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 benefits of CI is that it enables organizations to stay ahead of the competition by identifying potential threats and opportunities in the marketplace. By monitoring the actions and strategies of competitors, companies can anticipate their next moves and proactively respond to changes in the market. This allows businesses to adapt quickly to new trends and developments, minimizing the risk of being caught off guard by rivals.

Furthermore, CI provides valuable insights into customer preferences and behavior, allowing companies to tailor their products and services to meet the demands of their target market. By understanding who their customers are, what they want, and how they make purchase decisions, organizations can develop more effective marketing campaigns and sales strategies. This enables businesses to attract new customers, retain existing ones, and ultimately drive revenue growth.

Moreover, CI can help organizations identify potential business partners, suppliers, and collaborators who can enhance their competitive position. By researching and evaluating industry trends and market dynamics, companies can identify new opportunities for partnerships that can lead to cost savings, increased efficiencies, and expanded market reach. These strategic alliances can provide access to new technologies, resources, and capabilities that can give companies a competitive edge in the marketplace.

Another advantage of CI is its role in risk management. By continuously monitoring the competitive landscape and external environment, organizations can identify potential risks and threats that may impact their business operations. This proactive approach to risk management allows companies to develop contingency plans and mitigation strategies to address potential challenges before they escalate into major crises.

Finally, CI can be a powerful tool for informing decision-making at all levels of an organization. By providing executives, managers, and employees with relevant and actionable information, CI enables stakeholders to make more informed decisions that are based on data and insights rather than gut feelings or intuition. This data-driven approach can lead to more strategic and well-informed decision-making processes that align with the overall objectives of the organization.

In conclusion, competitive intelligence is a valuable and necessary tool for businesses operating in today’s competitive marketplace. By providing timely and relevant information about competitors, customers, and market trends, CI enables organizations to make informed decisions, stay ahead of the competition, and drive business growth. As the business landscape continues to evolve and become more complex, the importance of competitive intelligence will only grow, making it an essential function for companies seeking to thrive and succeed in the global marketplace.

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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