Revolutionizing Market Insights through AI and Data Analytics: The Next Era of Competitive Intelligence

Abstract

This research examines the impact of artificial intelligence (AI) and data analytics on the development of insights in the market and competitive intelligence. It aims to study how businesses aim to make use of AI powered analytics in estimating market movements, improving their choices, and the gaining headway in the market and industry. The investigation employed quantitative research design and distributed a structured questionnaire to 200 respondents from various industries. The researcher employed the quantitative method and administered a structured questionnaire to two hundred participants which include market researchers, data analysts, business strategists, and AI/ML developers. Descriptive statistical methods were used to ensure validity and reliability of the data through Cronbach’s Alpha. This study assesses respondents’ awareness, understanding, and perceptions of AI and data analytics in the sphere of marketing intelligence. Findings suggest that the integration of AI, and data analytics in market intelligence processes greatly enhance real-time data processing, improve the accuracy of forecasting, and provide actionable insights. Most respondents agreed that AI competitive intelligence enhances market intelligence better decision-making and firms’ market positioning. On the other hand, the respondents cited high costs of implementation, privacy of data, and overreliance on AI to make decisions as key limitations. This study adds to the existing literature of AI competitive intelligence by illustrating its use, merits, and scanning gaps. It gives useful suggestions for companies trying to adopt AI alongside data analysis in the deeper level of business strategy making. Results reveal the importance of finding balance between rapid evolution of AI technology with ethical issues and human capabilities in order to fully harness the power of artificial intelligence in the field of market intelligence.