In the Financial Year 2019, the social business software market is expected to reach annual revenue of $37 billion. The renowned news forecast agencies and market strategy firms project a 22 per cent compound annual growth for social media management, marketing automation and related software vendors. Their revenue is expected to grow from $13.9 billion in 2018 to $37 billion in 2019.
According to a recent study conducted by 451 Research, four specific market software segments: Social Media Monitoring & Management, Marketing Automation, Enterprise Collaboration/Social and Web Experience Management social business software market is going to experience significant revenue growth in 2018. The company sourced this data from 145 vendors across all the four categories listed above. 65 participants of the Enterprise Collaboration/Social group took a crucial role in this finding.
There were 50 Marketing Automation participants, 50 Enterprise Collaboration participants, 22 Web Experience Management vendors and 29 Social Media Monitoring & Management participants.
During a recent press release, Alan Pelz-Sharpe, director, 451 Research suggested, “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.” He further added, “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.”
451 Research is a leading research and consultancy based agency in the information technology sector. The company has it’s headquarter in New York and other principal offices in London, Boston, Washington DC, and San Francisco. Currently, the firm has over 250 employees, 100 industry analysts and around 1000 clients. This company helps in providing qualitative and quantitative research encompassing thirteen research channels. According to Institute of Analyst Relations’ survey, 451 Research is listed as the one having the fourth highest relevance ratings.