Enterprise Social Software (ESS) Market

Global Enterprise Social Software (ESS) Market Size & Growth (2022 - 2027)

The Global Enterprise Social Software market to grow from $6.45 billion in 2020 to $12.46 billion in 2025. This represents a compound annual growth rate (CAGR) of 12.4% between 2020 and 2025.

Enterprise Social Software (ESS) refers to a layer of social media in addition to traditional collaboration tools, enabling content sharing, as well as additional features such as document sharing, wikis, microblogs, shared spaces and communities, among other business applications. These solutions provide businesses with a number of benefits, including greater transparency, better communication of business ideas and information, flexibility and performance, and simplified operations. The growing need for professional networking among employees, partners, distributors, suppliers and other players in the business value chain has led to the increasing use of the products in the Enterprise Social Software market in desktop computers, laptops and mobile personal devices. While companies around the world hope to incorporate enterprise social software into their current work scenarios, ESS vendors hope to gain a better competitive advantage in the emerging market by creating new technological features that facilitate their faster adoption. Enterprise social solutions are gaining momentum in today's business ecosystem. These solutions are positioned as flexible and easy-to-use tools that aim to improve the business value of companies in all regions. Social enterprise systems and solutions offer several advantages beyond simple connectivity and social media.

Enterprise social solutions combine traditional collaboration suites with a must-have social layer that spans most geographies and verticals. The solution provides a social platform for evolving businesses, while ensuring flexibility in terms of scope, implementation and administration. While the social concept of business began with an emphasis on social sharing between employees within a company, the solution offerings have already extended beyond the company to reach the ecosystem, allowing a social link with distribution partners, distributors and customers. While the benchmarking of social enterprise solutions remains an ambiguity among organizations, companies are increasingly accepting the hidden benefits of these solutions. Global adoption trends and a prominent ubiquity in most verticals are clear indications of positive growth, as early adopters are already evangelizing the various benefits of this social suite.

Recent Developments 

• In November 2020, JSM announces the release of version 20.06 of the JSM Pension Administration System with enhanced functionality that automates the calculation of different types of government pension benefits. Appointed employees in the pensionable facility, monthly pension payment process and pension invoice generation, bank transfer letter and various reports.
• In October 2020, JSMTPL (JSM Technologies P Ltd), one of the leading digital human resources and payroll technology companies, introduced JSM HRIS software version 20.05 which offers powerful new features for HRMS calculation. JSM HRIS Ver 20.05 software brings together various components of HR and payroll process automation, integrating tools and technologies that amplify the ability to automate daily HR work and is key to scaling up sophisticated automation across the business with speed and efficiency.
• In May 2020, JSM Technologies announces the release of version 19.12 of the JSM training management software with powerful enhancements and new features, covering training workflows from start to finish, bulk import from Excel facilities for all types of training data, notifications to all interested parties in all training events and workflows and advanced and powerful reports. JSM Training Management Software is 19-year advanced training software for managing and tracking employee training data and is a more comprehensive HRMS software module - JSM HRIS software.
• In October 2020, LDRA, in collaboration with industry partners and associations, today announced the launch of the sixth edition of the Embedded Safety & Security Summit (ESSS) 2020 to be held on July 28, 2020 in Bengaluru, India.
• In May 2019, Samsung SDI launched its new high-density electrical energy (ESS) storage products in Europe, the company said. The South Korean component maker showcased various products at ESS Europe 2019 in Munich, Germany, and presented offerings for home and industrial use. The flagship offering among them is the ESS product, E3, which the company claims has 20% higher energy density than its predecessors. The higher density will allow customers to save space, according to the Korean tech giant. The E3 is intended for new power plants, such as those dealing with solar and wind power, where power production can fluctuate considerably. ESS will allow these factories to store electricity when production is high and use it later, Samsung SDI said.

Market Drivers

The emergence of social media, the introduction of BYOD (bring your own devices), and employee demand are some of the major drivers of the global enterprise social software (ESS) market. The growing adoption of social software by entrepreneurs to reduce communication costs, increase workforce productivity, and shed light on innovative ideas and ideas has also fueled the demand of the global market. Constant software development and increasing demand from end user segment has driven the growth of the global enterprise social software (ESS) market.

The developments in social media are expected to drive the enterprise social software market during the forecast period. In addition, the increased need for business networking between employees, retailers, wholesalers and distributors is also estimated to drive the market. The need to increase business productivity, along with cost control measures, play a critical role in shaping the future of the enterprise social software market. Although adoption of these tools is relatively slow due to management's close-mindedness, these solutions are expected to grow steadily and have a ubiquitous existence in all major verticals, due to the growing demand for 'connectivity social '', in real time. These solutions are well placed to bring businesses together, despite time constraints and organizational structures.

Restraints

However, the high cost of the initial setup phase and the lack of integration of tools and uncertain methodology are some of the factors limiting the global enterprise social software market. Also, the lack of knowledge among enterprises about ESS is likely to hinder the expansion of the market.

COVID–19 Impact on Enterprise Social Software (ESS) Market

Coronavirus has become a global emergency with death, economic and trade devastation, affecting the healthcare system, economy, businesses, social movements, employees and employment opportunities. Restrictions imposed by global governments to contain the spread of COVID 19, including stay at home, quarantine, social distancing and limiting social movements, all of these steps translate into lower supply and demand.

GLOBAL ENTERPRISE SOCIAL SOFTWARE (ESS) MARKET REPORT COVERAGE:

Market Segmentation

Global Enterprise Social Software (ESS) Market - By Deployment:

• Cloud
• Hybrid
• On-Premises

Among these, the cloud deployment is expected to be the fastest growing segment in the global ESS market. Enterprise solutions blend conventional cooperative sets with the necessary social layer that is present in most geographic regions and diagonal segments. The solution provides a social network for business development, ensuring flexibility in scope, operation and establishment.

Global Enterprise Social Software (ESS) Market - By Organization Size:

• Small and Medium Enterprises
• Large Enterprises

Among these, the SME segment is expected to be the fastest growing segment in the global EHS market.

Global Enterprise Social Software (ESS) Market - By Vertical:

• Education and Government
• Banking, Financial Services, and Insurance (BFSI)
• Healthcare and Life Sciences
• Retail
• IT & Telecommunications
• Others

Regional Analysis

North America is estimated to experience strong growth over the foreseen period. Huge acquisition trends and even an influential prevalence in many verticals are clear indications of a positive development in the social software industry, as early adopters are now evangelizing the multiple benefits of such a social suite.

The Asia-Pacific region is determined to experience strong market growth during the forecast period. In the Asia-Pacific region, not only are business solutions supposed to go beyond initial optimism but are also seen as a wonderful solution to improve brand value through smoother messaging and optimized connectivity all agencies. Europe is foreseen to dominate the global enterprise social software market during the projected period, mainly due to the high brand awareness of SMEs, increased R&D activities and highly profitable business strategies.

Key Players

Some of the key players leading the global enterprise social software (ESS) market include OpenText Corp, Broadvision, Google Inc, Salesforce, Cisco, Tibco Software, Autodesk, Jive Software, IBM, Atos, and Microsoft.  Other key players comprise Lithium, Socialtext, Mzinga, and Sitrion.