaining a competitive edge. The large enterprises on the other leverage the social BI for customer sentiment analysis, brand monitoring, and campaign management. The government organizations also benefit from social BI via tracking trends, augmenting decision-making processes, and monitoring public opinion.
Besides increasing use of cloud computing due to WFH trends during the COVID-19 epidemic also possessed a positive impact on the market growth.
Restraints and Challenges
Security Breaches to act as Market Restraint
Security breaches, privacy concerns, and limited qualified specialists may act as market restraints over the forecast period.
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Regional Analysis
North America to Command Social Business Intelligence Market
North America will command the market in the forecast period as it places immense priority on technical innovation. The region is abode to several leading BI solution vendors, increasing use by BFSI and telecommunications, growing digitalization in the US, increasing use in small organizations, and expanding use of cloud systems are adding to the market growth here. US grabbed the utmost market share followed by Canada.
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