The Adoption Rate of Enterprise Social Network Hikes During COIVD-19, Buoyed by Remote Working Culture, Says PMR

The COVID-19 pandemic has marked its impact across all the sectors including media supply, consumption, and advertising.

The COVID-19 pandemic has marked its impact across all the sectors including media supply, consumption, and advertising. This pandemic has a significant effect on the social media strategy and performance of different brands. The market dynamics of social networking has changed. While the demand for paid ads has declined on platforms such as Facebook, organic content is gaining rapid traction in the market. The practice of social distancing has enhanced the overall time spent online and is generating ample opportunities for smart marketers. Creative content is garnering attention and an audience like never before with the rise in the number of consumers spending time online. 

With a surge in the remote working culture, there is a substantial rise in the adoption of enterprise social networks and enterprise communities. Demand for tools and platforms such as Google plus and office 365 that enable seamless connectivity with employees has increased in different enterprises. Organizations are focused on collaboration tools including VPNs and videoconferencing tools that offer apt remote working policies and can be used in the long run. Organizations are using enterprise communities to maintain the flow of critical business content and collaboration processes. 

Enterprise Networks Offer Scalability

To minimize business disruptions owing to deferred decisions and delayed actions, organizations are entering digital workspace that includes social networks. It enables a flexible work environment that can easily scale and adapt to business needs on local and global levels. Escalating demand for these workspaces is driving the growth of enterprise social networks. The market for these social media platforms is getting intense every day with the entry of small and medium-sized enterprises. With no alternate option, the enterprise sector at all the levels is adopting social networks to maintain the continuity of their businesses.

The growing need for a flexible and intelligent customer management system for managing social media presence arises the demand for monitoring the social media engagement across different platforms. Data science for social media is playing a dual role in the existing scenario i.e. providing traffic assessment to different organizations and helping the health authorities in tracking the spread of the corona virus. In the context of enterprises, huge demand is arising for a content analytics tool. Different social media monitoring service providers and organizations are using these tools to stay ahead in the market with new offerings. For instance, CrowdTangle, the social media monitoring tool has launched a new search feature that helps in tracking the latest web trends, to attract journalists and student populations. This feature is gaining rapid traction in the market as a potent tool in finding latest market updates and statistics. 

Improved Decision Making Boosts Demand For Business Intelligence Tools

Social business intelligence has emerged as a key component in optimizing decision business making during the COVID-19 crisis. Enterprises and companies are installing business intelligence software to help SMEs and other sectors to take quick and better decisions in this pandemic situation. The capability to assess the rapidly changing risks and opportunities is driving the adoption rate of this software. Service providers of business intelligence software are adopting cloud to facilitate a larger segment of enterprises. Cloud business intelligence such as Microsoft Azure is witnessing a steep climb in the adoption rate across the corporate sector. 

Enhanced Security Breaches Escalate The Need For Cyber Security

With populating enterprise social networks landscape, cyber security becomes very important. Statistics indicate substantial growth in ransomware attacks and phishing attacks. An increase in the remote working workforce is enhancing the vulnerability of enterprise social networks to such cyber threats. To protect the business environment, organizations are taking measures to strengthen enterprise social media security. The installation rate of VPN technology has escalated during COVID-19 in the quest to secure remote connections. Organizations are recommending the installation of multi-factor authentication software as additional security for the networks. Employers are providing straightforward and pragmatic guidance to their employees on using business remote networking and social media securely. 

Extending lockdown has increased the demand for advanced analytics in the enterprise sector. The surge in the adoption of enterprise social networks is positively influencing different associated markets such as cybersecurity and analytics. Companies in social media analytics and monitoring market are increasing their workforce to satiate this growing demand. The new dynamics of demand and supply in the COVID-19 crisis is defining the growth trajectory in the enterprise social network ecosystem. With hard-hit businesses, the enterprises are reevaluating their budgets and spending on enterprise social networking tools. The overall impact of COVID-19 on the market has been very positive. PMR expects this impact to continue generating growth opportunities in the market in the long run.

Report Highlights: Global Enterprise social networks Market

• Parent market overview
• Changes in market dynamics
• Competitive scenario analytics
• Strategic assessment of strategies adopted by market players
• Overall performance matrix of the market