Social business intelligence is a new age technology that allows data sharing in a systematic and efficient manner. Some of the social business intelligence tools are specifically designed to analyse, assess and create business reports on the basis of real-time end use cloud computing data. Such business reports help companies in understanding customer behaviour and expectations. In general, using social business intelligence, product managers can typically obtain a calculated market data through various social media analytics. Per the latest data released by Future Market Insights (FMI), the global market for social business intelligence is expected to reach a valuation of around US$ 29 Billion over 2026.
Modern businesses are rapidly adopting latest analytical data generation technologies and management systems to stay at par in the market. Which is why the application of social business analysis tools is likely to increase in the near future. Meanwhile, the robust popularity of social media worldwide is necessitating more efficient business management systems capable of handling big data. At present, a majority of enterprises require big data management solutions to store and archive bulks of unsegregated data. Therefore, developers are actively focusing on introducing systems that are capable of managing big data and massive amounts of unstructured data generated from social media, enterprise IT systems and CRM conversations. Further, such big data management systems help users to store, analyse and efficiently manage data coming from multiple sources. In 2014, oracle introduced a business intelligence cloud service that can assists organisations in making speedy and more calculative decisions by lowering barriers. Moreover, such solutions are cost-effective, user-friendly and enable comprehensive information access.
On the flipside, security remains a major concern for developers. Susceptibility to cyber threats is limiting the use of social business intelligence solution and services. Increasing occurrence of cyber hacks and illegal security impeachments continue to deter the overall growth of the social business intelligence market. Nevertheless, arrival advanced cloud-based social business analytic tools is facilitating enterprises in shifting their workloads from on-premise to cloud systems.
In the forthcoming years, analytic frameworks such as the MapReduce is anticipated to turn open-source software framework systems into general-purpose data management systems. These systems are already being used in the processing of big data and distributed storage. For instance, Hadoop a popular open-source software framework systems have the capabilities of handling various types of workloads including graph and numeric data structure. It is likely that increasing adoption of such open-source software framework systems will benefit the social business intelligence market in the long run.
FMI’s report on the global social business intelligence reveals that the BSFI sector will have extensive applications of business intelligence tools over the next couple of years. Meanwhile, the IT and telecommunication sector is expected to account for around US$ 3 Billion of the overall market value in 2017. Amongst regions, North America will remain as a key market for social business intelligence. Growing popularity of wearable devices that allow monitoring of various bodily data and assist people in marinating healthier lifestyle in the US and Canada is projected to further expand the application base of social business intelligence services in the region.
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