23 Competitive Intelligence Statistics You Should Know in 2024

Maintaining a successful business has become more challenging over the past few years. Just five years ago, you didn’t see many companies show up on social media as much as they do now.

But today, being a worthy competitor is not just about having a presence on social media; it’s about staying ahead of your competition and understanding their moves.

This is where competitive intelligence comes into play. Competitive intelligence (CI) involves gathering and analyzing information about your competitors to gain a strategic advantage in the market.

CI has become a crucial component of strategic planning for businesses regardless of where they are located. To make data-driven decisions, you need to know how to one-up your competitors effectively.

I’ve put together some interesting competitive intelligence statistics that you should know, whether you’re a marketing professional, business owner, or an analyst. Understanding these statistics can give you a significant edge in the market.

1) 61% of Businesses Say Competitive Intelligence Directly Increases Revenue (Source: Crayon)

Many companies have already reported significant increases in revenue directly related to their CI efforts. This is no surprise as competitive intelligence can help any company identify new opportunities and stay ahead of competitors.

2) 80% of market researchers believe that AI will make a positive impact on market research (Source: Qualtrics)

AI technology is quickly becoming the go-to tool in every industry, and it’s the same for market research. With its ability to collect and analyze data at an unprecedented speed and scale, it’s going to be an even more crucial tool for businesses aiming to stay ahead of the competition.

3) 90% of businesses say that their industries have become more competitive and CI budgets are increasing (Source: Crayon)

Almost every industry has become significantly more competitive over the past few years because of the explosion of information and technology, so it makes sense that competitive and market intelligence have become a top priority for businesses. This is evident in the rising budgets allocated to CI efforts, showing that companies are recognizing the value of research and data analytics and investing in it accordingly.

4) 90% of Fortune 500 Companies use Competitive Intelligence to gain competitive advantage over their industry rivals (Source: Emerald)

Fortune 500 companies are known for their success, and it’s no surprise that many of them have adopted competitive intelligence practices to stay ahead of the game. To gain a competitive advantage over their industry rivals, these companies invest in competitive intelligence tools to gather actionable insights and make informed decisions.

5) 41% of respondents agree that competitive intelligence plays an important role in their organization’s success (Source: Review Trackers)

Many businesses, after starting their own competitive intelligence efforts, have come to understand that CI is not negotiable in keeping up with the constantly changing market landscape and gaining a competitive edge – it is a must-have.

6) 72% revenue increase in businesses that share competitive intelligence weekly (Source: SCIP)

There is a correlation between frequent sharing of competitive intelligence within an organization (fresh data) and revenue growth. Why? Because actionable insights are only useful when they are timely. One of the bigger challenges that many firms face is that they tend to play it “safe” by sticking to stale and outdated business strategies – which, in a clearer view, is not safe at all. It’s just like playing blind – you can’t expect to win – especially when your competitors can see clearly.

7) Over 73% of enterprises spend 20% of their technology budgets on competitive intelligence (Source: Forbes)

As it becomes more and more evident that competitive intelligence is a crucial element in business strategy and directly correlates to revenue growth, many companies are dedicating parts of their technology budgets to competitive intelligence platforms and tools. This trend is only expected to grow as the value and importance of CI continue to rise.

8) 94% of businesses are planning to invest in competitive intelligence to level up with competitors (Source: Small Biz Trends)

There are two main responses to new technology and trends – (1) embrace it and reap its benefits, or (2) ignore it and risk falling behind competitors. With most businesses planning to invest in competitive intelligence, the companies that were initially dragging their feet are now recognizing the need to keep up with their competitors through data-driven insights and analysis. This is something to keep in mind if you’re considering implementing CI strategies in your own business.

9) 25% of competitive intelligence leaders are currently using AI to support them, and 56% plan to start using AI soon (Source: Crayon)

As we saw earlier, AI is rapidly becoming a popular tool for competitive intelligence research and analysis. With its ability to analyze and process large amounts of data quickly, it will continue to be a valuable competitive intelligence solution for businesses looking to gain an edge in their industries. The best way to get the most out of AI is to use it in combination with human analysis by equipping competitive intelligence teams with the necessary skills to use AI effectively.

10) 44% of businesses struggled with gathering competitive intelligence information in a timely manner in 2021 (Source: PR News Wire)

This statistic highlights the importance of finding the right competitive intelligence platform and tools that can provide real-time data and insights. It doesn’t matter what industry you’re operating in. The reality of the current business landscape in the 2020s is that almost every industry is insanely competitive and constantly changing. Businesses need to be able to access timely and accurate information to make the best competitive decisions. This is where using a centralized intelligence platform becomes a no-brainer because it solves this exact problem – helping teams find information 400% faster.

11) 89% of enterprises believe that companies that don’t adopt a data analytics strategy risk losing market share (Source: Forbes)

With the increasing use of data analytics and competitive intelligence tools, data-driven intelligence is a key factor in staying ahead of the competition, and companies that ignore this part of their business strategy will almost certainly lose market share to other companies that take it more seriously.

12) 53% of CEOs expressed concern about competition from disruptive businesses in 2017 (Source: Information Age)

Innovation and disruption intelligence are becoming a key part of competitive intelligence as companies need to stay ahead of new and emerging competitors. With the rapid pace of technological advancements, businesses that are not actively monitoring industry trends and potential disruptors also risk losing market share to more agile and innovative competitors. Innovation is no longer just a buzzword but a crucial aspect of competitive intelligence.

13) 56% of executives keep an eye on their potential competitors and enter new markets using competitive intelligence. (Source: PwC)

One of the best ways to expand your business and stay ahead of competitors is by using competitor intelligence to identify potential new markets and understand the landscape of those markets. Finding untapped markets is easier than trying to enter a market where there is already an established competitor. Competitive intelligence allows businesses to identify potential opportunities and make decisions on which markets to enter based on data and insights rather than just intuition – minimizing risks and maximizing growth potential – a win-win situation.

14) 57% of companies indicate that gaining competitive advantage is one of their top three industry priorities (Source: Forbes)

Internal data is great, but it’s not enough for businesses to gain a competitive advantage. Competitive intelligence allows companies to gain insights into their competitors’ strategies and performance, giving them a better understanding of the industry landscape. Companies that prioritize gaining a competitive advantage will typically also prioritize investing in competitive intelligence tools.

15) 62% of retailers say that using analytics and information is creating a competitive advantage for their company (Source: IBM)

Retailers that take a data-driven approach to their business are able to track key accounts based on buying signals by observing industry competitors. This allows them to make data-driven decisions on pricing, product assortment, and marketing strategies. When applied correctly, competitive intelligence can be a game-changer for not just retailers but any business.

16) Data-driven marketing leaders are 6x more likely to gain competitive advantage and profitability. (Source: Pointer Pro)

You’ll be surprised to know how many businesses make decisions without any data backing them up, which is not only a waste of time and money but also risky in other ways. When it comes down to the bottom line, competitive intelligence doesn’t have to be an elaborate and expensive process. You can start with something as simple as analyzing your competitors on social media and gathering insights about their online presence and customer reviews. While intuition and experience are important, data-driven insights provide a more accurate picture of the market and consumer behaviour.

17) 63% of marketers have increased their data-driven marketing spend to reach the right audiences. (Source: Survey Anyplace)

A word of caution – it’s very easy to miss the entire point of data-driven marketing. The key is not just to look at the data but to use it effectively in your decision-making process and strategy execution. Keep in mind that your competitors’ target audience might be slightly different from yours, even if there might be some similarities. Therefore, the data you gather should be tailored to your specific target market and used to make informed decisions that give you a competitive edge.

18) 81% of marketers believe they’ll be competing with their competitors mostly or entirely based on customer experience in the next two years. (Source: Gartner) 

Customers today have high expectations for their experience with a company, and this trend is only increasing. To be on top of the competition, businesses must invest in understanding their customers’ needs and preferences through competitive intelligence. How does your customer experience compare to that of your competitors? Are there any areas where you can improve or differentiate yourself? In what areas are competitors lacking? These are all important questions that competitive intelligence can help businesses answer.

19) About 50% of most companies’ marketing intelligence budget is spent on regular deliverables. The other half is used to research emerging topics. (Source: M-Brain)

Knowledge-gathering efforts should not just focus on current competitors and trends but also anticipate future developments. One of the best ways to gain a competitive edge is by becoming an industry thought leader through innovative research and staying ahead of the curve.

20) Companies only analyze 12% of their total collected data. Leaving 88% of threats and opportunities unnoticed (Source: Leftronic)

Another mistake that businesses make is not utilizing the data they have effectively. When you’ve successfully collected all the data you need, it’s essential to have a system in place for organizing and analyzing it. Competitive intelligence teams should work closely with data analysts to ensure that all the gathered information is being utilized to its full potential.

21) 61% of companies believe that marketing intelligence has benefited their company and supports a holistic approach that is being adopted (Source: M-Brain)

It’s good practice to combine data-driven insights with traditional methods such as SWOT analysis, market research, and consumer surveys to get a complete view of the competition. This holistic approach allows businesses to make better decisions that are backed by both data and real-life insights.

22) 62% of businesses estimate an increase in their competitive intelligence budget (Source: SCIP)

As the importance of competitive intelligence becomes more recognized in the business world, it’s no surprise that companies are investing more in this area. With an increase in budget comes an opportunity to gather even more valuable insights and stay ahead of competitors.

23) Market pressures are the primary drivers of digital transformation, with opportunities for growth (51%) and increased competitive pressure (41%) (Source: Prophet)

Businesses must adapt to changing technologies and consumer behaviours in order to stay competitive. This means continuously evolving and transforming their operations, products, and strategies. Competitive intelligence plays a crucial role in identifying these market pressures and opportunities for growth.

Conclusion

As a business owner or manager, if you’re thinking about competitiveness, then you are certainly on the right track if you read this post up to this point.

It is important to remember that gaining competitive intelligence doesn’t happen by chance. Competitive intelligence is an ongoing process that requires continuous effort and investment into the right data, tools and processes to stay on top of the competition.

You must make it a priority to gather and utilize data-driven insights in your business’s decision-making processes. This, combined with a holistic approach that also includes traditional methods, will give you the edge you need to remain competitive in the long run.

In the next post, I’ll outline some of the best competitive intelligence tools that you can consider if you’re looking to get an edge over your competitors ASAP. I hope you found this article helpful!