The actual functionalities of social business intelligence predominately resemble that of other business intelligence types. The basic objective remains to elucidate the key performance indicators and analyzing the overall performance with the help of an array of tools for reporting, visualizations, dashboards, and others. However, despite the tools remaining the same, technologies for business intelligence and analytics have greatly evolved. Before the advent of social media, retrieving information from focus groups and surveys was the only way of creating buyer personas. However, the immense popularity of social media has made it easier for business organizations to analyze and expand their consumer base. Social business intelligence plays a vital role in this context as it analyses the naturally emerging trends. It provides companies important information such as search habits, customer demographics, and social behavior among others.

Social business intelligence solutions are drastically reducing the time to insights and analyzing unstructured data. In the case of business intelligence, the entire process is time-consuming and relies on Information Technology. Whereas, social business intelligence involves a shorter time period to insights as it benefits from the instantaneous nature of Big Data. Moreover, social business intelligence facilitates sentiment analysis by capturing and monitoring rapidly generated Big Data. Other benefits of social business intelligence over conventional business intelligence include no-hassle documentation, gaining trusted followers, spying on the competition, understanding customer demographics, and advertising more accurately. Unlike conventional business intelligence, the majority of the analyzed data is unstructured.

One of the primary factors driving social business intelligence market growth is the growing usage of social media worldwide. With the increasing penetration of mobile devices, social media has emerged to be an important platform where users express their opinions about a particular product or service. Moreover, this forms an important medium for understanding the view/preferences of customers about a product or service. Social media, thus, acts as an important medium for creating a positive brand image. Considering the importance of social media, it becomes immensely important to form an understanding and conduct an in-depth analysis of the data generated via social media. This may include images, GIFs, videos, tweets, and personal metrics among others. Organizations are therefore adopting social business intelligence considering the significant impact it can have over a business.

Despite its numerous benefits, data security remains a prime concern for the social business intelligence market. Privacy and security are of paramount importance for government and banking institutions. As social media data is mostly stored over the cloud, ensuring reliable and effective data security becomes imperative. Reluctance towards adopting new technology is another important factor in limiting the market growth. 

Some of the major players profiled in the report are SAP SE, Oracle Corporation, IBM Corporation, Attensity Group, Inc., SAS Institute, Inc., Adobe Systems, Inc., Microsoft Corporation, Crimson Hexagon, Inc., Google, Inc., NetBase Solutions, Inc., evolve24, LLC, Kapow Software, Inc., Lithium Technologies, Inc., Salesforce.com, Inc., Sysomos, Inc., and Cision AB among others.

In 2021, the social business intelligence market worldwide market was led by the BFSI segment. The BFSI sector is complex and sophisticated in nature, requiring a consistent need for business intelligence. Moreover, as these industries generate mountains of data, they are subject to significant regulations. In an environment where change is more rapid than ever before, it becomes immensely important for BFSI organizations to find proper and efficient ways to attract and retain clients. Social business intelligence can dramatically impact the way banks market their products and services. Moreover, it also has an impact on how banks conduct risk management, business forecasting, product & service design, customer education, and competitive analysis. With the growing use of social media where customers are increasingly expressing their opinions on financial matters, it becomes vital on the part of BFSI organizations to incorporate social business intelligence. Considering these factors, the BFSI segment is expected to maintain its dominant position throughout the forecast period.

The travel, tourism, and hospitality segment is expected to witness the highest growth rate during the forecast period. Social business intelligence enables organizations to understand the current trends in travel, factors influencing travel decisions, future outlook, travel plans, accommodation, and several other related preferences. Social media platforms are important influencers for the travel, tourism, and hospitality industry. Moreover, social media acts as an important platform for travelers to share their experiences. Therefore, social business intelligence is expected to witness dramatic growth in the travel, tourism, and hospitality industry in the years to come.

North America, being the early adopter of social business intelligence, dominated the global market in 2021. The adoption of social business intelligence in verticals such as telecommunications and Banking, Financial Services, and Insurance (BFSI) has been high in recent years. Moreover, high penetration of social media in the region has influenced the social business intelligence market growth positively, over the period of time. The U.S., in particular, ranks 1st and 2nd in terms of the number of Twitter and Facebook users respectively, thus creating a favorable market for the social business intelligence solutions to further flourish.

The Asia Pacific is expected to witness the fastest growth during the forecast period. The rising penetration of social media coupled with the high regional population using social networking sites is one of the most prominent factors aiding the social business intelligence market growth here.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Social Business Intelligence market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Social Business Intelligence market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Social Business Intelligence market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Social Business Intelligence market?
• Which is the largest regional market for Social Business Intelligence market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Social Business Intelligence market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Social Business Intelligence market worldwide?