The global enterprise 2.0 technologies market is expected to witness significant growth over the forecast period. Enterprise 2.0 is a developing set of technologies based on upcoming innovation that facilitates the capture of implicit data and generates collaboration owing to its participatory and social nature. Enterprise 2.0 compresses organizational hierarchies and drops contribution barriers.
It is a web-based environment that enhances business communications, business decision making, and innovation through; tailored access to business information, expertise, & knowledge, flexible information & knowledge at a faster pace, authoring & sharing, and lower cost application & system deployment. This technology aids organizations in becoming well-organized due to augmented sharing and discovery of knowledge and help them maintain their competitive nature in the market.
Key drivers of the global enterprise 2.0 technologies market include increased demand from customers and need to provide better customer service, increased geographic diversity of worksites which requires more staff working from home, an increase in global competition leading to the higher adoption rate of the technology by consumers, rising availability and lower price of mobile devices.
The major restraints of the global enterprise 2.0 technologies industry include the risk of security incidents on networks, the cost of implementing & training for new technologies, the risk of information overload, loss of leakage of intellectual property & personal data, and concerns regarding investing in unproven technologies.
Other factors affecting the use of Enterprise 2.0 linked technologies country's investment in human capital, usage of the Internet by businesses and consumers, and high investment in broadband infrastructure.
There are various factors driving the necessity for the technology as well as benefits that are derived from it. Enterprise 2.0 is the subsequent generation industry, driven by user prospects of what they can do on the web.
The key trends which are observed in the global industry forward think organizations will achieve an unprecedented level of organizational awareness, online customer engagement will become a high priority for CMOs, real composite applications will be widely adopted, records management will drive ECM consolidation, and organizations will demand ECM at extreme scale. These are anticipated to have a positive impact on the market over the forecast period.
Enterprise 2.0 technologies have already transformed the way employees, partners, customers, and suppliers communicate. Over the next seven years, organizations are expected to assimilate business applications with social activities to deliver appropriate "activity streams.”
Activity streams are an innovative way for enterprise users to get significant information rapidly by navigating to material in context straight from their portal. It does not mean syndicating social activities are restricted to a single application. Instead, back office systems are expected to be merged with social media tools to drive how users make well-versed business decisions in new-fangled ways. For example, an account manager logs into the company portal and automatically receive notification that colleagues are closing business around an individual product in his market segment. Hence, using this technology he can reach out instantly to members through social media and they can learn from their successes to drive new business opportunities in his area. This is expected to impact positively the industry over the forecast period.
Based on regions, the global market for Enterprise 2.0 is segmented as North America, Asia-Pacific, Middle East and Africa, Latin America, and Europe. Enterprise 2.0 will gradually become a significant technology in Asia Pacific as they make a transition from being efficient & resource-driven to innovation-driven. The leverage, capture, and creation of knowledge and association between individuals and organizations are key factors driving the acceptance of these technologies in Asia Pacific over the next seven years.
Challenges faced by the global market for Enterprise 2.0 include the slowdown in the global economy and tightening credit markets throughout Europe is expected to put stress on organizations to leverage their existing infrastructure as they compete for dropping consumer spending in export markets. Asia Pacific economies face major challenges managing technical skills into creativity and innovation and taking complete advantage of new business models offered by Enterprise 2.0 technologies.
The key market players in the global market of Enterprise 2.0 include BEA, IBM, Microsoft, Oracle, and SAP. New business models in the market include The Long Tail, a reference to tap into the “unlimited supply” of the internet. Long Tail business models are usually a crucial part of the strategy of businesses that take advantage of Enterprise 2.0 techniques and technologies.
The Wisdom of Crowds provides the competency for binding a community perspective to knowledge development within the organization. Networked effect models are applied to solution delivery and community development, which is projected to have a significant impact on the industry over the next seven years.
An enhanced Customer Experience by Enterprise 2.0 techniques had technologies as the essential foundational building blocks of the operational customer experience. Growing prevalence on the internet will shape customer expectations of use.
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In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor.