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The business information market size is forecast to increase by USD 68.7 billion, at a CAGR of 6.79% between 2023 and 2028. Market growth hinges on various factors such as enterprises must adapt their business strategies to align with evolving customer preferences. This adaptation is crucial for enhancing both top-line revenue and bottom-line performance. Additionally, leveraging business information effectively serves as a critical tool for managing and reducing risks within enterprises. By responding to shifting customer preferences, businesses can capture market opportunities and strengthen their competitive positioning. Improving financial performance requires strategic alignment with market demands and operational efficiencies. Moreover, utilizing comprehensive business data enhances decision-making capabilities, enabling proactive risk mitigation and operational optimization. These integrated approaches foster sustainable growth and resilience in an increasingly dynamic market landscape. As businesses navigate these challenges, the ability to innovate, respond to customer needs, and leverage data-driven insights will be pivotal in driving success and achieving long-term profitability. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is pivotal in providing scientific and technical content through subscription services, serving as a vital part of top-line performance for enterprises. It encompasses business information tools that facilitate financial activities and manage financial risks and operational risks with the aid of information solution providers leveraging cutting-edge technology and automation. These tools streamline workflow and utilize social media insights, bridging gaps in insufficient knowledge among small vendors and large vendors in both domestic and international markets. Businesses adopt data-driven business strategies with robust data gathering and analytical processes enabled by advanced technologies, fostering product improvements and managing vast volumes of data for government and private enterprises alike. Amidst concerns like data breaches and malware attacks, the market thrives on providing accurate information through secure ERP systems and ensuring data privacy through advanced analytics and industry-specific solutions. This evolution supports digitalization and business maturity, enhancing customer-centric services and enabling informed decision-making across sectors from finance and banking to retail and IT, catering to diverse needs with customized solutions and proactive risk assessment.
Adapting enterprise business strategies to changing customer preferences is one of the key factors driving the growth of the market. Companies across industries are operating under a dynamic business environment and need to be aware of changing customer behaviors, preferences, and demographics. This helps enterprises to stay competitive, fast-track their product development processes, and ensure a continuous flow of revenue from those products and services. Hence, it is imperative that companies identify their customers' requirements, purchasing behavior, and lifestyles to devise their business and promotional strategies accordingly.
Further, business information service providers aid an organization with proper analysis of their target audience's behavior, triggers, the current trend of marketing, and insights into how the organization can modify its product, service, marketing, and promotional tools to reach its consumers tactfully. They also analyze the competitor's products, branding, and marketing strategies to present the client with appropriate strategies to sustain and boost their market share and company revenue. Such factors will increase the demand for the market in focus during the forecast period.
The provision of customer-centric solutions is the primary trend for the market growth. Customers are increasingly seeking solutions that can demonstrate a higher return on investments in a short period of time. Such solutions are expected to create noteworthy new opportunities either to increase revenue or brand value. Hence, business information providers are focusing on developing more customer-centric solutions that have a direct effect on their customers' business goals such as cost reduction, productivity improvement, and revenue growth. For instance, in the BFSI sector, business information providers are offering solutions that can reduce the organizational headcount by automating processes.
In the healthcare industry, business information providers are offering solutions that can directly reduce drug expenditure and increase the efficiency of doctors. Business information providers are also expanding their portfolio of offerings by branching out from their conventional data/content-centric solutions to providing technical and domain-specific expertise, data analytics solutions, financial consultancy, and operational consultancy services. All these products and services are designed to ensure that the customer's organizational objectives are achieved.
The threat of data misappropriation and theft is a major challenge for the markets growth. Any planned or accidental data breach, which leads to such confidential data being accessible to unscrupulous individuals and entities, could result in heavy financial losses for enterprises and individuals. Also, the use of the cloud and digital sharing of files between the information provider and organization could lead to the loss or theft of data if the connection is not secure. The total number of data theft incidents has increased from around 1,200 in 2013 to more than 2,000 in 2019, across all sectors.
Moreover, business information providers such as Equifax, a US-based credit rating agency for individuals and businesses, have also been targeted. In 2017, hackers stole the social security numbers of about 145.50 million US customers from Equifax's data centers. Moreover, in 2018, a flaw in Experian's site exposed personal identification numbers, which are used to freeze credit accounts, making it very easy for criminals to open bogus accounts in the names of legitimate customers. Such incidents of data theft can defile the reputation of business information providers and lead to a decline in their revenues.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bloomberg LP- The company offers Business information through its Bloomberg Businessweek.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the BFSI segment will be significant during the forecast period. In the BFSI sector, the information provided to businesses is of various types, such as credit risk reports, credit scores of individuals, compliance solutions, collaboration, audit management, corporate performance management and firm management, historical market reports, and forecast reports of specific industries for trading purposes.
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The BFSI segment was valued at USD 51.50 billion in 2018. In fast-moving economies, credit risk is one big hurdle for every BFSI company. Business information providers help organizations in lending responsibly and protect themselves as well as their customers from this risk. Credit reports enable fair, responsible, and quick lending decisions to be made by the company for people and businesses. Such factors will increase segment growth during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The developed countries in North America, such as the US and Canada, use many business information products and services, including company-related information; financial, tax, and accounting solutions; as well as governance, risk, and compliance solutions. By investing in these products and services, they intend to optimize their expenses and increase their revenue base, whereas countries that are still in the development stage, such as Mexico, are using business information sources to understand customer preferences and trends for the market they operate in. Their main agenda is to maximize revenues coming from existing offerings and develop new offerings (products or services) based on the current market trends, leveraging further the growth of the market in focus in North America during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market thrives on delivering pertinent information critical to managing critical assets across various sectors. It spans the information industry with offerings in scientific, technical, and medical content, essential for informed data-driven decision-making. As demand grows for paid content and secure transaction processes, companies leverage cloud computing and big data solutions powered by AI and ML to optimize operations and enhance customer insights in finance and beyond. However, with technological advancement comes the persistent threat of cyber threats and security risks, particularly concerning valuable information stored in industry databases housing financial data. To combat these challenges, businesses prioritize access to accurate, up-to-date information through cloud-based solutions and on-demand solutions, integrating robust CRM systems for seamless client management. The market's evolution underscores the necessity for proactive measures to safeguard sensitive data, ensuring reliability and trust in an increasingly interconnected business environment.
Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.79% |
Market growth 2024-2028 |
USD 68.7 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, UK, China, Germany, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bloomberg LP, Capita Plc, CQG, Deloitte Touche Tohmatsu Ltd., Dun and Bradstreet Holdings Inc., Equifax Inc., Ernst and Young Global Ltd., Experian Plc, FactSet Research Systems Inc., Informa PLC, KPMG International Ltd., Moodys Corp., Morningstar Inc., News Corp., PricewaterhouseCoopers LLP, Refinitiv, RELX Plc, S and P Global Inc., Thomson Reuters Corp., and Wolters Kluwer NV |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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