USD 114.90 Billion
Big Data Market Size, Share, Growth Analysis, By Offering(Software, By Type (Big Data Analytics Software (Prescriptive Analytics Tools, Diagnostic Analytics Tools, Descriptive Analytics Tools), By Business Function(Marketing & Sales (Customer Segmentation, Social Media Management, Sales Forecasting, Customer Journey Management), By Data Type(Structured Data, Semi-structured Data, Unstructured Data), By Vertical(BFSI (Algorithmic Trading & Investment Analysis, Customer Churn Prediction & Retention, Credit Scoring & Risk Assessment, Financial Fraud Detection & Prevention), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2351 |
Region:
Global |
Published Date: September, 2024
Pages:
214
|Tables:
97
|Figures:
71
Big Data Market Insights
Global Big Data Market size was valued at USD 190.2 billion in 2022 and is poised to grow from USD 220.2 billion in 2023 to USD 573.9 billion by 2031, growing at a CAGR of 12.72% during the forecast period (2024-2031).
With the extensive growth of online virtual workplaces, coupled with greater usage of social media, this big data industry is growing. Every day, such a rise produces massive volumes of data that change the way organizations function and make choices. The explosion of data is enhanced by the growing consumption of the Internet which has much to do with its several virtues: unlimited communication, a wealth of knowledge and resource material, ease of sharing, etc. More the people interact individually and business establishments online, more is the amount of data created daily life, and hence big data solutions will grow in the next years. In addition, growing consumer income and changing consumer behavior are using more smart devices, especially in developing countries. Consequently, because of this trend, the need to utilize solutions for efficiently managing data is rising. The rising demand for mobile devices and applications has challenged big data analytics as companies look at ways to exploit this information to their advantage. The big data market is gradually transforming into something that most of the end-user sectors have developed interest in. It is because it provides organizations with insightful details to handle easily gigantic volumes of data. This technology, therefore, delivers high value as, through big data solutions, enterprises can improve operational quality and efficiency, which eventually results in considerable cost savings and better decision-making skills.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Big Data Analytics Software
Fastest Growth
Marketing & Sales
Growth Rate
14.5%
Global Big Data Market ($ Bn)
Country Share for North America Region (%)
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Big Data Market Segmental Analysis
Global Big Data Market is segmented by Offering, Business Function, Data Type, Vertical and Region. Based on Offering, the market is segmented into Software, By Type (Big Data Analytics Software (Prescriptive Analytics Tools, Diagnostic Analytics Tools, Descriptive Analytics Tools, Predictive Analytics Tools), Data Management Software (Data Security Tools, Master Data Management Tools, Data Integration Tools, Data Migration Tools, Data Warehousing Tools, Data Governance Tools, Others), Data Mining Software (Data Classification Tools, Regression Tools, Clustering Tools, Association Rule Mining Tools), Data Visualization Software (Static Data Visualization Tools, Interactive Data Visualization Tools)), Software, By Deployment Mode (Cloud (Public Cloud, Private Cloud, Hybrid Cloud), On-Premises), Services (Big Data Consulting Services, Big Data Cleansing & Scrubbing Services, Big Data Storage & Processing Services, Big Data Analytics & Reporting Services, Big Data Security Services, Big Data As A Service, Other Services). Based on Business Function, the market is segmented into Marketing & Sales (Customer Segmentation, Social Media Management, Sales Forecasting, Customer Journey Management, Others), Human Resources (Talent Acquisition, Employee Engagement, Workforce Management, Performance Management, Others), Operations (IT Infrastructure Optimization, IT Service Management, Incident Response And Resolution, Inventory Management, Others), Finance & Accounting (Fraud Detection, Risk Management, Financial Forecasting, Credit Scoring, Others), Other Business Functions. Based on Data Type, the market is segmented into Structured Data, Semi-structured Data, Unstructured Data. Based on Vertical, the market is segmented into BFSI (Algorithmic Trading & Investment Analysis, Customer Churn Prediction & Retention, Credit Scoring & Risk Assessment, Financial Fraud Detection & Prevention, Personalized Financial Planning, Others), Telecommunications (Network Performance Monitoring, Subscriber Management, Network Infrastructure Predictive Maintenance, Telecom Revenue Assurance, Network Capacity Planning, Others), Retail & Consumer Goods (Customer Segmentation & Personalization, Retail Inventory Management, E-Commerce Management, Price Optimization, Point-Of-Sale Management, Others), Healthcare & Life Sciences (Clinical Data Management, Personalized Treatment, Population Health Management, Drug Discovery & Development, Patient Outcome Prediction, Others), Government & Defense (Predictive Policing & Crime Pattern Analysis, Cybersecurity & Threat Intelligence, Tax & Welfare Management, Emergency Response Optimization, Resource Allocation & Planning, Others), Automotive (Autonomous Vehicle Development, Connected Car Services, Vehicle Predictive Maintenance, Telematics & Usage-Based Insurance, Vehicle Production Optimization, Others), Education (Student Performance Management, Customized Courses & Personalized Learning, Conflict Anticipation & Behavior Detection, Academic Research, Adaptive Testing & Grading, Others), Manufacturing (Equipment & Machinery Predictive Maintenance, Quality Control & Defect Analysis, Smart Manufacturing, Energy Management & Efficiency, Production Process Optimization, Others), Transportation & Logistics (Route Optimization & Traffic Management, Fleet Management, Vehicles & Equipment Maintenance, Supply Chain Visibility, Logistics & Inventory Management, Others), Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Offering
In the big data market, the software segment primarily leads, owing to the growing necessity for tools that facilitate easier administration, analytics, and visualization of data. Businesses are increasingly relying on software solutions to manage such vast volumes of data being generated day in and out and provide them with the capacity to generate valuable insights for better decision-making. Big data software features encompass data processing, storage, and real-time analytics, all of which are important for companies working in different sectors. Apart from this, the evolving nature of technologies such as artificial intelligence and machine learning make software skills even more potent and a necessity for every business looking to progress in this data-driven century.
The service segment in the big data market is growing at a rapid pace due to the increasing number of organizations realizing they require professional advice to execute and maximize their big data initiative. This includes integration services that maintain smooth communication between different sources of data and software tools and consultancy services that allow companies to build efficient frameworks for data management. Furthermore, companies must be aware of the rolling updates in technology by refining support and training services. The market for specialist services is growing due to increased interest among businesses in big data analytics to make strategic decisions; the specialist services segment of the big data market is growing at the highest rate.
Analysis by Vertical
Since the BFSI industry requires enormous amounts of data to stay operationally efficient and for various decision-making activities, it leads the market in big data. Financial institutions can improve client experiences through individualized services and products tailored to the demand of each client using big data analytics. Moreover, big data is critical for regulatory compliance, risk management, and fraud detection. Organizations can easily detect suspicious activities and mitigate risks due to processing large amounts of transactional data. Having allocated substantial investments into data technology and the increasing importance of customer insights, the BFSI sector is leading the field in adopting big data.
The telecommunications segment is becoming the fastest growing one within the big data market owing to the industry's current digital revolution. Telecom companies more recently apply big data analytics to offer better service delivery, minimize downtime, and subsequently the optimization of network performance. Providers can improve customer satisfaction by predicting problems and proactively taking measures to rectify them through real-time data available from the network operations of the telecommunication company. At the same time, telecom companies may target their services better through individualized marketing techniques based on consumer data that increase customer retention rates. Rising competition and changes in customer needs will increase demand for advanced analytics and data management solutions, the telecoms industry believes.
Global Big Data Market By Vertical
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Big Data Market Regional Insights
North America leads the majority market share in the big data market, primarily because of developed IT infrastructure and extensive usage of advanced technology in this region. The region benefits from a huge thrust for innovation, as witnessed by the many established entities in the region that are always on the lookout to exploit big data solutions to gain a competitive advantage. This is primarily why major industries, such as banking, healthcare, and retail, keep investing in analytics to enhance decision-making and operational efficiency. The early adoption of big data technology in this region set the precedent for international procedures, enabling it to shape the global big data market. Due to this, North America is at the forefront of the market.
On the other hand, due to increasing internet connectivity and fast digitalization, Asia-Pacific is emerging as the most rapidly growing big data market category. Government efforts proactively promoting technical developments along with a strong tech ecosystem in countries like China, India, and Japan. Such nations are increasingly discovering just how significant big data analytics can be in terms of increasing GDP, providing the population with better public services, and making corporate operations more streamlined. The increasing use of mobile devices and digital services accelerates the growth in the adoption of big data use, thereby empowering enterprises to access intelligent information to better make strategic decisions. This momentum promises Asia-Pacific to be a key player in the future development of the global big data ecosystem.
Global Big Data Market By Geography
- Largest
- Fastest
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Big Data Market Dynamics
Drivers
Increasing Data Volume
- The primary driving force in the global big data market is the multiplication of volumes of data that have been rising exponentially over time. This is because such multiplications are caused by multiple sources through which this happens. That is, with the rapid growth firms experienced in social media, IoT devices, online purchases, and other forms of digital interactions, they left themselves with copious amounts of data that could be mined for insightful analysis. To compete, businesses must invest in big data solutions to effectively manage the data and provide various analytics. Advanced analytics could help firms optimize decision-making, augment experiences for clients, and rationalize their operations by following culminated ideas that impact the bottom line of any business, thereby making it stand out dramatically in an increasingly data-centric world.
Increased Usage of Cloud Computing
- The use of cloud computing has not only gained explosive growth, but it has wholly transformed the way businesses approach big data analytics. Organizations have scalable storage and processing capabilities without the large upfront expenditures of IT infrastructure that enable organizations to simply utilize all the latest analytics tools. Therefore, it is possible to implement big data solutions that are customized for specific business requirements for all organizations since innovation is fostered with their implementation. Cloud computing streamlines the processing of real-time data, thus improving the response time and agility towards change in the market. With this trend of companies now migrating towards the cloud, demand over time in the future for analytics from big data shall remain high as will the growth of the market.
Restraints
Data Privacy Concerns
- The fear of the violation of privacy and violation of regulations such as the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR) raises serious issues as companies collect and analyze enormous amounts of personal data. Strict data protection procedures are enforced by these regulatory frameworks, which could make it increasingly difficult to implement big data solutions. An additional reason that companies are averse to detailed data analytics techniques is that privacy breaches can result in serious punishments and damage to reputation. Therefore, these concerns regarding data privacy can become a constraint to industry growth for big data as organizations need to negotiate with care through complex legal environments.
Lack of Skilled Workers
- Expanding rapidly in big data technology, there is a notable dearth of skilled professionals experienced to handle and examine enormous amounts of information effectively. This skills gap can severely cripple the ability of companies to fully avail themselves of the big data solution. Business requires better and best data scientists, analysts, and engineers to compete and make decisions more and more based on the best data-driven tactics. As a result, education and training programs lag demands by a very limited quantity of talent pool. This lack of skilled workers can hinder the growth of big data, since businesses find it challenging to staff up and to manage these advanced technologies.
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Big Data Market Competitive Landscape
Manufacturers are investing heavily in R&D to create integrated big data solutions to be able to offer more capabilities. To have an edge in the competition, purveyors are striving to bring down the cost of hardware for their clients. It is expected that they would focus on venture finance and mergers and acquisitions concerning the technology and the intricate ecosystems in development. The established participants in the industry focus on having a more accurate information base, optimized sales cycle betterment, optimized customer services, and a larger insight into client requirements.
Top Player’s Company Profiles
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Broadcom Inc.
- Alphabet Inc. (Google)
- Salesforce.com, Inc.
- Cisco Systems, Inc.
- Amazon.com, Inc. (AWS)
- SAS Institute
- Teradata
- Accenture
- HPE (Hewlett Packard Enterprise)
- Alteryx
- Informatica
- Wipro
- Ataccama
- Sisense
- Imply
- Datapine
- Fusionex
- BigPanda
- BigEye
- Rivery
- Syncari
- Firebolt
- Happiest Minds Technologies
- Centric Consulting
Recent Developments
- In July 2024, IBM Cloud Pak for Data, the newest platform, offered by IBM for data integration and analytical capabilities. The development AI-based insights improved processes in decision-making and handling of data. Platforms are designed to make business data operations better and permit large-scale advanced analytics.
- In June 2024, Microsoft released Azure Synapse Analytics, integrating data warehouse and big data capabilities into one solution. The essence of this solution is the ability to explore and analyze data without any breaks-through seamless integration of machine learning, big data capabilities, and real-time analytics in synapse. It will assist business users in making more data-driven decisions and bolstering corporate operational efficiency.
- In May 2024, Amazon Web Services introduced a new part of its data warehouse service, namely, Amazon Redshift Serverless. Since Redshift Serverless controls the computing capacity on the fly depending on the demand for computing, the users can do complex queries and analytics without additional manual configurations. This is because innovation facilitates the ease with massive data handling and reduces operating costs.
Big Data Key Market Trends
- Integration of Machine learning and Artificial Intelligence: The big data market view AI and ML as two fast-emerging technologies. Companies are increasingly using more AI and ML algorithms to review large amounts of information and identify trends that might have been missed using more traditional analytical methods. This relationship helps firms make better data-driven decisions rapidly and precisely by enhancing the precision of predictive analytics. There are huge amounts of big data solutions using AI automate data processing jobs. Big data solutions cut labor and raise productivity. Currently, the association of big data with AI and ML will only be more critical for organizations that require better performance and deeper insights in offering it as a disruptive force in many sectors.
- Real-Time Data Analytics: There is a push towards data analytics in real time as a significant trend in big data. Organizations are now focusing more on their ability to assess and take immediate action on data in real time because of its continuous growth. With real-time data, businesses may be quicker to change according to what changes are taking place in the market, the behavior of customers, and other difficulties that are found in their operations. Retail, banking, and healthcare all use real-time analytics to improve customer experience, detect fraud, or speed up processes. Going by current trends, it is arguable that the future of data analytics will be shaped by the increased demand for real-time big data solutions as technology continues to evolve, coupled with a pressing need for timely insight.
Big Data Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing volumes of data produced by various industries and the increasing demand for complex analytics solutions are expected to continue driving the rapid growth of the big data market. Organizations have started to leverage data differently to make strategic decisions and operate more efficiently because of important developments such as the advent of real-time data analytics and the integration of AI and ML. Businesses have a lot to gain despite the challenges that come with talent deficits and misgivings about security of data from big data technology innovation. The big data market will be the greatest influencing factor for the global industry trends as the businesses are increasingly waking up to realize the exploitation of data for their benefit.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 190.2 billion |
| Market size value in 2031 | USD 573.9 billion |
| Growth Rate | 12.72% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Big Data Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Big Data Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Big Data Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Big Data Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Big Data Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Big Data Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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