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 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

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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

One of the primary benefits of competitive intelligence is its ability to provide businesses with a deeper understanding of their competitors’ strategies, strengths, and weaknesses. By studying their rivals closely, businesses can identify opportunities for growth, anticipate potential threats, and adapt their own strategies accordingly. This can help them make more informed decisions, reduce risks, and ultimately improve their competitive position in the market.

Another important role of competitive intelligence is in identifying emerging trends and market developments. By keeping a close eye on industry news, market dynamics, and consumer behavior, businesses can stay ahead of the curve and adjust their strategies proactively. This can help them capitalize on new opportunities, avoid potential pitfalls, and better position themselves for long-term success.

Competitive intelligence also plays a crucial role in monitoring the competitive landscape and identifying potential disruptors. In today’s rapidly changing business environment, new competitors can emerge overnight, armed with innovative products, services, and business models that can quickly disrupt traditional industries. By conducting regular competitive intelligence assessments, businesses can stay vigilant and respond to new threats quickly and effectively.

Furthermore, competitive intelligence can help businesses improve their strategic planning and decision-making processes. By providing insights into market trends, competitor positioning, and consumer preferences, businesses can align their resources more effectively, identify new growth opportunities, and mitigate potential risks. This can ultimately lead to better decision-making, improved performance, and enhanced long-term competitiveness.

In addition to its strategic value, competitive intelligence can also help businesses optimize their marketing and sales efforts. By analyzing competitor campaigns, pricing strategies, and market positioning, businesses can fine-tune their own marketing tactics, better target their customers, and enhance their competitive advantage. This can lead to increased customer loyalty, higher sales volumes, and improved overall business performance.

Overall, competitive intelligence is a vital tool for businesses looking to stay ahead of the curve and maintain their competitive edge in today’s dynamic business environment. By gathering and analyzing intelligence on their competitors, businesses can identify new growth opportunities, mitigate potential risks, and make more informed decisions. In doing so, they can enhance their strategic positioning, improve their operational performance, and drive long-term success.

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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