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The business information market is estimated to grow at a CAGR of 8.2% between 2022 and 2027. The size of the market is forecast to increase by USD 80.42 billion. The growth of the market depends on several factors, including adapting enterprise business strategies to changing customer preferences, enterprises need to improve top-line and bottom-line performance, and business information serving as a risk management and reduction tool.
This report extensively covers market segmentation by end-user (BFSI, healthcare and life sciences, manufacturing, retail, and others), application (b2b and b2c), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Adapting enterprise business strategies to changing customer preferences is one of the key factors driving the growth of the global business information 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.
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 global business information markets 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 global business information 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.
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 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 growth strategies.
Global Business Information Market Customer Landscape
Vendors 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- The company offers Business information through its Bloomberg Businessweek.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 50.02 billion in 2017 and continue to grow by 2021. 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 43% 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.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for North America. Furthermore, in 2021, owing to the mass vaccination drives and other government initiatives, the lockdown restrictions were removed, and business operations were resumed. However, several companies adopted the hybrid work model due to the lack of IT infrastructure in office premises and to follow social-distancing norms. Also, the latest information on the business scenario based on the negative impact of COVID-19 on various sectors is still in very high demand. Thus, the market in North America is expected to gain substantial growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Business Information Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.2% |
Market growth 2023-2027 |
USD 80.42 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.21 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bloomberg L.P, Capita Plc, CQG, Deloitte Touche Tohmatsu Ltd., Equifax Inc., Experian Plc, FactSet Research Systems Inc., Informa Plc, Moodys Corp., Morningstar Inc., News Corp., Refinitiv, S and P Global Inc., Thomson Reuters Corp., Wolters Kluwer NV, Dun and Bradstreet Holdings Inc., Ernst and Young Global Ltd., KPMG International Cooperative, PricewaterhouseCoopers LLP, and RELX Plc |
Market dynamics |
Parent market analysis, 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 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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