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Integration of Artificial Intelligence (AI) in Competitive Intelligence Tools to Boost Market Potential Thus, the growing social media monitoring is likely to drive the market. It also detects competitors’ websites, and logos to capture their products, pricing, and business strategies. provides an AI-powered competitive intelligence tool – “Digimind AI Sense” that scans images, pictures, actions on social media and collects information about the competitors’ strategy. This is boosting the demand for intelligence tools. This tool also offers real-time insights into competitor’s social channel moves and strategies. The social media competitive intelligence tool provides complete social information of competitors and customer preference and behavior with the competitor's brand. The data on these social media platforms is also crucial to gain the competitor's insights into the market. Consumers are also very active on these social platforms and post their personal experiences of the different brands. Enterprises are extensively using social media platforms such as Facebook, Pinterest, Twitter, Instagram, and others to maintain brand presence and relationships. One emerging market trend includes the growing social media monitoring to surge demand for these tools among enterprises. Growing Social Media Monitoring to Surge Demand for Competitive Intelligence Tools
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Request a Free sample to learn more about this report. Thus, the rising adoption among enterprises is likely to propel the competitive intelligence tools market growth during COVID-19.
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For instance, in June 2020, Fornova Ltd., a London-based travel & hospitality intelligence software provider, launched its innovative competitive Intelligence solution - "FornovaCI." The aim is to help the target audience to gain a competitive advantage amidst the post-COVID-19 recovery.Enterprises are focused on deploying competitive intelligence solutions as it offers real-time competitive monitoring to track the business and economic impact during the pandemic. These tools enable enterprises to gain information about the competitor's marketing strategies, such as social listening strategy, digital advertising tactics, content strategy, content marketing, and others. Thus, analytics, competitive intelligence (CI), and business intelligence (BI) professionals are focused on helping executives to monitor, analyze, and make business decisions on its competitive landscape to respond to new challenges posed by the COVID-19 outbreak. Organizations are progressively making efforts to implement technologies that assist them through this crucial time. With educational institutions, manufacturing & industrial facilities, financial institutions, and offices are being shut down for an undetermined period. It has a substantial impact on societies and economies. The COVID-19 crisis has affected all markets and customer behaviors globally.
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The growing investments in analytics, rising focus on digital transformation, and growing data generation are also likely to drive the growth of the market.ĬOVID-19 Pandemic to Accelerate the Demand for Competitive Intelligence Solutions among Enterprises Thus, the usage of such analysis tools is ubiquitously seen among all the industry verticals such as BFSI, industrial, automotive, healthcare, retail, and others. Enterprises are in dire need of tools that streamline their business process by optimizing, analyzing, managing, and monitoring the exponential increase in data. This tool enables businesses to make informed decisions against consumer buying patterns, market trends, and market competition. The growth in the market is mainly due to evolving trends such as increasing competition, cloud deployment, data proliferation, and others. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The market is projected to grow from USD 41.2 million in 2020 to USD 82.0 million in 2027 at a CAGR of 10.3% in the 2020-2027 period. Based on our analysis, the global market will exhibit a stellar growth of 9.4% in 2020. The global impact of COVID-19 has been unprecedented and staggering, with competitive intelligence tools witnessing a positive demand shock across all regions amid the pandemic. The global competitive intelligence tools market size was USD 37.6 million in 2019.