Global Business Information Services Market Overview:
The business information services market has shown a significant growth rate over the past decade. The growth and profitability of the market have been driven by the increasing importance of information and data in decision making. The industry's sound growth prospects and fundamentals will expand further with the emergence of cloud computing technology for data storage and processing. Moreover, growing defocus on business process automation and rising demand from small and medium-size enterprises expected to fuel the market growth during the forecasted period.
- Increasing Adoption of Cloud Computing technology for Business Processes
- Growing Focus on Business Process Automation
- Emergence of IoT-Enabled Technologies in Business Information Services
- Technological Advancement in the Business Information Services
- High Investment Costs of Business Information Services
- Increasing Adoption by Small and Medium Enterprises (SMEs)
- Rising Demand from the End User Industries
- Lack of Awareness in the Emerging Economies
In the present business scenario digital transformation across organizations changing more and more business processes hence market players are focusing on the technological developments towards increasing the efficiency of the cloud-based deployment model of business information services. Constant operational excellence is achieved in this industry which is a positive trend in the past few years. Technological development and innovation in products led to a rise in demand from end-users. This has also encouraged vendors to develop more advanced employee onboarding software. Hence, organizations must have its own unique competitive strategy to stand successfully in the market.
Some of the key players profiled in the report are Bloomberg Inc. (United States), Dow Jones (United States), Experian Information Solutions (United States), RELX Group (United Kingdom), Thomson Reuters (Canada), Wolters Kluwer (Netherland), Dun & Bradstreet (United States), Equifax (United States), FactSet Research Systems (United States), D&B Hoovers (United States), Infogroup (United States) and Moody's Analytics (United States). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global Business Information Services market by 2024. Considering Market by Organization Size, the sub-segment i.e. Small and Medium-Sized Enterprises will boost the Business Information Services market. Considering Market by Industry Vertical, the sub-segment i.e. Banking, Financial Services, and Insurance (BFSI) will boost the Business Information Services market.
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Business Information Services market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Business Information Services market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Government Agencies, Commercial Research & Development Institutions, Government Organizations, Research Organizations, and Consulting Firms, Trade Associations and Industry Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.