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As more businesses learn that data from social media sites can help them make important decisions, the market for social business intelligence (BI) is always changing. Since people have come to this understanding, the market is always changing. The goal of social business intelligence is to learn about how customers act, how the market is changing, and how people feel about a brand by collecting, studying, and making sense of data from social media sites. The things that are making social business intelligence grow and become popular in different areas affect the changes that happen in the market for social business intelligence.
How fast the field of social business data grows is the same as how fast people use social media. Social data from sites like Facebook, Twitter, Instagram, and LinkedIn, which have billions of people, can teach businesses a lot. Take advantage of these chances to help the company do better. More and more, smarter business intelligence tools that can use this data are needed to make better decisions about strategy and provide better customer service. This wish came about because people spend more time surfing the web.
The need for social business data has also grown as people pay more attention to customer-focused strategies and personalized marketing options. Businesses can get more people to buy from them by making their ads, goods, and services more appealing to the people who use social media. They can do this because they know what their clients believe and what they like. The social business intelligence industry is driven by the need to gain a competitive edge by using user information gathered from data. This is the main thing that drives the whole area.
Advanced AI and machine learning technologies have also impacted social BI industry dynamics. These tools let organizations analyse massive volumes of unstructured social data, find trends, and anticipate customer behaviour more accurately. Integrating AI and machine learning into social BI solutions has increased the number of actionable insights from social media data, boosting market development.
The market has also grown due to social BI's use in retail, e-commerce, healthcare, and finance. Social data is being used by businesses in various areas to analyze market trends, competitive intelligence, and brand performance, creating need for sophisticated industry-specific social BI solutions.
Social BI market dynamics also confront data protection, ethical, and sentiment analysis issues. As organizations use social media data, data privacy requirements and ethical data use remain crucial, affecting social BI market dynamics.
Social Business Intelligence BI Market Highlights:
Social Business Intelligence (BI) Market Overview
Social Business Intelligence (BI) Market Size was valued at USD 21.5 Billion in 2022. The Social Business Intelligence (BI) market industry is projected to grow from USD 24.5 Billion in 2023 to USD 71.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.30% during the forecast period (2023 - 2032). Increasing demand for real-time insights, growing social media usage, need for competitive advantage, customer-centric approach, advancements in technology, regulatory compliance and risk management, increasing adoption of cloud-based solutions, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Social Business Intelligence (BI) Market Trends
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Increasing social media usage is driving the market growth
Over the past ten years, usage and popularity of social media have skyrocketed. With the help of social media sites like Facebook, Twitter, Instagram, LinkedIn, and YouTube, people, communities, and businesses from all over the world are now connected. The market for social business intelligence (BI) has seen tremendous growth as a result of this rising social media usage. With billions of users actively using social media, a tonne of data is generated every second. Through posts, comments, likes, shares, and other interactions, users can express their ideas, beliefs, experiences, and preferences. Businesses may draw a wealth of insights from this enormous data set. With the use of social BI tools, businesses can gather and examine this data, identify patterns, trends, and sentiments, and get insightful knowledge about consumer behaviour, preferences, and market dynamics.
Additionally, social media networks offer up-to-the-minute information on user behaviours, conversations, and trends. Instead of using time-consuming surveys or interviews like traditional market research techniques, Social BI uses real-time data from social media to gather timely insights. Businesses can keep an eye on consumer feedback, follow brand mentions, and quickly address customer questions or problems. Organisations are able to remain adaptable and flexible in a business environment that is rapidly changing because to the availability of real-time data.
Additionally, social media platforms provide companies with a direct and engaging avenue for customer engagement. On social media, users share their thoughts, give feedback, pose queries, and request recommendations. Through Social BI, businesses can keep an eye on these discussions, pinpoint client problem spots, collect feedback, and ascertain how customers feel about their goods or services. Businesses can use this information to develop their products, respond to client issues, and raise client satisfaction. Thus, driving the Social Business Intelligence (BI) market revenue.
Social Business Intelligence (BI) Market Segment Insights
Social Business Intelligence (BI) Component Insights
The Social Business Intelligence (BI) Market segmentation, based on component includes services and solutions. With 35% of market revenue, the Solutions sector dominated the market. For the purpose of gathering, analysing, and interpreting data from social media channels and other online sources, software tools and platforms are referred to as business intelligence (BI) solutions.
Figure 1: Social Business Intelligence (BI) Market, by Component, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Social Business Intelligence (BI) deployment mode Insights
The Social Business Intelligence (BI) Market segmentation, based on deployment mode, includes cloud and on-premise. The largest share was made in the cloud category. Businesses may simply modify their resources and capabilities based on their needs thanks to the scalability and flexibility that cloud-based BI systems offer.
Social Business Intelligence (BI) organization size Insights
The Social Business Intelligence (BI) Market segmentation, based on organization size, includes small and medium-sized enterprises (SMEs), large enterprises. The largest income was produced by the large enterprises category. Compared to small and medium-sized firms (SMEs), large enterprises often have larger budgets and financial resources. They can set aside a sizeable sum of money for the purchase of software licences, deployment, customisation, and continuing maintenance of Social BI solutions.
Social Business Intelligence (BI) Business function Insights
The Social Business Intelligence (BI) Market segmentation, based on Business function, includes human resources, finance, operations, sales and marketing. The category of finance held the largest share. Finance professionals can benefit from BI's capacity to monitor financial performance, analyse profitability, manage budgets, and spot cost-saving options. It allows businesses to make informed financial decisions.
Social Business Intelligence (BI) Vertical Insights
The Social Business Intelligence (BI) Market segmentation, based on vertical, includes retail, manufacturing, government and public services, media and entertainment, transportation and logistics, BFSI, telecom and IT, healthcare and life sciences, tourism and hospitality, others (real estate, education, and energy and utilities). The BFSI sector produced the greatest revenue. The necessity to coordinate with many other sectors (stock exchanges, tax authorities, central banks, securities regulatory authorities, revenue department, etc. arises from the sensitivity of financial data.
Social Business Intelligence (BI) Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Social Business Intelligence (BI) Market dominated this market in 2022 (45.80%). North America, and the United States in particular, are renowned for placing a high priority on technical innovation. This region is home to many top BI solution vendors who propel the development of social BI tools and analytics. Further, the U.S. Social Business Intelligence (BI) market held the largest market share, and the Canada Social Business Intelligence (BI) market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SOCIAL BUSINESS INTELLIGENCE (BI) MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Social Business Intelligence (BI) market accounts for the second-largest market share. The General Data Protection Regulation (GDPR) is one example of the strict data protection and privacy laws in Europe. These laws encourage businesses to use BI systems that abide by data protection laws. Further, the German Social Business Intelligence (BI) market held the largest market share, and the UK Social Business Intelligence (BI) market was the fastest growing market in the European region
The Asia-Pacific Social Business Intelligence (BI) Market is expected to grow at the fastest CAGR from 2023 to 2032. Countries like China and India are playing a big part in the APAC region's rapid economic rise. As businesses want to use data for a competitive advantage, there is a rising demand for advanced BI solutions, including social BI. Moreover, China’s Social Business Intelligence (BI) market held the largest market share, and the Indian Social Business Intelligence (BI) market was the fastest growing market in the Asia-Pacific region.
Social Business Intelligence (BI) Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Social Business Intelligence (BI) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Social Business Intelligence (BI) industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Social Business Intelligence (BI) industry to benefit clients and increase the market sector. In recent years, the Social Business Intelligence (BI) industry has offered some of the most significant advantages to medicine. Major players in the Social Business Intelligence (BI) market, including Acquia Inc., Adobe Inc., Alphabet Inc., Emplifi Inc, GoodData Corp., Hewlett Packard Enterprise Co., International Business Machines Corp., Ipsos Group S A, Maritz Holdings Inc., Microsoft Corp., NetBase Solutions Inc., Oracle Corp., Piano Software Inc. Qualtrics International Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Sprout Social Inc., Vista Equity Partners Management LLC, and others, are attempting to increase market demand by investing in research and development operations.
Enterprises can get cloud-based solutions from Oracle Corp (Oracle). The business provides hardware systems, application software, cloud infrastructure software, database and middleware software, and hardware. Additionally, it provides integrated cloud solutions, such as Software as a Service (SaaS) and Infrastructure as a Service (IaaS). Oracle offers licence updates, new licences, and solutions for related support for new on-premises applications. Through independent software and hardware manufacturers, system integrators, and resellers, the corporation distributes its solutions. Hardware, servers, storage, networking, and industry-specific devices are among its on-premises offerings, along with related support and services. Asia-Pacific, Europe, the Middle East, and the Americas are all regions in which the corporation operates. In the US, Austin, Texas, serves as the home base for Oracle.
Information technology (IT) goods and services are offered by International Business Machines Corp (IBM). The business creates and markets software and hardware for computers, in addition to providing infrastructure, hosting, and consulting services. Analytics, automation, blockchain, cloud computing, IT infrastructure, IT management, cybersecurity, and software development tools are all part of IBM's product range. The business also provides services in the areas of cloud computing, networking, security, technology consulting, application services, business resilience services, and tech support services. The industries it supports include those in the automobile, banking and financial markets, electronics, energy and utilities, healthcare, insurance, life sciences, manufacturing, metals and mining, retail and consumer goods, and telecommunication sectors. In addition to Asia-Pacific, the corporation also conducts business in the Americas, Europe, the Middle East, and Africa. The US city of Armonk, New York, serves as the home of IBM.
Key Companies in the Social Business Intelligence (BI) market include
- Acquia Inc.
- Adobe Inc.
- Alphabet Inc.
- Emplifi Inc
- GoodData Corp.
- Hewlett Packard Enterprise Co.
- International Business Machines Corp.
- Ipsos Group S A
- Maritz Holdings Inc.
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Microsoft Corp. - NetBase Solutions Inc.
- Oracle Corp.
- Piano Software Inc.
- Qualtrics International Inc.
- Salesforce Inc.
- SAP SE
- SAS Institute Inc.
- Sprout Social Inc.
- Vista Equity Partners Management LLC
Social Business Intelligence (BI) Industry Developments
In June 2020: In order to overcome the difficulties of returning to the workplace, IBM created Watson Works. In order to assist businesses with several areas of the return-to-work difficulty caused by lockdowns implemented to halt the spread of COVID-19, Watson Works is a curated collection of products that include Watson Al model and applications.
Social Business Intelligence (BI) Market Segmentation
Social Business Intelligence (BI) Component Outlook
- Solutions
- Services
Social Business Intelligence (BI) deployment mode Outlook
- Cloud
- On-premises
Social Business Intelligence (BI) organization size Outlook
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Social Business Intelligence (BI) Business function Outlook
- Human Resource
- Finance
- Operations
- Sales and Marketing
Social Business Intelligence (BI) Vertical Outlook
- Retail
- Manufacturing
- Government and Public Services
- Media and Entertainment
- Transportation and Logistics
- BFSI
- Telecom and IT
- Healthcare and Life Sciences
- Tourism and Hospitality
- Others (Real Estate, Education, and Energy and Uitilites)
Social Business Intelligence (BI) Regional Outlook
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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