According to a new market research report published by Credence Research “Social Business Intelligence Market (Deployment Type – On-premise and Cloud-based; Organization Type – Small Enterprise, Medium Enterprise and Large Enterprise); Industry Vertical – Healthcare, Retail, BFSI, Government and Public Sector, IT & Telecommunication, Media & Entertainment and Travel, Tourism & Hospitality) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global social business intelligence market is estimated to grow at a CAGR of 17.8% between 2018 & 2026.
The emergence of social business intelligence has been one of the most prominent trends witnessed in the area of business intelligence. It takes into account social media analytics and then presents results in a simple and easily consumable manner for further action. Certain dramatic changes taking place both in the businesses and data landscapes have transformed the ways of communication between businesses and their customers. The ubiquity and immediacy of social media have spurred the need for sophisticated social business intelligence. There has been an ever growing consumer base that benefits from the insights provided by social business intelligence. Social media has a considerable impact over business intelligence. Social media contributes to a vast and readily accessible form of Big Data which further requires analytics in order to provide qualitative and quantifiable analysis of sentiment data.
Growing usage of social media is one of the most prominent factors driving the social business intelligence market growth. Social media websites such as Facebook, Instagram, Twitter, LinkedIn, Snapchat and several others have gained immense popularity with millions of users generating their own data. With increasing subscribers on social media, data generated by social media has been on the rise. This has further led to rise in number of potential customers and customers interacting with each other and businesses through such media.
Social media may include any form of videos, tweets, images, GIFs, micro-videos (Vines), and personal metrics. Thus, growing advent of social media has created a market ripe for data mining, thereby influencing the social business intelligence market growth positively. Moreover, social business intelligence monitors and captures rapidly developed Big Data in order to provide sentiment analysis. This analysis is further useful in creating brand recognition & image maintenance, determining product/service influencers, advertising and marketing campaign customization.
Browse the full report at http://www.credenceresearch.com/report/social-business-intelligence-market
However, security vulnerabilities is one of the major factors limiting the social business intelligence market growth. A major concern associated with cloud–based services is data security. With most of the organizations preferring to shift their workloads to the cloud, privacy concerns and security breaches pertaining to sensitive data has become more viable.