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Thursday, February 1, 2018

Corporate Use of Social Networking Media Continues to Grow

In a recent article, CIO Journal provided an update on corporate adoption of social media platforms as collaboration tools.  As reported in this blog, Facebook entered the enterprise social networking market in October 2016, after beta testing a product called Workplace with companies such as the Royal Bank of Scotland, Danone, Starbucks, Telenor and Booking.com.  According to Facebook, Workplace is now used by 30,000 organizations, within which over a million user groups have formed.  Newer adopters include Wal-Mart, Stanley Black & Decker and Virgin Atlantic.  Microsoft launched its networking and collaboration tool, Teams, in March 2017, as a free component of the enterprise and small-business versions of Office 365. According to Microsoft, Teams is now used by 125,000 organizations.  With a large and ever increasing number of competitors to both Workplace and Teams, the overall market for corporate social networking tools is forecast to be worth $3.2 billion by 2021, representing an average annual growth rate of 11%.  Obstacles remain, however, with trust, security and siloization caused by the profusion of product choices continuing to be major issues.

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