Enterprise social software revenues should total $664.4m in 2010, a 14.9 per cent increase from 2009 revenue of $578.2m, according to analyst Gartner.
Enterprise social software enables participation through formal and informal interactions and aggregates these interactions to reflect the collective attitudes, dispositions and knowledge of the participants. The market is poised for continued growth in 2011, Gartner predicts,when revenue is forecast to reach $769.2m, up 15.7 per cent from 2010.
"The social software market is evolving in response to the demand for flexible environments in which participants can connect, create, share, and find people and information relevant to their work," believes Gartner research vice president Tom Eid. "Social software improves the connectedness of workers, promotes collaboration, and helps capture informal knowledge. It also excels in business contexts that leave room for individuals to interact informally, brainstorm, explore ideas, and encourage or challenge peers."
Eid adds: "Specific business value can be derived through customer intimacy, product/service excellence, operational effectiveness and creating innovation."