Enterprises have been leveraging business intelligence to optimize their business decision making process. Business intelligence has been affected by the growing use of social media, where enterprises are utilizing information retrieved from social media and correlating it with the existing consumer data. Whenever a query regarding a business decision needs to be addressed, the business intelligence team builds a data warehouse, with rows and columns of data.
This rigid structure can’t be modified once created, and in order to add new insights a new structure needs to be built. This is a time consuming process and limits agility in business environment.
Social business intelligence tools work with an objective to reduce the drawbacks faced by the traditional business intelligence tools.
Social Business Intelligence Market: Driver and Restraints
Business intelligence is used to analyse data to help organizations understand its weaknesses and identify opportunities and threats.
The time taken to arrive at an insight can be reduced with the help of rapid insights provided using big data and other social business intelligence tools. Moreover, as social business intelligence tools work with unstructured data, the limitations of traditional structured data warehouse are also eliminated.
Along with these factors, the reduced costs involved and low technical and analytical skills are other factors driving the growth of the social business intelligence market. Enterprises offering social business intelligence services are shifting to cloud to offer improved services to its clients.
Major hindering factors for social business intelligence market are security and privacy issues arising from cloud based offerings.
Social Business Intelligence Market: Segmentation
Social business intelligence market can be segmented on the basis of type of analytics, deployment type, devices supported, end users, and region. The types of analytics under social business intelligence market are text analytics, sentiment analytics, predictive analytics and others.
Social business intelligence services are available on-premise and on cloud. On the basis of devices supported, the social business intelligence market can be segmented into mobile devices, personal computers and others.
The end users for social business intelligence market are SMEs and large enterprises. Regionally social business intelligence market can be segmented into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
Social Business Intelligence Market: Regional Outlook
North America dominates the social business intelligence market owing to the popularity of social media in this region and fast adoption of advanced technologies. Western Europe is also one of the leaders in this market.
Regions such as Asia Pacific, Japan, Eastern Europe and Latin America are emerging markets. Middle East and Africa is expected to see a moderate growth rate for this market, because of the fact that social media platforms are not as popular in this region.
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Social Business Intelligence Market: Competition Landscape
The key players involved in social business intelligence market are Oracle Corporation, IBM Corporation, Microsoft Corporation, SAP SE, SAS Institute Inc., Adobe Systems Software Ireland Ltd., Beevolve Inc., Clarabridge and Crimson Hexagon. With social media platforms becoming popular, more enterprises are shifting to social business intelligence services.
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