Social Business Intelligence (BI) Market Growth by 2031
The social business intelligence (BI) market size is projected to reach US$ 45.73 billion by 2031 from US$ 25.78 billion in 2023. The market is expected to register a CAGR of 7.4% during 2023–2031. The development of mobile platforms and increasing demand for end-to-end real-time data analysis are likely to remain key trends in the market.
Social Business Intelligence (BI) Market Analysis
The social business intelligence (BI) market has witnessed significant growth in recent years, driven by technological advancements, increasing need for data-driven decision-making, proliferation of social media usage, and growing focus on digital transformation. The growing need for cloud-based solutions is providing lucrative growth opportunities for the market. Furthermore, growing technological developments such as artificial intelligence (AI) and big data analytics are emerging as opportunities for market growth.
Social Business Intelligence (BI) Market Overview
Social business intelligence refers to the study of information from social media platforms like Facebook, LinkedIn, and Twitter. It is the process of creating reports and building dashboards that visualize social media analytics. To assist businesses in making better data-driven decisions, social BI is frequently combined with standard reporting and BI techniques. Social BI solutions assist users in gaining a better understanding of consumer preferences for products and services of an organization. These tools also assist users in identifying trends and pinpointing the significant changes at times. Social BI tools also help to monitor competitor activities. Businesses utilize social intelligence to gain insight into the thoughts and actions of their customers. Social BI tools provide various features such as:
Custom reports and dashboards: Social BI tools allow custom options, which means users can add what is meaningful to their organization and can eliminate the elements that make no sense for business decisions. Real-time monitoring: Social business intelligence tools gather data for certain periods and allow users to assess patterns and identify trends.
Benchmarks or scorecards for social business intelligence: Social business intelligence tools offer benchmarks so users can get a better understanding of their organization's performance and also provide industry scorecards to help performance measures.
Every aspect of today's modern life involves sharing and social interaction. As social media platform usage increases, the demand for social intelligence will take a broader role in the coming years.
Strategic Insights
Social Business Intelligence (BI) Market Drivers and Opportunities
The proliferation of Social Media Usage to Favor Market
With strong internet connectivity and the huge adoption of smartphones, social media usage has become one of the most popular online activities these days. Social media usage is an integral part of daily internet usage amongst users. According to the Datareportal April 2023, more than half of the world, i.e., 60%, uses social media. 4.80 billion people worldwide use social media, and 150 million new users have come online within the last 12 months. According to Target Internet, the top three social networks are Facebook, YouTube, and WhatsApp in terms of user counts. Facebook has over 65.86% of its monthly users logging in to social media daily. Between 2020 and 2022, TikTok, Instagram, Snapchat, Pinterest, and Twitter are the networks with the highest growth rates. However, TikTok is now banned in many countries. From 2020 to 2022, Instagram also grew massively, adding 478 million users. Further, according to a report by Sprout Social, 53% of consumers reported higher social media usage over the last 2020 to 2022. Sprout Social's report highlights that 68% of consumers primarily use social media platforms to stay informed about new products and services.
With consumers spending more time on social media, marketers are leveraging the opportunities to engage consumers with their brands and to gain meaningful insights from social media with the help of social business intelligence (BI) tools. People are sharing their genuine preferences and ideas on social media, which is opening up huge opportunities for businesses to increase sales, reduce marketing expenses, and engage with customers directly. A firm can glean an infinite quantity of important insights and information from social media data. Thus, the huge proliferation of social media usage drives the market growth.
Rising Adoption of Real-time Data Analytics Tools Among Businesses
Real-time data analytics is a process that allows businesses to collect, measure, prepare, evaluate, and use fresh data as soon as the system receives it. This supports businesses to make quick decisions based on the latest information. For instance, StarTree Inc. offers StarTree Cloud system, a cloud-based real-time analytics platform that has new observability and anomaly detection capabilities. The company also provides a new write API along with the StarTree Cloud system that enables real-time data synchronization for ELT data pipelines. The rising adoption of real-time data analytics tools increases the demand for social business intelligence tools to immediately adapt to changing situations and make data-driven decisions. Hence, the demand for social business intelligence in the BFSI, healthcare, IT & telecommunication, e-commerce, and other industries contributes to the social business intelligence (BI) market growth.
Social Business Intelligence (BI) Market Report Segmentation Analysis
Key segments that contributed to the derivation of the social business intelligence (BI) market analysis are component, deployment type, and industry vertical.
- Based on component, the social business intelligence (BI) market is divided into solution and services. The solution segment is anticipated to expand during the forecast period.
- On the basis of deployment type, the social business intelligence (BI) market is divided into on-premise and cloud. The cloud segment is anticipated to expand during the forecast period.
- In terms of industry vertical, the social business intelligence (BI) market is segmented into BFSI, media and entertainment, IT and telecommunication, healthcare and life science, retail and e-commerce, and others. The BFSI segment held a larger market share in 2023.
Social Business Intelligence (BI) Market Share Analysis by Geography
The geographic scope of the social business intelligence (BI) market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds one of the largest global social business intelligence (BI) market shares. High technology adoption trends in various industries in the North American region have fueled the growth of the social business intelligence (BI) market. Factors such as increased adoption of social media platforms and high technological spending by government agencies are expected to drive the North American social business intelligence (BI) market growth. In addition, the US has a large number of social business intelligence (BI) market players, such as IBM, Oracle, and Microsoft, among others, who have been increasingly focusing on developing innovative solutions. Moreover, the number of social media users is increasing year after year in North American countries such as the US, Canada, and Mexico. Nearly 74.2% of adults use Facebook, and 60.5% of adults use Instagram in the US. Furthermore, according to Kepios, there were 311.3 million internet users and 246.0 million social media users in the US as of January 2023. The number of social media users in the US in January 2023 was equivalent to 72.5% of the total population. All such factors contribute to the growth of the user-generated content platform market.
Social Business Intelligence (BI) Market Report Scope
Social Business Intelligence (BI) Market News and Recent Developments
The social business intelligence (BI) market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the social business intelligence (BI) market are listed below:
- In June 2023, Cloud analytics firm ThoughtSpot announced its agreement to acquire business intelligence (BI) platform Mode Analytics in a cash and equity transaction valued at US$200 million. This partnership aimed to empower data teams worldwide to transform business intelligence using generative Al by combining their respective technologies to offer a comprehensive suite of analytical tools. (Source: ThoughtSpot, Company Website, June 2022)
- In May 2023, Gong announced the launch of Gong Insights, powered by Snowflake. This new solution autonomously brings insights captured on the Gong Revenue Intelligence Platform to a company's existing business intelligence (BI) tool. This new offering will allow business leaders to make informed business decisions by leveraging Gong's rich data set alongside the rest of their critical business insights. (Source: Gong, Company Website, May 2023)
- In November 2022, IBM Corp announced new software- IBM Business Analytics Enterprise, which is designed to help enterprises break down data and analytics silos so they can make data-driven decisions quickly and navigate unpredictable disruptions. IBM Business Analytics Enterprise is a suite of business intelligence planning, budgeting, reporting, forecasting, and dashboard capabilities. It provides users with a robust view of data sources across their entire business. (Source: IBM Corp, Company Website, November 2022)
Social Business Intelligence (BI) Market Report Coverage and Deliverables
The “Social Business Intelligence (BI) Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Social business intelligence (BI) market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Social business intelligence (BI) market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Social business intelligence (BI) market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the social business intelligence (BI) market
- Detailed company profiles
Social Business Intelligence (BI) Market Report Analysis
-
CAGR (2023 - 2031)7.4% -
Market Size 2023
US$ 25.78 Billion -
Market Size 2031
US$ 45.73 Billion
Report Coverage
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industry landscape and competition analysis & recent developments
- Detailed company profiles
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
Key Players
- IBM Corporation
- SAP SE
- SAS Institute Inc.
- Tableau Software, Inc.
- Qlik Technologies, Inc.
- Microsoft Corporation
- Alteryx Inc.
- MicroStrategy, Inc.
- TIBCO Software, Inc.
- Exasol AG
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
By Component
- Solution and Services
By Deployment Type
- On-Premise and Cloud
By Industry Vertical
- BFSI
- Media and Entertainment
- IT and Telecommunication
- Healthcare and Life Science
- Retail and E-commerce
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Social Business Intelligence (BI) Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 25.78 Billion |
| Market Size by 2031 | US$ 45.73 Billion |
| Global CAGR (2023 - 2031) | 7.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment Type, Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global social business intelligence (BI) market is estimated to register a CAGR of 7.4% during the forecast period 2023–2031.
The proliferation of social media usage and expanding e-commerce and BFSI industries are the major factors that propel the global social business intelligence (BI) market.
The development of mobile platforms and increasing demand for end-to-end real-time data analysis to play a significant role in the global social business intelligence (BI) market in the coming years.
The key players holding majority shares in the global social business intelligence (BI) market are IBM Corporation, SAP SE, SAS Institute Inc., Tableau Software, Inc., Qlik Technologies, Inc., Microsoft Corporation, Alteryx Inc., MicroStrategy, Inc., Logi Analytics, Inc., and TIBCO Software, Inc.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
Get Free Sample For