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

One of the key advantages of competitive intelligence is its ability to provide businesses with a deep understanding of their competitors’ strengths and weaknesses. By closely studying the strategies and actions of rival companies, businesses can identify opportunities for differentiation and innovation in their own products and services. This insight can help companies better position themselves in the market and tailor their offerings to meet the needs and preferences of consumers.

Competitive intelligence also plays a crucial role in helping companies anticipate and respond to market changes and shifting customer preferences. By staying informed about industry trends, companies can prepare for potential challenges and capitalize on emerging opportunities. This proactive approach can be a key driver of success in today’s competitive business environment, where adaptability and agility are essential for survival.

Furthermore, competitive intelligence can also be a valuable tool for identifying potential threats and risks to a company’s business. By monitoring competitors’ actions and market dynamics, businesses can anticipate potential challenges and develop contingency plans to mitigate risks. This proactive approach can help companies avoid costly mistakes and safeguard their competitive position in the market.

In addition to providing insights on competitors and market trends, competitive intelligence can also help businesses identify new business opportunities and expand into new markets. By analyzing industry dynamics and consumer behavior, companies can identify unmet needs or underserved market segments where they can potentially gain a competitive advantage. This information can be invaluable for companies looking to expand their business and drive growth.

Overall, competitive intelligence is a powerful tool that can provide businesses with valuable insights and strategic foresight to navigate today’s complex and hyper-competitive business environment. By harnessing the power of competitive intelligence, companies can make informed decisions, better understand their competitors, anticipate market changes, and uncover new growth opportunities. In a world where information is power, competitive intelligence can give businesses the edge they need to succeed.

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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