Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSSeptember 28, 2021: eXo Platform SAS, the digital workplace provider, announced the launch of its latest release eXo Platform 6.2 for general use.
March 08, 2019: Speakap to provide targeted & transparent employee communications platform in Europe, for retail, hospitality, automotive and construction sectors
The global social intranet software market is estimated to grow at a CAGR of ~20% over the forecast period, i.e., 2022 – 2031. Social intranet is an internal communication platform, which is prominently used in workplace for collaboration and files sharing. The growth of the market can be attributed to the increasing demand for social intranet software in offices to maintain good communication, and avoid data breach or hacking by external sources. Along with this, this software has features to support remote workforce, which is further estimated to boost the market growth. Moreover, increasing penetration of cloud-computing technology, and IoT, combined with rising social connectivity are projected to encourage the market growth. For instance, it was observed that cloud computing generated a revenue of more than USD 290 billion in 2020. In addition to this, the increasing cases of data theft, hacking, and privacy breaches in commercial spaces, are estimated to fuel the market growth.
Furthermore, the increasing penetration of internet, and the rising demand for efficient communication platform for employees to enhance productivity, are also anticipated to surge the adoption of social intranet software. According to the data by the World Bank, in 2019, 56.727% of the total global population has access to internet. CLICK TO DOWNLOAD SAMPLE REPORT
The market is bifurcated by end-user into commercial, and non-commercial, out of which, the commercial segment is anticipated to hold the largest share in the global social intranet software market over the forecast period on account of high demand for intranet platform in offices for safe and smooth communication. Based on application, the market is segmented into BFSI, retail & e-commerce, telecom, healthcare, media & entertainment, and others. Out of these, the telecom segment is estimated to gain significant growth during the forecast period owing to the rising adoption of advanced technologies and software in the telecom sector, along with the higher acceptance of cloud computing technology.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global social intranet software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing service sector, and increasing employment rate in developing countries, such as, India, China, Japan, and Singapore. Moreover, high investment by multi-national companies in the APAC region, backed by the cheap labor, is bound to create growth opportunities for the market.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period, owing to increasing adoption of advanced technologies, along with rising remote working conditions. Moreover, increasing expenditure in the IT sector, which is further anticipated to boost the regional market growth. The government IT expenditure in the U.S. crossed USD 86 billion in 2019, which is projected to reach around USD 92 billion by the end of 2021.
The global social intranet software market is further classified on the basis of region as follows:
Our in-depth analysis of the global social intranet software market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing need for safe communication platform in offices is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2022 – 2031.
High maintenance and lack of awareness regarding social intranet are estimated to hamper the market growth.
The market in the North America region is estimated to provide most business opportunities over the forecast period, owing to the increasing demand for social connectivity in workplace.
The major players in the market are TFW Labs, Inc., Colibo A/S, HyperOffice, eXo Platform SAS, Creative Social Intranet, Speakap B.V., Informa PLC, SharePoint Inc., Collab Hub LLC., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The telecom segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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