Social business applications market to be worth $37bn by 2019
451 Research predicts market for social business applications to grow by 22% in next five years
The market for social business applications will grow to $37bn by 2019, according to IT research and advisory company 451 Research.
The company says that the market for social media applications used by business with grow by CAGR 22%, from $13.9bn in 2014 to $37bn in 2019.
Research 451 identifies four main areas of social business applications, namely Marketing Automation, Social Media Monitoring & Management, Enterprise Collaboration/Social, and Web Experience Management.
"Business applications are finally, if still slowly, moving from silo and legacy status toward an integrated ‘demand chain' that can pull together back-end, internal, and customer-facing processes and transactions," said Alan Pelz-Sharpe, Research Director for 451 Research's Social Business Applications channel. "Applications are being built to meet the needs of increasingly dispersed workforces, and in 2015 we expect the number of players, as well as investment, to grow substantially in this market, and further outlying technologies to be drawn inward."
This forecast is based on 451 Research's new Social Business Market Monitor service, which presents data generated via a bottom-up analysis of 145 vendors that participate across four Social Business segments. Those segments include 50 Marketing Automation participants, 29 Social Media Monitoring & Management participants, 65 Enterprise Collaboration & Communication participants and 22 Web Experience Management vendors.
The 65 Enterprise Collaboration/Social vendors represent the bulk of total market revenue, followed by Marketing Automation Software and Web Experience Management. Social Media Monitoring & Management Tools represents the smallest segment in the Social Business stack.
In addition to the top-line market and subsector revenue, 451 Research examines generation by client size - SMB and large enterprise - with varying levels of end-user participation and expected growth rates across the Social Enterprise spectrum.