Business Information Market Report 2023 | Industry Size and Forecast Till 2028

The global business information market size reached US$ 47.45 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 69.05 Billion by 2028, exhibiting a growth rate (CAGR) of 6.25% during 2023-2028.

The rising utilization in the e-commerce industry, increasing demand for customer-centric solutions to enhance customer business goals, and the growing employment of business information to analyze products, branding, and marketing strategies represent some of the factors driving the market.

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Factors Affecting the Growth of the Business Information Industry:

• Technological Advancements:

Advanced data collection methods, such as web scraping, Internet of Things (IoT) devices, and automated surveys, are making it easier to gather vast amounts of business-related data. These technologies enable real-time data collection, ensuring that information is current and relevant.

Technological advancements are leading to the development of powerful big data analytics tools and algorithms. These tools can process massive datasets quickly and extract valuable insights, helping businesses make data-driven decisions. Artificial Intelligence (AI) and machine learning (ML) algorithms are used to analyze business information, detect patterns, and predict future trends.

• Rapid Globalization:

Globalization encourages businesses to expand into new markets across borders. Entering unfamiliar markets requires in-depth knowledge about local regulations, consumer preferences, and competition. As a result, companies seek comprehensive business information services to navigate these complexities. The globalized economy relies on international trade. Companies engaged in import and export activities require up-to-date information on tariffs, trade agreements, and market dynamics in various countries to make informed trade decisions. Business information services help companies gather intelligence on global rivals, enhancing their competitive advantage.

• Rising Demand for Data Security:

High-profile data breaches and cyberattacks are raising concerns about the security of business information. Companies are increasingly investing in data security measures to safeguard their sensitive data from unauthorized access and breaches. Companies are adopting encryption technologies to protect data both in transit and at rest. This includes encrypting communication channels, databases, and storage systems to prevent unauthorized access to sensitive information. Businesses are also investing in advanced security tools and monitoring systems to identify and mitigate threats promptly.

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Business Information Market Report Segmentation:

By Type:

• Commercial
• Scientific
• Technical
• Medical
• Educational and Training
• Others

Educational and training represented the largest segment as companies across various industries increasingly invest in employee training and development programs to stay competitive.

By End User:

• BFSI
• Healthcare and Life Sciences
• Manufacturing
• Retail
• Others

BFSI accounted for the largest market share due to its reliance on accurate business information for risk assessment, investment decisions, regulatory compliance, and competitive analysis.

Regional Insights:

• North America
o United States
o Canada
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

North America enjoys the leading position in the business information market on account of its mature economy, advanced technological infrastructure, and a high concentration of businesses seeking data-driven insights for decision-making.

Global Business Information Market Trends:

With the increasing use of technology in data collection and analysis, businesses are embracing digital solutions for accessing and managing information. Artificial intelligence (AI) and machine learning (ML) are being increasingly integrated into business information services. These technologies enhance data analysis capabilities, offering more advanced and predictive insights to businesses. Business information providers are investing in robust security measures and ensuring compliance with data protection laws. They are also offering customizable services that allow clients to access data relevant to their industry, region, and preferences.

Leading Companies Operating in the Business Information Industry:

• Bloomberg L.P.
• Deloitte Touche Tohmatsu Limited
• Equifax Inc.
• Ernst & Young Global Limited
• Experian PLC
• KPMG International Limited
• PricewaterhouseCoopers LLP
• RELX plc
• Thomson Reuters Corporation
• Wolters Kluwer N.V.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.