Market Challenges: Data privacy and security concerns

The increasing data privacy and security concerns among organizations and individuals have become a major hindrance for the growth of the global competitive intelligence tools market. With data privacy regulations getting stricter across regions, organizations are hesitant to widely adopt CI tools that may compromise sensitive consumer and business information.

The introduction of strict data privacy laws like General Data Protection Regulation (GDPR) in European Union and California Consumer Privacy Act (CCPA) in the U.S. has compelled CI tool providers to revamp their products and ensure highest standards of data security. However, overhauling existing tools or building new tools from scratch to meet evolving compliance needs is expensive and time consuming. Many smaller players in the competitive intelligence market are finding it challenging to invest heavily in data privacy measures. The lengthy product development cycles and compliance uncertainties end up deterring businesses from subscribing to newer tools.

Market Opportunities: Integration of competitive intelligence tools with other applications

The integration of competitive intelligence tools with other key applications like CRM, business intelligence, and analytics tools provide a huge opportunity for growth in the global competitive intelligence tools market. As business processes become more data-driven and collaborative in the post-COVID world, having access to competitor data and insights within the regular workflow of other business-critical applications removes silos and brings strategic decision making to an operational level.

This level of seamless integration allows any user within an organization to pull up competitor information alongside customer insights or performance metrics on demand.

Competitive Intelligence Tools Market Report Snapshots