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Businesses use social business applications for conducting various functions of an organizations. For instance, the marketing department uses social media to market their products, and the HR department uses social media to recruit candidates and collect perceptions of employees on the company. Technavio’s market research analysts predict the global social business application market to reach a CAGR of close to 26% over the next four years.
Also, social media platforms generate enormous data regarding the consumer sentiments related to the market and their behavioural analysis. This huge data is known as big data, which on analysis, unfolds various trends and challenges of the market growth. Enterprises are increasingly investing in big data tools, and predictive tools to obtain such insights as this information helps CMOs to take informative decisions.
The market is also witnessing a huge demand for social media analytics tools that are used to gather insights from social marketing efforts and reach out to a larger customer base. Some of the popular social media open-source analytics tools are Google social analytics, SumAll, Facebook insights, and Twitter Analytics.
Digital asset management has become a significant part of social businesses, and this segment is growing at a promising rate. Digital asset management has threats as well as opportunities for the social businesses.
Deployment of digital asset management tools offer a repository of rich media content that can be used and reused. It offers its own stock photo collection, providing imagery for use in blog posts. Also, with the use of digital asset management tools, companies can track where content has been shared and where other data resides, such as metadata fields and features that allow companies to share content and track status on social media.
Other prominent vendors of this market include Attensity, Beevolve, Brandwatch, Crimson Hexagon, Expion, HearseySocial, ListenLogic, Lithium, SAS, Socialbakers, Spreadfast, Sprinklr, Sprout Social , Sysomos, Viralheat, and Webtrends.
The high cost of deploying social business software is one of the major challenges in the market. The price of social business software includes licensing cost, system design and customization, installation, and training and maintenance.
Moreover, enterprises need to train their employees on how to use the application efficiently. In addition, post-implementation, the software needs to be upgraded according to current market trends, which is one of the major growth inhibitors in terms of cost for SMEs.
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