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The competitive intelligence tools market is projected to grow by USD 28.90 billion with a CAGR of 10.38% during the forecast period 2021 to 2026.
The market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by deployment (cloud-based and on-premise) and geography (North America, APAC, Europe, the Middle East and Africa, and South America). The market report also offers information on several market vendors, including Brandwatch, BuzzSumo Ltd., CI Radar LLC, Clootrack Software Labs Pvt. Ltd., Comintelli AB, Crayon Inc., Crunchbase Inc., Digimind, Evalueserve Inc., G2.com Inc., Klue Labs Inc., Meltwater BV, NetBase Solutions Inc., Pathmatics Inc., Semrush Holdings Inc., Similarweb Ltd., Slintel LLC, SpyFu, Talkwalker Inc., and Adthena Ltd. among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the market.
Key Competitive Intelligence Tools Market Driver
The exponential increase in data is one of the key drivers fueling the market's growth. Large volumes of data are generated from various sources such as mobile devices, the Internet, and social media. Organizations find it challenging to manage and analyze large databases efficiently due to the increasing variety, volume, and velocity of data. In addition, veracity, the fourth component in big data management systems, eliminates irrelevant data that involve high costs. Moreover, competitive intelligence tools help organizations transform unstructured and semi-structured data into structured and meaningful information. Therefore, an exponential increase in data will positively impact the growth of the market during the forecast period.
Key Competitive Intelligence Tools Market Trend
The rising adoption of smart connected devices is one of the key market trends propelling the market growth. Data from various technologies, including radio-frequency identification (RFID), sensors, barcodes, and the global positioning system (GPS), are used in business analytics. These technologies contribute to the efficient monitoring and management of physical assets in many industries. In addition, companies are now benefiting from significant improvements in their business processes through the adoption of competitive intelligence tools. Closer monitoring of business processes leads to effective decisions in real time. Therefore, the increasing adoption of smart devices is expected to accelerate the growth of the market during the forecast period.
Key Competitive Intelligence Tools Market Challenge
Data privacy and security concerns are one of the factors limiting the market's growth. Concerns about the security and privacy of data on the cloud have increased worldwide. Enterprises that adopt the public cloud-based storage model have limited control over the security of their data. Therefore, they transfer the less-important data to the public cloud. In a multi-tenant model, there is a risk of leakage of business-critical information that could be misused or manipulated. The security of data is a vital aspect of cloud infrastructure and applications. Therefore, data privacy and security concerns will negatively impact the growth of the market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global competitive intelligence tools market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report market contains comprehensive market knowledge and an in-depth vendor landscape added to an analysis of the key vendors.
Our In-house experts produce extensive information on the value chain and parent market of the competitive intelligence tools market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also the optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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34% of the market’s growth will originate from North America during the forecast period. The US is the key market for competitive intelligence tools in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
Growing digitalization in the US will facilitate the market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The COVID-19 pandemic positively impacted the market in the region in 2020. Furthermore, the easing of lockdowns and massive vaccination campaigns conducted in various countries in the region, coupled with increased funding for software infrastructure development in 2021, gradually increased the demand for business analytics software. It will lead to the growth of the regional market during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Deployment
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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