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Social Business Intelligence is a strategic business intelligence
concept. It covers all areas of social networks and their application. It
includes social web analytics, social intelligence tools, social data mining
and social network research. Social Business Intelligence can help businesses
gain insights about target markets, customers, brand loyalty, and consumer
behavior, and much more.
The term "Social Business Intelligence" refers to the
application of enterprise-wide social business intelligence tools and
techniques with business intelligence output for the intention of making
collective informed decisions about business and their interactions with other
users. Social
Business Intelligence now allows for the collective analysis of data mined
from social media sites and other third-party applications for the purpose of
aiding businesses in making collective and informed decisions about their
businesses. This intelligence is now used across multiple industries are
leveraging social bi data to provide business with insightful reports.
Market Dynamics
The increasing number of social media users is expected to propel the growth of the social business intelligence market. For instance, Facebook, the
U.S.-based social networking site, recorded over 2.6 billion monthly active
users as of the first quarter of 2020. Moreover, increasing investment in AI-based
social media intelligence platform is also expected to aid in growth of the
market. For instance, in July 2020, Spiketrap raised US$ 3 million for its AI
platform that helps brands understand how they are engaging with consumers on
social media.
An increasing number of smartphone users is expected to offer
lucrative growth opportunities for players in the social business intelligence
market. For instance, according to the Pew Research Center, 76% of adults in The U.K. owned a smartphone in 2018. Moreover, increasing internet penetration is
also expected to aid in the growth of the market. For instance, according to China
government-backed Market Intelligence & Consulting Institute and reported
by China Internet Watch, internet penetration in China reached 61.2 percent in
the first half of 2019, with 854 million internet users at the end of June
2019.
Competitive Analysis
Major players operating in the global social business intelligence
market include IBM Corporation, TIBCO Software, Inc., SAP SE, Logi Analytics
Inc., Tableaue Software, Inc., MicroStrategy, Inc., QlikTechnologies, Inc.,
Alteryx, Inc., and Microsoft Corporation.
Key players in the global social business intelligence market are
focused on adopting M&A strategies to enhance their market share. For
instance, in June 2019, Logi Analytics Inc. acquired Zoomdata Inc., a data
visualization firm.
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