Fort Collins, Colorado, April 25, 2024 (GLOBE NEWSWIRE) --
Data analysis and intelligence drive the need for competitive intelligence software.
Competitive intelligence involves gathering and analyzing information about a company's competitors to gain a strategic advantage. This process also extends to understanding clients' needs and market trends, enabling companies to address customer demands and stay ahead of the competition proactively. Critical components of competitive intelligence include identifying competitors offering similar products and services, analyzing their offerings, target markets, market positioning, pricing strategies, and materials used. By conducting thorough research, companies can effectively showcase the strengths of their products while highlighting the weaknesses of competitors' products. This comparative analysis allows companies to emphasize their unique advantages and differentiate themselves.
Teams responsible for competitive intelligence can gather information from various sources, including social media platforms, news portals, press conferences, and official announcements, especially if the company is publicly listed. By closely monitoring competitors' activities and market trends, companies can adapt their strategies and offerings to meet customer needs better and maintain a competitive edge in the marketplace.
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Segmentation Overview:
The competitive intelligence market has been segmented into type, application, and region.
The on-premise segment registered a significant market share in 2023.
- The competitive intelligence market is segmented by type as on-premise and cloud-based. On-premise tools hold a significant share as they help organizations retain the confidentiality of data, as it is entirely stored in the devices instead of a cloud system. This limits user access and prevents data from being misused or shared.
IT and Telecom constitute the leading applications for competitive intelligence.
- Based on the application, the competitive intelligence market is segmented as BFSI, IT and telecom, education, manufacturing and industrial, and others. The IT and telecom sector holds a significant share in the application segment, especially since IT companies face tremendous competition and must stay ahead of all the companies in all aspects. This makes it necessary for them to have robust analysis plans to keep studying and understanding the emerging market trends and needs, innovate, and stay ahead of their competitors.
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Competitive Intelligence Market Report Highlights:
- The competitive intelligence market growth is anticipated at a CAGR of 9.1% by 2032.
- The competitive intelligence industry is driven by the rising need for technological support to gather and analyze consumer information for better prediction.
- North America holds a significant share of the competitive intelligence market, with the United States having a substantial share in this region.
- Some prominent players in the competitive intelligence market report include Alphabet Inc., Similarweb, Amazon, Semrush Holdings Inc., Talkwalker, Klue, Octopus Intelligence, Nielsen Holdings, Contify Inc., Evalueserve, and others.
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About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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