Market Intelligence Statistics


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

LLCBuddy editorial team did hours of research, collected all important statistics on Market 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.

How much of an impact will Market Intelligence Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Market Intelligence Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 64 Market Intelligence Statistics on this page 🙂

Market Intelligence “Latest” Statistics

  • According to 360Suite’s Business Intelligence (BI) Survey, a BI adoption rate of over 80% was mainly found among companies with more than 5,000 employees.[1]
  • Microsoft Azure is crucial or extremely important to 84% of enterprises, according to a new survey on business intelligence trends.[1]
  • Business intelligence statistics show that the cloud analytics industry is growing at the quickest pace (23%).[1]
  • Business intelligence data indicate that China’s economic expansion will be reflected in the BI industry as well; the country’s BI market is anticipated to develop at a CAGR of 18.7% and reach $52 billion by 2027.[1]
  • Business intelligence adoption statistics show that the adoption rate for cloud BI tools in the manufacturing industry was 58%.[1]
  • In a survey conducted by Finances Online, 35.37% of companies said data preparation is very important, 24.15% stated it’s important, and 27.89% described it as critical for current and future initiatives.[1]
  • Only 19.3% of respondents said they had established a data culture, whereas over half (54.6%), stated they were competing on data and analytics.[1]
  • Only 39.7% of companies admitted to handling data as a corporate asset, and just over a fifth (26.5%) claim to have formed a data-driven company.[1]
  • According to research and markets’ business intelligence industry data, the mobile BI market is anticipated to increase at a CAGR of 18.9% over the anticipated period.[1]
  • According to Sisense, to develop and expand businesses, many organizations (52% of software firms and 50% of finance firms) use BI and analytics to find new revenue streams.[1]
  • The global business intelligence market size was estimated at $22.26 billion in 2020 and is predicted to grow with a CAGR of 8.7% over the 2021-2028 period, reaching an estimated value of $43.03 billion by 2028.[1]
  • With a 40% market share, the financial and business services sector trails behind manufacturing.[1]
  • Customers, manufacturers and R&D are the most important to organizations with 100% of organizations ranking data sources with the number four or higher.[2]
  • According to the US Bureau of Labor Statistics, around 11.5 million data scientist jobs will be created by 2026.[3]
  • Hospitality (58%) and telecommunications (56%) are the sectors that give mobile business analytics apps and platforms the most weight, according to a survey of companies with annual revenues of $100 million or more.[3]
  • Data engineers were expected to be in demand in 2020 at a decent rate of 45%, according to Hired (2020).[3]
  • As of 2019, salaries for data engineers in the San Francisco Bay Area increased by 6%, or by an average of $160,000 per year.[3]
  • According to New Vantage Partners in 2020, 72.1% of firms report that they have yet to fill the CDO/CAO role. Furthermore, 48.5% of organizations favor outside change agents over internal veterans.[3]
  • 77% businesses have data driven CEOs, and those businesses are more likely to succeed.[3]
  • In 2019, 64% of consumers said that BI data and analytics increased their productivity and efficiency.[3]
  • Cloud BI is either crucial or extremely important to existing and future projects, according to 54% of businesses in 2020.[3]
  • Manufacturing has the greatest adoption rate of Cloud BI in 2020 at 58% followed by financial services and business services at 40%.[3]
  • In 2020, the pace of investment has leveled off, with only 51.9% of firms accelerating their rate of investment.[3]
  • 37.8% of businesses report developing a data driven company, and only 26.8% believe they have successfully established a data culture.[3]
  • The global mobile business intelligence market was valued at $8.8 billion in 2020 and is expected to reach $29.6 billion by 2027, at an 18.9% CAGR.[3]
  • According to Dresner (2020), 72% of enterprise BI software vendors describe cloud BI as critical to their go-to-market strategies, an eventual response to the steady growth in public cloud BI application deployments in the last several years.[3]
  • Only 23% of respondents who purchased BI within the last two years cited “fast query performance” as a reason to buy, versus 31% of respondents who bought more than two years ago, according to BI-Survey.com (2021).[3]
  • According to KPMG (2019), 46% of CIOs suffered from a skills shortage, followed by a shortage of AI skills (38%).[3]
  • About 62.5% of the 2019 business intelligence and analytics software market worldwide were controlled by the top 10 business intelligence software vendors, which had a combined revenue of almost $14.9 billion.[3]
  • Less than 20% of businesses claim to have a chief data officer, and less than 15% claim to have a chief analytics officer.[3]
  • Over the next ten years, the need for positions in data science and machine learning will increase by 38% and 37%, respectively.[3]
  • The fastest-growing segment is cloud analytics, which is expected to grow at a CAGR of 23.0%, expanding from $23.2 billion in 2020 to $65.4 billion by 2025.[3]
  • According to Allied Market Research, the worldwide business intelligence and analytics software market was valued at $193.14 billion in 2019 and is predicted to reach $420.98 billion by 2027, growing at a projected CAGR of 10.9% from 2020 to 2027.[3]
  • 77% of companies claim that good marketing intelligence depends on comprehensive competitor information.[4]
  • It is projected that poor data quality costs the US economy $3.1 trillion dollars annually, according to The Pipeline.[4]
  • The global business intelligence market is predicted to expand from $23.1 billion in 2020 to $33.3 billion by 2025.[4]
  • Business intelligence adoption figures indicate that by 2021, the United States will produce $11,727 million.[5]
  • According to business intelligence market statistics, 2025 will be a big year with a growth of $10.1 billion compared to 2020 ($23.1 billion).[5]
  • Nearly 50% of manufacturers believe that their spending for BI and analytics would increase in the next years, according to business intelligence data for 2022.[5]
  • 7.8 out of 10 firms on the continent believe it to be vital, according to business intelligence statistics.[5]
  • Seven out of ten clients, according to business intelligence statistics, believe Microsoft Azure is one of the finest providers.[5]
  • Business intelligence statistics for 2022 indicate that 75% of managers are not data literate.[5]
  • Organizations in the United States lose upwards of $109 billion due to data inaccuracies, according to business intelligence statistics.[5]
  • Business intelligence use data show that 89% of manufacturers employing BI and analytics projects feel such programs are successful.[5]
  • According to research on the future of business intelligence, there were slightly under 364,000 job opportunities in 2018 connected to data science.[5]
  • Business intelligence statistics show that the rate has remained at 55% from 2014 to 2021.[5]
  • Business intelligence utilization data show that both financial and business services have a 40% share.[5]
  • According to data from business intelligence platforms, demand increased from 15% in the previous years to 30% in 2020.[5]
  • Over 33% of big organizations will use decision intelligence by 2023.[5]
  • 70% of business heads have accelerated the efforts to implement digital operations in 2021 to survive in a challenging environment.[5]
  • Only 27% of the 32% indicate that their analytical work has yielded actionable insights, according to Accenture.[5]
  • Employment of market research analysts is projected to grow 19% from 2021 to 2031, much faster than the average for all occupations.[5]
  • Gaining a competitive edge is one of the top three goals in organizations’ industries, according to 57% of businesses.[6]
  • 61% of the businesses firmly believe that MI has improved their business, and they embrace the increasingly popular holistic multisource consulting approach, according to M-Brain.[6]
  • According to Forbes, 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.[6]
  • In two years, according to Gartner, 81% of marketers anticipate that they will be mostly or only competing with their rivals on the basis of customer experience.[6]
  • A Competitive Intelligence solution would help companies avoid letting big opportunities slip through the cracks and better utilize the other 88% of data.[6]
  • AI enabled monitoring increased information relevance by 90%, better meeting the demands of the CI marketing sales and strategy departments.[6]
  • News that is chosen by experts and monitored by AI is up to 90% more relevant, according to Evalueserve Survey (2021).[6]
  • According to Prophet, market pressures are the leading drivers of digital transformation as most efforts are spurred by growth opportunities (51%) and increased competitive pressure (41%).[6]
  • Microbusiness trends it’s a big thing that 94% of businesses intend to invest in competitive intelligence.[6]
  • According to PwC, using competitive intelligence, 56% of executives keep an eye on their potential competitors and make plans to conquer new markets in the following three years.[6]
  • BSP source consists of tickets for passengers issued by more than 80,000 travel agencies, 400 airlines, and 29 global distribution systems (GDS), which have been processed using sophisticated internal algorithms and calibrated to represent the overall anticipated market size.[7]
  • People no longer read physical mail due to technological advancements; as a result, this method’s response rates are just 3-15%.[8]

Also Read

How Useful is Market Intelligence

One of the key benefits of market intelligence is its ability to help businesses identify new opportunities for growth. By gathering data on industry trends, consumer preferences, and emerging technologies, companies can uncover untapped markets and develop innovative products and services that meet the needs of their target audience. This not only helps businesses attract new customers but also retain existing ones by staying relevant and competitive in a rapidly changing marketplace.

Market intelligence also plays a crucial role in mitigating risks and uncertainties in the business environment. By monitoring competitor activities, regulatory changes, and economic trends, companies can anticipate potential threats to their operations and develop contingency plans to mitigate risks. This proactive approach to risk management helps businesses navigate challenges more effectively and minimize the impact of unexpected disruptions on their bottom line.

Furthermore, market intelligence enables businesses to optimize their marketing and sales strategies by providing valuable insights into consumer preferences, buying behavior, and market segmentation. By understanding their target audience better, companies can tailor their messaging, pricing strategies, and product offerings to meet the specific needs and desires of their customers. This targeted approach not only improves the effectiveness of marketing campaigns but also enhances customer satisfaction and loyalty, ultimately leading to increased sales and profitability.

In today’s increasingly digital and data-driven economy, market intelligence has become even more critical for businesses looking to stay competitive and drive growth. With the advent of AI and big data analytics, companies can now gather, analyze, and leverage vast amounts of data to gain deeper insights into market trends and consumer behavior in real-time. This allows businesses to monitor changes in the market more effectively, identify emerging opportunities quickly, and make data-driven decisions that give them a competitive edge in the market.

However, it is essential to recognize that market intelligence is not a one-size-fits-all solution. Different businesses have different needs, resources, and objectives, which is why it is crucial to tailor market intelligence initiatives to suit the specific needs and requirements of each organization. Investing in advanced technologies and tools for data collection and analysis may not be feasible or necessary for all businesses, particularly small and medium-sized enterprises with budget constraints. In such cases, companies can leverage alternative sources of market intelligence, such as industry reports, surveys, and customer feedback, to gain valuable insights into their target market without breaking the bank.

In conclusion, market intelligence is undeniably a valuable asset for businesses seeking to thrive in today’s competitive marketplace. By providing actionable insights into market trends, consumer behavior, and competitive landscapes, market intelligence empowers companies to make informed decisions, identify new opportunities for growth, mitigate risks, and optimize their marketing and sales strategies. While the usefulness of market intelligence may vary depending on the size and nature of the business, one thing is clear: businesses that leverage market intelligence effectively are better positioned to succeed in a dynamic and ever-evolving market landscape.

Reference


  1. dataprot – https://dataprot.net/statistics/business-intelligence-statistics/
  2. wikipedia – https://en.wikipedia.org/wiki/Market_intelligence
  3. financesonline – https://financesonline.com/20-essential-business-intelligence-statistics-analysis-of-trends-data-and-market-share/
  4. zoominfo – https://pipeline.zoominfo.com/marketing/market-intelligence
  5. techjury – https://techjury.net/blog/business-intelligence-statistics/
  6. evalueserve – https://www.evalueserve.com/blog/competitive-intelligence-statistics/
  7. iata – https://www.iata.org/en/services/statistics/intelligence/market-intelligence/
  8. questionpro – https://www.questionpro.com/blog/market-intelligence/

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