The social business applications market will increase by more than 2.5 times in size between 2014 and 2019, according to a new market sizing and forecasting study from 451 Research. It claimed the market will grow from $US13.9 billion in revenue in 2014 to $US37 billion in 2019.
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 and management participants, 65 enterprise collaboration and communication participants and 22 Web experience management vendors.
451 Research social business applications research director, Alan Pelz-Sharpe, said as a result of end users and enterprises continuing to embrace the social business movement, there will be a Compound Annual Growth Rate (CAGR) of 22 per cent between 2014 and 2019.
“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.”
“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,” he added.