Market Intelligence: Definition
Market intelligence, in simple terms, refers to the information and insights gathered about a particular market or industry. It involves gathering information about customers, competitors, market trends, and other external factors that impact business performance. The goal of market intelligence is to understand the market dynamics, identify opportunities, and make informed decisions to gain a competitive advantage.
Business intelligence, on the other hand, is a broader concept that encompasses the collection, analysis, and interpretation of data within an organization. It involves gathering internal data from various sources, such as sales, operations, finance, and marketing, and transforming it into meaningful insights. Business intelligence aims to provide a comprehensive view of the organization's performance, operations, and internal processes. It helps businesses make data-driven decisions, optimize performance, and improve efficiency across different functional areas.
Ultimately, market intelligence focuses on external market factors and helps businesses understand their industry, customers, and competitors. It provides insights for strategic decision-making. On the other hand, business intelligence focuses on internal data and helps organizations analyze and optimize their internal processes and performance. It supports operational decision-making within the organization. While there is some overlap between the two, they have different scopes and objectives.
A key priority of 74 percent of top procurement leaders is cost reduction. This makes market intelligence highly relevant and critical for organizations in order to optimize their approach, reduce costs, sustain business growth and achieve supply-side excellence. With market intelligence research, procurement experts can anticipate and analyze risks. They can identify key trends, evaluate the implication of those trends, and navigate their sourcing strategies accordingly.
Beroe is a leader in procurement intelligence and supplier compliance solutions. Offering access to intelligence, depth of geographical coverage and expertise, an extensive library of thought leadership, and a range of services, Beroe caters to more than 10,000 companies around the world, including 400 out of the Fortune 500 companies.
Check out Beroe LiVE.Ai, level up your procurement knowledge, and take confident strides to grow your business.
Why Market Intelligence is so Important for Organizations Today?
The supply market intelligence is significantly fruitful for running the business technically and systematically with higher returns. Here are some of the major benefits of having market intelligence in the arsenal:
- Measure Qualitative and Quantitative Results
- Set Clear Targets
- Determine Appropriate Investments
- Boost Revenue Growth
- Market Intelligence (2023 Updates)
- 50 Percent of Low-Skilled Jobs to be Replaced by AI in 5-7 Years
- Global Warehousing Industry to Grow at a 7 Percent CAGR till 2024
- Global Cleaning Services Market to Grow at 6.3 Percent till 2025
Measure Qualitative and Quantitative Results
Marketing, distribution, and operations consider both the quantitative and the qualitative results and responses from the suppliers. However, to determine and differentiate between the quantitative and the qualitative responses, market intelligence is necessary. As such, it helps businesses measure the results quantitatively and qualitatively.
Beroe offers personalized supply market intelligence solutions using quantitative and qualitative research methods, buying history assessment, focus groups, and product feedback to fuel the innovation process, data understanding, and product delivery.
Set Clear Targets
All organizations plan and strategize different aims and objectives, which can fetch them the desired results. Supply market intelligence can help businesses in going with the best technical and systematic target decisions by offering them a better knowledge of the supply market in a comprehensive manner.
Determine Appropriate Investments
Not all investments in the supply-side yield the same results. Some deliver more than others. To optimize spending and improve ROI, organizations must have a clearer understanding of which avenues would deliver them better outcomes and where they should channel their resources.
Supply market intelligence helps determine where organizations can appropriate their spendings or investments that bring them maximum rewards.
Boost Revenue Growth
Every business wants to boost its revenue. Supply market intelligence helps businesses ask relevant questions about their methods and the target market. It enables them to carry out in-depth (and consistent) research of the market, keep an eye on their peers, and determine the current market trends. They can compare data across various verticals, figure out the inefficacies in sales, distribution, and operational activities, and make more effective supply-side decisions. All this certainly helps businesses drive revenue.
Market Intelligence (2023 Updates)
A lot is happening across segments. Here are some of the important market intelligence updates of 2023:
[Note: We would keep adding newer updates to this section. So, bookmark this page and give it a re-visit often.]
50 Percent of Low-Skilled Jobs to be Replaced by AI in 5-7 Years
Artificial intelligence and automation have long been assumed to take away many jobs. The latest findings by Beroe give it a more distinct picture. According to the report, in the next 5-7 years, AI is expected to replace as much as 50 percent of low-skilled jobs. By 2022, one in five workers will rely on this technology to do their job.
In 2020, the global market size of AI was $52.8 billion. It is expected to touch the $112.2 billion mark by 2022. North America makes up the largest portion of that market size, followed by APAC, Europe, and the rest of the world.
Natural Language Processing (NLP)and machine learning (ML) are the major AI technologies, credited to shape the industry and accelerate its growth. Image recognition and predictive analysis are other technologies in the market that have the most attention. Owing to the consistent growth and prevalence, it is expected that robots will be the most preferred workforce across the globe by 2030.
Demand for digital services, strategic implementation for enterprises, and product innovation are the key drivers of the AI industry. However, it has certain constraints as well. Lack of technical and functional knowledge is a big challenge for the majority. Failing to realize the power of AI and assuming it to be a mere problem-solving tool is another roadblock on the way that limits one from capitalizing on AI's full potential.
In any case, as more and more companies discover benefits in AI, the adoption rate will manifold in the coming decade, resulting in a significant loss of low-skilled jobs.
Global Warehousing Industry to Grow at a 7 Percent CAGR till 2024
Valued at $245 billion in 2020, the global warehousing market is expected to reach the $326 billion mark by 2024. It is expected to clock the growth rate of 7 percent CAGR. Europe, North America, and parts of APAC are highly mature markets. China and India, in particular, will be the key driving markets, supporting the projected growth.
The pandemic has brought an increase in the demand for warehouses. The demand for groceries and other essential items has increased in many parts of the world. Trying to cope up with the increased demand from the consumers, companies are actively looking to expand their warehousing capabilities, aiming to add more spaces to their existing infrastructure. In the aftermath of COVID-19, select sectors like FMCG, e-commerce, pharmaceuticals, 3PL, and more are expected to boost the recovery and growth of the warehouse industry.
There are select drivers that are playing a significant role in the boom of the warehousing market. Overall macro-economic factors, which include an increase in global manufacturing production, are taking the demand for warehouses to newer heights. Growing retail and e-commerce industries are other drivers that are making a bigger, positive impact on this industry.
That said, there are also a few constraints. The unavailability of skilled labor is a big challenge in regions like North America and Europe. To that, the lack of expertise in the warehousing field, which subsequently increases the wage and hence the operating costs, is another challenge on the way.
In the warehouse industry, dropshipping, social media commerce, and quick time to delivery are some of the key market trends to look out for in the coming years.
Global Cleaning Services Market to Grow at 6.3 Percent till 2025
The pandemic brought a significant rise in the demand for cleaning services. Due to health concerns, more companies were looking for "deep cleaning services" during the peak of the outbreak, the demand of which has sustained. So much so that there was a supply-demand gap, which subsequently increased the turnaround time. This development has put the global deep cleaning services market on a significant rise. Standing at $60.25 billion in 2019, the market size is expected to grow to $88.9 billion by 2025 at a growth rate of 6.3 percent CAGR.
The U.S., UK, Australia, Germany, France, Spain, and New Zealand are highly mature markets, whereas UAE, Singapore, Saudi Arabia, Qatar, Canada, and Eastern Europe are basketed under medium market maturity regions.
Both the supply and demand market outlooks look great. The overall macro-economic setup is the biggest driver of the global cleaning services market. Similarly, the preference of outsourcing the services as opposed to having an in-house team is another market driver, along with newer technologies and green cleaning products. That said, there are also a few constraints, hindering the market growth. Labor cost, which makes up to 75 percent of the total operational cost, is a big constraint. In addition, a lot of laborers are immigrants. A change in the immigration laws and regulations can significantly impact the cleaning services market in respective countries.
Robotic cleaning technology, emerging startups, 'Green Cleaning', and vendor consolidation are some of the key trends in the cleaning services market.
Frequently Asked Questions
What is market intelligence?
Market intelligence is the data that is relevant to the operational efforts of a business. Once gathered, that data is evaluated to efficiently and accurately guide the decision-making process of organizations by enabling them with insights into the state of the supply market.
While market intelligence helps achieve a plethora of various business goals, at a high scale, it helps businesses make critically informed decisions regarding their products, pricing, distribution, and more.
Even though it is only a single tool in your metrics ammo, the supply market intelligence analysis is one that businesses need to keep updated and scale consistently. It helps them keep up with, and even ahead of, the ever-evolving market conditions.
What are the benefits of market intelligence?
There are many benefits of market intelligence. It helps measure qualitative and quantitative results, define clear targets, determine appropriate investments, and eventually boost revenue.
Market intelligence gives extensive information about the markets and competitors that can be tapped into. External factors and how they impact the respective markets are also included in the market intelligence analysis.
Further, it also helps in understanding the customers too. How customers make purchase decisions and what drives their purchasing habits are among the key questions the market intelligence research can address. Understanding customers can help businesses to make changes that can drive up sales.
What are the types of market intelligence?
The term market intelligence is very vast. It includes several types and subsequent sub-types. Some of the most important types of market intelligence include competitor intelligence, customer intelligence, product intelligence, geopolitical intelligence, technology intelligence, and social media intelligence. Based on your distinct needs and requirements, you can invest in a broad market intelligence research report or a report that focuses on any of these types.
How to collect market intelligence?
There several methodologies to derive actionable market intelligence. Some of the most prevalent ways that offer business teams a better picture of the market include:
Field trials are an opportunity for companies to try out various parameters around their branding or product by enabling their crews to pilot runs on a smaller scale. It involves conducting experiments in real-time, gathering real-world data, and implementing relevant changes.
Focus groups incorporate hand-picking a group of people to build a sample size of their target audience. A mediator asks participants a set of premeditated questions to stimulate further conversation among the group. This enables companies to gather insights into the thorough opinions of their target supply market, letting them make more informed, subtle decisions about future initiatives.
A questionnaire is another way for businesses to get to a wider audience pool. It can help them figure out both quantitative and qualitative insights about their supply market and can be performed both offline and online.
Polls are different from surveys and questionnaires; in that, they usually channelize efforts on one question. Compared to the open-ended questions that might be added to other methodologies, polls can be answered easily and quickly, resulting in a greater response rate.
Mail surveys are a cost-efficient approach to reaching a bigger audience. While the world has been significantly shifting toward technology resources in recent years, this approach can still be beneficial for companies performing outreach in regions where access to technology might be scarcer.
Forms are a way for businesses to know more about their target supply market's particular insight, generally related to demographics. These are often carried out by a researcher, and the aim is to collect more information on objective data versus someone's opinion or typical feedback.
How can Beroe Inc. help your business with market intelligence?
Beroe Inc. is a leading provider of market intelligence and procurement solutions that support businesses in making informed decisions and driving strategic initiatives.
At Beroe, we understand the importance of market intelligence in today's dynamic business landscape. Our team of industry experts is dedicated to gathering and analyzing data from diverse sources to deliver comprehensive market intelligence reports tailored to your specific needs. We cover a wide range of industries, including procurement, supply chain, and market research, ensuring that you receive the most relevant and accurate information.
Our customized market intelligence reports provide a deep dive into market trends, competitor analysis, supplier landscapes, pricing dynamics, and regulatory changes. We go beyond surface-level information to uncover meaningful insights that help you gain a competitive edge. Whether you're looking to enter a new market, evaluate suppliers, or optimize your procurement strategies, our reports provide the critical insights you need to make well-informed decisions.
One of our key offerings is supplier intelligence, where we provide detailed information on supplier capabilities, performance, financial stability, and market positioning. Our reports empower you to evaluate and select the right suppliers for your business, ensuring that you forge strong and reliable partnerships.
In addition to our market intelligence reports, we offer category intelligence reports that focus on specific product or service categories that produce industry-specific reports that cover a wide range of sectors, including healthcare, energy, chemicals, food and beverages, and more. These reports provide comprehensive insights into market dynamics, pricing trends, emerging technologies, and supplier landscapes within the category. With our category intelligence, you can stay up-to-date on industry developments and identify growth opportunities within your specific market segment.
At Beroe, we don't just deliver reports; we provide continuous market monitoring and updates to keep you informed about the ever-changing business landscape. Our team diligently tracks market trends, competitor activities, and regulatory changes, ensuring that you have the latest insights at your fingertips. This real-time information allows you to respond quickly and effectively to market shifts, keeping your business ahead of the curve.
As your trusted advisor, we offer comprehensive advisory services that complement our market intelligence reports. Our industry experts provide personalized recommendations, actionable insights, and best practices to guide your strategic decision-making. We work closely with you to understand your business goals and challenges, helping you navigate complexities and make data-driven decisions that drive success.
To deliver the highest quality market intelligence, we harness the power of advanced technology. Our data analytics, artificial intelligence, machine learning, and automation tools enable us to extract meaningful insights from vast datasets, ensuring accuracy, efficiency, and relevance.
At Beroe, our mission is to empower businesses with the knowledge and insights they need to succeed in today's competitive landscape. We are committed to providing you with reliable, comprehensive, and actionable market intelligence that supports your strategic initiatives and drives growth.
Join us on this journey of informed decision-making and unlock the potential of your business with Beroe Inc. Together, we can navigate the complexities of the market and seize new opportunities. Contact us today to explore how our market intelligence and procurement solutions can elevate your business to new heights.
With market intelligence companies such as Beroe at the disposal, businesses can have a 360-degree view of the supply market landscape before making any investment decisions. Check out Beroe LiVE.Ai™
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