A new report from 451 Research indicates increasing spending on marketing automation and enterprise collaboration/social has the global social business applications market set to more than double by the end of 2019.
The forecast calls for the social business applications market to grow from US$13.9 billion in 2014 to more than US$37 billion in 2019. Included in the forecast are the marketing automation, social, media monitoring and management, enterprise collaboration/social and web experience management markets. With end users poised to embrace these solutions, 451 Research is forecasting a five-year compound annual growth rate of 22 per cent.
“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,” said Alan Pelz-Sharpe, research director for 451 Research’s social business applications channel, in a statement. “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.”
This forecast is based on a bottom-up analysis of 145 vendors across four social business segments. The data shows enterprise collaboration/social vendors will represent the bulk of total market revenue, followed by marketing automation software and web experience management. Social media monitoring and management tools is the smallest segment.
