LONDON--(EON: Enhanced Online News)--Technavio’s latest report on the global business information market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
“Organizations are increasing their investment in business news, information, and analytics-related tools to remain competitive in the market. The global business information market is driven by the increased demand for information such as financial threats and risks, governance and compliance, and legal and tax accounting information.”
Ishmeet Kaur, a lead analyst from Technavio, specializing in research on enterprise application sector, says, “Organizations are increasing their investment in business news, information, and analytics-related tools to remain competitive in the market. The global business information market is driven by the increased demand for information such as financial threats and risks, governance and compliance, and legal and tax accounting information.”
Since 2010, the demand for high quality and reliable data has been increasing because of new market trends including stringent regulatory requirements, product standardization for electronic trading and clearing, and increasing investment plans. Modern marketing strategies and promotions to attract new customers continue to be expensive, whereas business information services are comparatively inexpensive.
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The top four emerging trends driving the global business information market according to Technavio ICT research analysts are:
- Growth in healthcare information services
- Emergence of social media
- Integration of online and offline information services
- Focus of vendors on medium-sized enterprises
Growth in healthcare information services
The growing demand for business information in the healthcare services segment is one of the major trends in the global business information market. Healthcare information providers offer important data related to fields like adult allergy and immunology, cardiology, dentistry, disease, and allied health information. In this sector, it is common for medical professionals to have access to electronic health records (EHR) on a personal digital assistant (PDA) or handheld device.
“Vendors such as Thomson Reuters and Wolters Kluwer have recognized this need and have started offering wireless products to enable quick access to information, particularly in the healthcare information services segment,” according to Ishmeet.
Emergence of social media
Social media has become one of the primary data sources for many organizations because of its ability to provide instant feedback about the businesses. The emergence of social media has also facilitated companies to track user interactions. The increasing importance of customer sentiment analysis and advances in data analytics are encouraging organizations to include social media in their business processes.
Integration of online and offline information services
The global business information market is witnessing an increase in the integration of online and offline information services. Some vendors have integrated their online content services with their print media services. Some vendors also provide integrated services over smartphones and tablets. Using these integrated services, end-users can utilize business resources that extend beyond a single device, as integrated services quickly deliver the most accurate information, assisting in improved decision-making processes. Vendors such as Bloomberg, Thomson Reuters, and Wolters Kluwer provide both online and offline information services.
Focus of vendors on medium-sized enterprises
Before 2010, medium-sized enterprises had limited options to adopt a system that would ensure optimal decision-making, because they did not require or could not afford business information services. Their options were limited to freeware, low-end, or open-source information sources that were not reliable. However, SMEs have become increasingly aware of the significance of detailed and reliable information and its impact on their business. This trend has created an opportunity for business information vendors to develop new versions of their products and attract SMEs, thus improving their presence in the global business information market.
The key vendors are as follows:
- Dow Jones
- Experian Information Solutions
- RELX Group
- Thomson Reuters
- Wolters Kluwer
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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