by Competitive intelligence software allows companies to collect insight on competitors, track market trends and maintain a competitive edge. By providing capabilities to research and analyze critical business information, these software tools assist companies in making strategic and well-informed decisions. Some key functions of competitive intelligence software include identifying threats and opportunities, monitoring news and social media, analyzing value chains and benchmarking competitors’ products and strategies.
The Global Competitive Intelligence Software Market is estimated to be valued at US$ 46.3 Mn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the competitive intelligence software market are Accenture PLC, Aetna Inc., Anthem Inc., Cognizant Technology Solutions Corporation, CVS Health Corporation, Deloitte Touche Tohmatsu Limited, Humana Inc., International Business Machines Corporation (IBM), Johnson & Johnson, McKesson Corporation, Optum Inc. (UnitedHealth Group), PricewaterhouseCoopers LLP, UnitedHealth Group Incorporated, Unitedhealth Group Inc., Walgreens Boots Alliance, Inc. The increasing adoption of competitive intelligence tools by large enterprises as well as SMEs due to availability of cloud and AI integrated solutions is fueling market growth. The rising demand for competitive intelligence across industries such as IT & telecom, BFSI, healthcare, retail and manufacturing is positively impacting revenu
The global expansion of competitive intelligence software providers through partnerships and strategic collaborations with consulting companies and industry players is allowing greater accessibility of tools. Growing requirement for data-backed decision making is propelling many organizations to incorporate competitive intelligence practices and solutions.
Market Key Trends
One of the major trends in the Competitive Intelligence Software Market Size is the integration of artificial intelligence and machine learning capabilities. AI helps automate routine monitoring, research and data analysis tasks. It also enables generating insightful reports automatically. With AI, companies can now extract real-time competitive insights from enormous amounts of structured and unstructured data with greater accuracy and speed. This is increasing the demand for AI-powered competitive intelligence solutions.
Porter’s Analysis
Threat of new entrants: Low barriers to entry allow new players to enter the market easily. However, established players have strong brand equity and customer loyalty which is difficult for new entrants to achieve.
Bargaining power of buyers: There are large number of buyers in the market with varying needs. Buyers can negotiate on price and demand additional services due to availability of substitutes.
Bargaining power of suppliers: A few major players dominate the supply market. Suppliers have moderate bargaining power due to proprietary technologies for product development.
Threat of new substitutes: Technological advancements allow alternative solutions to gain market share. However, switching costs act as a barrier for customers.
Competitive rivalry: The market has large number of international as well as regional players offering differentiated products. Price competition is high due to similar product offerings.
Geographical Regions
North America holds the largest share in the competitive intelligence software market in terms of value owing to presence of major players and early adoption of advanced technologies. The region is expected to continue its dominance during the forecast period supported by growing data analytics adoption across verticals.
Asia Pacific region is expected to register fastest growth during the forecast period propelled by growing awareness, increasing digitalization, and rising number of startups in countries like China and India. Increasing investments by software providers to tap into untapped growth potential of developing economies will further augment the regional market.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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