Global Competitive Intelligence Tool Market 2023-2030

Global Competitive Intelligence Tool Market 2023-2030

Global Competitive Intelligence Tool Market Size, Share & Trends Analysis Report by Type (On-Premise and Cloud-Based), and by Application (BFSI, IT & Telecom, Automotive, Retail, Health Care, Education, and Others) Forecast Period (2023-2030)

The global competitive intelligence tool market is anticipated to grow at a CAGR of 10.3% during the forecast period. The market growth is attributed to factors including the increasing competition, cloud deployment, and data proliferation. Further, the growing integration of advanced technology such as artificial intelligence (AI) and machine learning (ML) to competitive intelligence tool coupled with growing funding to new startups is anticipated to drive the market growth. For instance, in December 2021, Klue, an AI-powered competitive enablement platform, raised $62 million in Series B funding led by Tiger Global, with participation from Salesforce Ventures. The platform automatically gathers competitive data from public and private external sources such as the news and competitor web page changes, as well as data from internal teams through integrations with platforms such as Slack, High spot and Salesforce. Klue aims to enable product marketers and competitive intelligence teams to increase their coverage of competitors.

Segmental Outlook

The global competitive intelligence tool market is segmented based on its type and application. Based on type, the market is bifurcated into on-premises and cloud-based. Based on the application, the market is categorized into BFSI, IT & telecom, automotive, retail, health care, education, and others. Among the application, the BFSI sub-segment is anticipated to register a significant growth during the forecast period owing to the increasing requirement for competitive analysis, risk management, and strategic decision-making tools in the BFSI industry.

The Cloud-Based Sub-Segment is Anticipated to hold a Prominent Share of the Global Competitive Intelligence Tool Market

Among the type, the cloud-based competitive intelligence tool sub-segment is anticipated to hold a prominent market share of the market owing to their flexibility, scalability, and cost-effectiveness. The cloud-based solutions lowers the expenditure on hardware and in-house storage space. Various key providers such as Cipher Systems LLC (Consensus Point Inc.), Ci Radar, LLC, and Crayon, Inc., among others, are focused on offering and delivering cloud-based competitive intelligence tools such as subscriptions based, and software as a service (SaaS), among others. This is anticipated to boost the growth of cloud-based competitive intelligence tool market.

Regional Outlooks

The global competitive intelligence tool market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed at a particular region or country level as per the requirement. Among these, the European regional market is anticipated to experience significant growth over the forecast period. However, the Asia-Pacific region is projected to exhibit considerable growth in the competitive intelligence tool market, driven by factors such as increasing adoption of advanced analytics and market intelligence solutions in emerging economies like India and China.

Global Competitive Intelligence Tool Market Growth by Region 2023-2030

Source: OMR Analysis

North America is Anticipated to Hold a Significant Share of the Global Competitive Intelligence tool Market

Among all the regions, North America is anticipated to account for a significant share in the market during the forecast period. The growth of the competitive intelligence tool market in the region is primarily driven by factors such as the increasing adoption of technology and digital transformation initiatives in various industries. Also, the region is hotspot with presence of key market players. These market players compete to provide advance and enhanced solutions to remain competitive in the market. All this factors are contributing to the growth of the market . For instance, Crunchbase , SEMrush, Owler, Alexa Internet, Inc., SpyFu, Crayon, and others are headquartered in the US.

Market Players Outlook

The major companies serving the global competitive intelligence tool market include Alphabet Inc. (Google LLC), Crunchbase, SEMrush, Owler, Alexa Internet, Inc., Comintelli, Talkwalker, and others. These market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2021, Comintelli, a leading global Market and Competitive Intelligence (M&CI) software company launched a new feature within Intelligence2day based on Artificial Intelligence (AI). The Field Intelligence Retriever (FIRE) feature assist field gathering capabilities and conference monitoring, both virtual and live by turning image data into searchable content.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global competitive intelligence tool market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.