Competitive Intelligence Statistics


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Competitive Intelligence Statistics 2023: Facts about Competitive Intelligence outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Competitive Intelligence, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Competitive Intelligence Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 30 Competitive Intelligence Statistics on this page 🙂

Competitive Intelligence “Latest” Statistics

  • According to the report on the State of Competitive Intelligence, 59% of poll respondents believe that their market has become substantially more competitive recently.[1]
  • According to the 2021 State of Competitive Intelligence report, 84% of businesses claim that their market has gotten more competitive in the previous three years.[2]
  • Gaining a competitive edge is one of the top three goals in organizations’ industries, according to 57% of businesses.[3]
  • 74% of businesses claim that their primary rivals are already effectively differentiating their competitive advantages with customers, the media, and investors via the use of big data analytics.[3]
  • 90% of Fortune 500 firms now use competitive intelligence to get an advantage over competitors.[3]
  • A competitive intelligence solution would assist businesses in better using the other 88% of the data they are now collecting and preventing them from missing out on significant possibilities.[3]
  • The majority of initiatives are motivated by growth prospects (51%), which are the main drivers of digital transformation, and by growing competitive pressure (41%).[3]
  • 94% of businesses intend to invest in competitive intelligence.[3]
  • 40% of Fortune 500 businesses, or 200 players, will be replaced because they were unable to adjust to the rising need for competitive intelligence.[3]
  • 70% of businesses think that using competitive intelligence would have made their prior efforts far more effective.[4]
  • Due to competitive intelligence, 56% of CEOs monitor prospective rivals and make plans to expand into new areas over the next three years.[4]
  • The typical competitive intelligence analyst stays at their employment for 1-2 years, which is a proportion of 45%, according to 389 competitive intelligence analysts’ resumes.[5]
  • Competitive Intelligence analysts make up 67% of the population and have an average age of 40.[5]
  • Competitive intelligence analysts have a degree in 74% of cases.[5]
  • White makes up 68% of all Competitive Intelligence analysts, making it the most prevalent ethnicity in the field.[5]
  • Spanish is the most often used foreign language among Competitive Intelligence analysts, at 17.8%.[5]

Competitive Intelligence “Other” Statistics

  • According to Forrester, firms that are driven by insights will expand 8 times more quickly than the global GDP and lose market share to rivals.[6]
  • A staggering 94% of companies are investing in Competitive, according to the Crayon 2020 State of Competitive Intelligence Report.[7]
  • For 36% of the respondents, gathering information from rivals is the most time-consuming activity of Competitive Intelligence.[7]
  • Just 39% of companies with inadequate Competitive Intelligence implementation claim to have seen a direct revenue benefit.[8]
  • 34% of executives believe that having access to the appropriate information at the appropriate time is crucial to a company’s performance, while 61% of executives believe that quick decision-making and execution are necessary for a company’s success.[9]
  • 61% of businesses firmly believe that MI has improved their business, and they embrace the increasingly popular holistic multisource consulting approach.[3]
  • In two years, 81% of marketers anticipate that they will be mostly or only competing with their rivals on the basis of customer experience.[3]
  • Ai-enabled monitoring increased information relevance by 90%, better meeting the demands of the Competitive Intelligence marketing sales and strategy departments.[3]
  • Due to their inability to compete, 40% of today’s Fortune 500 corporations will be replaced by new enterprises in ten years.[3]
  • The money for MI is just 50% spent on routine deliverables and the remaining 50% is used to research emergent subjects in depth.[3]
  • Firms that have used an outside specialist for their data analytics have reported favorable outcomes in 69% of cases.[4]
  • In the next three years, 87% of firms believe that Big Data analytics would alter the level of competition in their specialized markets.[4]
  • 89% think businesses at danger of losing their leading position in the market if they don’t implement such a plan.[4]
  • The majority of executives—roughly 70% —prefer to base their choices on predictive information and impending trends.[4]

Also Read

How Useful is Competitive Intelligence

Competitive intelligence is essentially the process of gathering, analyzing, and utilizing information about your competitors to gain a strategic advantage. By understanding your competitors’ strengths and weaknesses, as well as their current and future plans, you can make more informed decisions that give your business a leg up. This can involve a wide range of activities, from monitoring competitors’ social media presence to conducting in-depth market research.

One of the key benefits of competitive intelligence is that it allows companies to anticipate changes in the market and respond proactively. By keeping a close eye on their competitors, companies can spot emerging trends, identify potential threats, and capitalize on new opportunities before their rivals have a chance to react. This can be especially important in fast-moving industries where timing is everything.

Furthermore, competitive intelligence helps companies to better understand their own market positioning. By comparing their products, services, and overall offerings to those of their competitors, companies can identify areas where they excel and where they lag behind. This insight can be invaluable in shaping marketing strategies, refining product offerings, and targeting new customer segments. In short, competitive intelligence can help companies to focus their efforts where they will have the greatest impact.

Another key benefit of competitive intelligence is that it helps companies to stay ahead of the curve. In today’s rapidly evolving business landscape, standing still is not an option. By continually monitoring their competitors, companies can stay abreast of industry trends, technological advancements, and changing customer preferences. This allows them to adapt quickly to new developments and continue to innovate in a way that keeps them one step ahead of the competition.

Furthermore, competitive intelligence can help companies to avoid costly mistakes. By understanding what the competition is up to, companies can make more informed decisions about pricing, product development, and marketing strategies. This can prevent them from investing in initiatives that are unlikely to succeed or from getting blindsided by unexpected moves from their rivals.

Ultimately, competitive intelligence is a powerful tool that can give companies a decisive advantage in the marketplace. By providing valuable insights into the competitive landscape, it can help companies to make smarter decisions, anticipate changes, and stay ahead of the curve. In today’s fast-paced business world, where the only constant is change, competitive intelligence is more important than ever. It can be the difference between thriving and merely surviving in an increasingly competitive environment.

Reference

  1. martechseries – https://martechseries.com/mts-insights/guest-authors/competitive-intelligence-b2bs-secret-weapon/
  2. crayon – https://www.crayon.co/blog/author/ellie-mirman
  3. evalueserve – https://www.evalueserve.com/blog/competitive-intelligence-statistics/
  4. jimmynewson – https://www.jimmynewson.com/10-important-competitive-intelligence-statistics/
  5. zippia – https://www.zippia.com/competitive-intelligence-analyst-jobs/demographics/
  6. digimind – https://blog.digimind.com/en/competitive-intelligence/a-digimind-intelligence-feature-update-a-more-efficient-way-to-view-your-statistics
  7. smallbiztrends – https://smallbiztrends.com/2020/01/competitive-intelligence-statistics.html
  8. crayon – https://www.crayon.co/blog/sales-enablement-statistics
  9. cypris – https://www.cypris.blog/why-your-company-needs-competitive-intelligence/

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