Business Intelligence Tools and its implications on the Market Research Sector

by Global Market Research Analyst

Business Intelligence Tools have the ability to study key markets and their upcoming trends in an automated manner. The use of these platforms in market research and consulting firms are expected to redefine the overall structure of the market research industry. The introduction of ICT based segments like Artificial Intelligence and IoT within the research domain has defined the value of data. The inclusion of data management systems and market intelligence platforms is expected to restructure the present dynamics of the market research industry.

Business Intelligence tools like spreadsheets, data mining software, etc help with data handling and overall optimization of trends. The use of these tools streamlines market research and secondary data collection. Some of the main business intelligence tools used within the market research sector include Microsoft Power BI, Tableau, etc.

Contrarily, the introduction of AI-based market research platforms like the Global Market Database is expected to reduce the use of business intelligence tools. Global Market Database studies the key verticals and the change in market structure. The market information obtained from this market research tool is updated every quarter. Therefore, Global Market Database studies the shift in line with changing market trends. This business intelligence tool analyzes the burgeoning trends within a set vertical to determine a forecast-based analysis. Unlike traditional market research reports, the study period and the forecast period are updated in the case of the Global Market Database. Moreover, these reports are highly cost-optimal as opposed to conventionally procured market research reports.

Global Market Database makes use of Dynamic Market Data as its core to procure relevant market information. The business intelligence tool provides data across 600+ markets and 12 different industries. The overall growth rate associated with various industry segments can be studied using this cloud-based market research platform.

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