COMPETITIVE INTELLIGENCE TOOLS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global Competitive Intelligence Tools market is estimated to be valued at US$ 440.5 Mn in 2024 and is expected to reach US$ 984.2 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.
Introduction:
The global competitive intelligence tools market has been witnessing significant growth in recent years. Competitive intelligence enables organizations to gather insights about competitors so as to enhance their strategic decision making. Rising competition across industries has prompted companies to adopt competitive intelligence tools to gain a competitive edge. These tools help identify new market opportunities, track competitor activities, minimize risks from market and technology changes. With digital transformation and growing data volumes, competitive intelligence tools that leverage technologies like AI and analytics are gaining more prominence.
Market Dynamics:
Growing data volumes coupled with need for timely insights is driving the adoption of competitive intelligence tools. As organizations across industries digitally transform, there is a massive amount of competitor and market data generated each day from multiple sources like websites, social media, blogs etc. Analyzing and making sense of this huge amount of unstructured data in a timely manner manually is almost impossible. This is prompting companies to leverage competitive intelligence tools that use technologies like artificial intelligence, machine learning and natural language processing to gather competitor insights from diverse online sources, analyze patterns and quickly deliver actionable intelligence to decision makers. Moreover, changing business landscape where new entrants are regularly challenging incumbent players with disruptive technologies and business models has intensified competition. Companies are resorting to competitive intelligence tools to proactively monitor competitor strategies and identify vulnerabilities in their business models to counter threats. However, data privacy regulations pose challenges for tools to effectively gather intelligence in certain regions. Moreover, selecting right tools based on organization’s requirements without burning a large hole in pocket is also a challenge for many firms.
Key features of the study:
Detailed Segmentation:
Table of Contents
*Browse 60 market data tables and 40 figures on "Competitive Intelligence Tools Market - Global forecast to 2031”
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