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Social Business Intelligence Market: BFSI Segment Expected to Emerge the Undisputed Leader by Vertical Throughout the Forecast Period
Social business intelligence refers to the management technique that merges groups to share data effectively in order to improve overall efficiency of operational processes. It offers better opportunities to employees for recognising customer demand through open management of product and resources. Social business intelligence also aids in improving various aspects of analysis, social media and analytics.
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Revenue generated from the deployment of social business intelligence solutions worldwide is estimated to be nearly US$ 17 Bn in 2017, and is projected to reach a market valuation of nearly US$ 29 Bn by 2026, reflecting a CAGR of 6% over the forecast period (2016-2026).
Increasing adoption of cloud-based technologies and growing usage of social media are the major drivers boosting revenue growth of the global social business intelligence market
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Growing usage of social media is driving the demand for big data globally
Presently, most of the private organisations are adopting big data solutions to capture and store large amounts of unstructured data. Big data supports in managing unstructured data fully or partially from enterprise IT systems, CRM conversations and social media. Big data offers hadoop solutions, which enable users to manage, store and analyse data across numerous resources efficiently. For instance, in September 2014, Oracle launched business intelligence cloud service which aids to improve speed and decision making across organisations by lowering barriers. Moreover, big data solutions also offer secure, comprehensive information access with simplicity and cost effectiveness.
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Security vulnerabilities is a big challenge hampering revenue growth of the global social business intelligence market
In social business intelligence systems, one of the main challenges faced by organisations while adopting cloud services is data security. With an increase in the demand for cloud-based services, most of the organisations are shifting their workloads to the cloud from on-premise systems. Security breaches and privacy concerns pertaining to sensitive data are big challenges faced by vendors offering cloud-based solutions.
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Positive outlook of BI towards Hadoop can be a good growth opportunity for players in the global social business intelligence market
Installation of new enterprise data operating systems over SQL servers would have a positive impact on the global social business intelligence market. Distributed analytic framework such as MapReduce will gradually turn Hadoop into a general-purpose data operating system. Hadoop offers adequate performance with optimal costs and also handles different kind of workloads such as steam processing and graph analytics. This, in turn, is likely to drive the demand for Hadoop implementation in social business intelligence and will boost the market in the long run.
Global Social Business Intelligence Market Attractiveness, By Vertical, 20162026
In terms of value, BFSI segment is projected to be the most attractive segment in the global social business intelligence market during the forecast period. However, the travel and tourism segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, the travel and tourism segment is expected to register a CAGR of 7.5% during the forecast period. In 2017, the IT and telecommunication segment is estimated to be valued at nearly US$ 3 Bn and is expected to witness steady growth in terms of revenue throughout the forecast period.
Wearable devices gaining popularity in the North America social business intelligence market
The growth of the IoT is adding to the vast pool of data with everything from television, cars, smart watches and other devices producing data that may or may not hold valuable insights for the business. Providers of enterprise application software such as Qlik Technologies, along with established players such as Oracle Corporation, IBM Corporation and others are among the main beneficiaries. Health monitoring is gaining traction among the population in North America. Devices that can monitor various bodily data from heart health to sleep patterns and suggest lifestyle adjustments is gaining penetration among the population of North America. In October 2015 for instance, IBM Corporation redesigned its flagship BI solution with built-in accelerated modelling and reporting. Global BI solution vendors are investing in structured R&D initiatives to utilise wearable technology in business. The big game plan is to take big data to a whole new level.
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