Keeping track of what one’s competitors are doing forms one of the most important basis for carrying out market intelligence among the few others. Any kind of useful information that can be used to make strategic and better decisions are often termed as market intelligence in the business world. In recent years however the purview of market intelligence has increased over time to pool in all kinds of analytics and analysis which will help the business operate better and make sound future projections. But at its very core market intelligence uses a broad pool of research and information from the company’s existing market, completion, customers, growth potential, etc. Raw data like sales log, social media information, surveys, etc that need to be analyzed also forms a part of market intelligence.
In recent years the business intelligence market has been heating up with all kinds of development and growth. Let’s look at some of the recent vital facts and figures concerning this industry which will help companies base their strategic decisions better. This might also help businesses face challenges better and prepare for the future.
For starters let’s look at the latest happenings in the big data industry. Big data is essentially a vast amount of data and information that might be unstructured, structured or semi structured. It is an untapped pool of resources that can be further molded into useful information.
- Currently a whopping 2.7 zegabytes of data exits in the digital industry
- According to recent research the volume and quantity of data collected by business houses and corporates increases two fold every one and a half years.
- On the not so brighter side, poor quality of data can be harmful and it is estimated that project costs increases upto 20 to 30 % due to this
- Substandard data quality costs businesses in the USA around USD 600 billion every year.
The business intelligence market is another area where a host of developments can be witnessed. Business intelligence and market intelligence are often used interchangeably and as mentioned above this industry has been witnessing a lot of changes. It includes various platforms like analytics applications, corporate performance management suites and advanced analytics solutions.
- The market was worth USD 14.4 billion in 2013 which was an increase of 8% from the previous year
- It is now estimated that the market is expected to reach USD 20.81 billion by the year 2018 that equates to a CAGR of 8.28%.
- Asia Pacific is hailed as the fastest growing region where the market intelligence industry as a whole is expected to grow by 7.4% to touch a staggering USD 1.4 billion by 2015.
The Business intelligence vendors market also has some interesting facts that are interesting to know and will help companies make better decisions.
- The German multination software corporation SAP were again the business leaders with a market share of 21.3%, bringing in revenues of over USD 3.1 billion in 2014.
- Oracle and IBM were close behind with a 14% and 13% market share respectively.
- Although this market is dominated by a few organizations; a recent survey showed that a lot of customers in the concerned sector feel that the new vendors will slowly overtake the traditional ones.
The cloud business intelligence market as we already know has generated quite the noise in the last few years. Let’s look at some of the facts in this market.
- The market was initially positioned at USD 0.75 billion in 2013 and is expected to touch USD 2.94 billion in 2018 growing at a CAGR of 31%.
- This market has seen great success in small businesses and over 46% of SME’s are using them all over the world as a part of their business strategy.
- In a recent survey 45% of the respondents were completely satisfied with the cloud service provided in the market.
- This is the fastest growing market in this domain
Other technologies in the market intelligence domain has also been faring well with new growth and developments at every step and are not very far behind. For example, there has been a rise in demand for mobile business intelligence that rose close to 42% from last year.
These are some of the vital facts about the market intelligence sector that all industry leaders should familiarize themselves. These will not only help them make better and sounder decisions but at the same time assist them to plan for the future accordingly. Facing challenges and competition will also become easier in real time and the future.