Enterprise Social Software/Networking Market Worth $6.18 Billion By 2018
MarketsandMarkets believes that the need for increasing enterprise productivity, along with cost control measures is playing a pivotal role in shaping the future of enterprise social software. Even though the adoption of these tools is relatively slow due to closed mindsets of the top management, these solutions are expected to grow steadily and have a pervasive existence across all major verticals, owing to the growing demand of 'social connectedness' on a real-time basis. These solutions are well positioned to bring businesses closer, despite time zone barriers and organizational structures. MarketsandMarkets further expects that the integration of enterprise social software tools with the existing collaborative organizational tools and applications will further enhance the growth of enterprises, while ensuring their compliance and regulatory policies.
The global enterprise social software market is estimated to grow from $ 721.3 million in 2012 to $6.18 billion in 2018. This represents a compound annual growth rate (CAGR) of 44.9% from 2013 to 2018. In the current scenario, High Tech & Telecommunication vertical continues to be largest adopter for ESS solutions. In terms of geographies, North America is expected to be the biggest market in terms of revenue contribution, while APAC is expected to experience increased market traction in due course.
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