The enterprise social networks market size has experienced rapid growth in recent years, increasing from $11.51 billion in 2023 to $13.45 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. This growth in the historic period can be attributed to factors such as increasing employee engagement, rising demand from SMEs, the surge in remote work, enhanced integration with existing tools, and the expansion of e-commerce. The enterprise social networks market is expected to see continued rapid growth, projected to reach $25.13 billion in 2028 at a CAGR of 16.9%. The anticipated growth in the forecast period can be linked to the growing importance of data analytics, increased focus on knowledge management, enhanced support for agile work environments, demand for customizable solutions, and a shift towards an employee-centric culture. Key trends expected to shape this market include the integration of AI and machine learning, enhanced security features, adoption of gamification techniques, integration of blockchain technology, and the incorporation of social learning platforms.
Major Driver In The Enterprise Social Networks Market
The growing shift towards remote working is expected to significantly propel the enterprise social networks market. Remote working allows employees to complete job tasks outside the traditional office environment, driven by the desire for flexibility, reduced overhead costs, and improved work-life balance. Enterprise social networks facilitate seamless communication, collaboration, and knowledge sharing among remote teams. According to the World Economic Forum, the number of digital jobs that can be performed remotely worldwide is projected to rise by 25% by 2030, reaching 92 million, up from 73 million in 2024. Therefore, the increasing prevalence of remote working is contributing to the expansion of the enterprise social networks market, which is projected to reach USD 8.75 billion in 2023, USD 10.23 billion in 2024, and USD 14.45 billion by 2028.
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Enterprise Social Networks Market Competitive Landscape
Major companies operating in the enterprise social networks market are Microsoft Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., SAP SE, Salesforce Inc., Zoho Corporation Pvt. Ltd., Aurea Software Inc., Alma Suite Inc., Jive Software Inc., Beekeeper Inc., Whaller Inc., Workplace Inc., LumApps Inc., Jalios SA, Happeo Inc., Igloo Software Inc., Vanilla Forums Inc., Jostle Corporation, Socialtext Inc., Talkspirit Inc., Jamespot Inc., Boonex Ltd., Axero Solutions Inc., Zyncro Tech S.L.
Key Enterprise Social Networks Market Trend
Major companies in the enterprise social networks market are developing innovative solutions, such as AI-powered networking platforms, to enhance collaboration, streamline communication, and improve overall productivity within organizations. AI-powered networking platforms in enterprise social networks utilize AI to enhance connectivity by analyzing data to match employees with relevant contacts, opportunities, and information. They facilitate more efficient collaboration and knowledge sharing by automating and personalizing networking processes. For instance, in May 2023, The Goldman Sachs Group Inc., a U.S.-based investment banking company, launched Louisa, an AI-powered social media platform tailored for corporate environments. Louisa automatically generates user profiles from company databases and uses AI to proactively connect employees who could benefit from networking based on potential deals and shared interests.
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Global Enterprise Social Networks Market Segmentation
The enterprise social networks market covered in this report is segmented –
1) By Type: Cloud Or Web Based Enterprise Social Network Platform, On Premises Enterprise Social Network Platform
2) By Enterprise Size: Small And Medium Sized Enterprises (SMEs), Large Enterprises
3) By Industry: Education, Travel And Hospitality, Media And Entertainment, Healthcare, Information Technology (IT) And Telecom, Retail, Government And Non-Profit, Other Industries
By Geography:The regions covered in the enterprise social networks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the enterprise social networks market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Enterprise Social Networks Global Market Report 2024 furnishes information about the global enterprise social networks market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
