The digital platforms being used by companies across different industrial domains with a view of generating efficient outputs have led the world to think of the source that helps them deliver this vision. The source, ‘Enterprise 2.0,’ also known as E2.0, refers to how any business organization uses emergent social software platforms emphasizing the most striking feature of the new technologies that would work to their benefit. Some of the advantages that enterprise 2.0 technologies offer include,
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Social media platforms have new trends every now and then as a result of developers working on designing new algorithms and features that influence consumer behavior. These trends are generally short term and become obsolete with consumers expecting something new soon enough. For instance, between 2010 and 2013, it was a trend to post on your connections’ walls on Facebook, but today one would be hard-pressed to find someone posting on another’s wall. Thus, social media platforms and their trend evolve aggressively, making it crucial for marketers to stay updated about the trends — an area where the concept of enterprise 2.0 technologies is ideal.
LinkedIn, Instagram, Facebook, and Twitter are among the currently trending social media platforms for business marketers. These platforms not only offer businesses an ideal environment to gain and retain customers but also help them study customer behavior accurately as they directly deal with customers. A few of these trending platforms have been studied briefly below on the parameter of customer engagement rate, which is indicative of the potential areas for the deployment of enterprise 2.0 technologies.
Instagram: Instagram evolves tremendously with several new features introduced monthly. For instance, in early 2019, the platform was testing a new display layout for its ‘IGTV’ feature and in late 2019, it introduced a layout screen feature for Instagram stories, which enabled users to post multiple pictures on a single screen. The platform is constantly striving to stay relevant and update its features with the changing times, which undoubtedly augments its user count and engagement.
Twitter: Twitter holds a strong position among the top social media platforms with an approx. of 330 million active users around the globe. Further, according to our analysis, about 60–70% of the active users n the platform are interested in discovering new trends, of which an approx. 20–25% are likely to view advertisements.
Thus, it can be inferred that the growing rate of customer engagement has resulted in marketers increasingly spending on social media advertising and increasing their brand loyalty. It also depicts marketers’ need for deployment of enterprise 2.0 technologies to keep themselves updated about such social media trends and positively manage communication via social media.
The enterprise 2.0 technologies market has been studied across six key regions for the purpose of this report, namely North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. The market can be segmented into mature, emerging, and potential markets for the forecast period, 2019–2026. The figure below illustrates the key countries under each of these segments.
Conventional markets such as the U.S. and the U.K. are the foremost spenders on digital advertisements for business credibility and return on investment (RoI). However, several countries among the emerging and potential markets are also investing in digital advertisements when compared with conventional markets so as to gain a similar advantage and also sustain market competition. The table below lists countries with their respective digital advertisement spending for the year 2019.
Such investments on digital advertising have introduced the aggressive adoption of social media platforms such as blogs, social bookmarking sites, and social networking, thereby widening the scope of enterprise 2.0 technologies to manage online communication.
The penetration of smartphones and the internet and the rising trend of online shopping are some of the other parameters that indirectly promote the growth of enterprise 2.0 technologies not only in Asia-Pacific but also steadily developing economies such as South America and Africa.
Enterprise 2.0 technologies are adopted by several industrial verticals operating in complex business environments that constitute platforms that integrate several complex web-based tools such as blogs, wikis, searching, and tagging. To better understand enterprise 2.0 technologies and their impact on different industries, these tools are categorized into communication, cooperation, collaboration, and connection, which are also referred to as the ‘4C model’ in accordance with their level of formality and interaction.
Communication: The category of communication tools includes platforms that enable people to converse with each other through media such as text, image, voice, and video. Thus, tools such as blogs, instant messaging, microblogs, and forums define this category.
Cooperation: Cooperation tools constitute software with sharing capabilities that allow people to share content with others either in a structured or unstructured manner via file sharing, social bookmarking, and social cataloging.
Collaboration: The third category, collaboration tools, includes tools that encourage people to collaborate with each other on defined problems directly or indirectly. The tools involved in this category differ from those of cooperation tools on the parameter of engagement of users in a coordinated effort to solve concerns with shared commitment and goals. Some of the tools include wikis and human-based computation.
Connection: The last category that sums up the 4C model is connection tools, which are primarily networking technologies that help create connections with content as well as people. Social networking, mashups, syndication, and tagging are some of the tools that fall into this category.
These platforms find their application in several industry verticals such as IT, manufacturing, BFSI, and education with different areas of focus that are totally dependent on the industry they serve. Some industries use these platforms for the purpose of customer relationship management, marketing and sales, innovation, human resources, or information and knowledge management.
Enterprise 2.0 technologies have a significant impact on the business environment as they play a vital role in any given industry as a consistent source of enhancing productivity and maintaining customer relations in the current consumer-oriented market. Additionally, proper deployment of the tools involved in these technologies would also enable companies to be cost-effective and creative enough to gain a competitive edge among the other players. Such benefits of enterprise 2.0 technologies have created a strong and dynamic operational landscape for the companies involved, which includes both risks as well as potential opportunities.
Enterprise 2.0 technologies are associated with some of the most innovative and successful corporations, such as Google and Amazon. These companies conduct their operations thriving for information on the internet with the aim of creating framing innovative strategies with the only aim of creating new trends and sustaining competition.
Enterprise 2.0 technologies are also embracing several new strategic technologies, specifically in the area of enterprise social computing such as community management tools, open identity, microblogging, social CRM, activity streams, social search, analytics, filtering, and enterprise social media workflow on account of the growing start-up scenario. Several new enterprise 2.0 technologies start-ups such as Userfox, Kivo, DueProps, Windsheild, WooBoard, Kudos, BizSphere, Nomadesk, and SkillGravity have been gaining attention in the market over the established players.