Bright Data Survey Reveals Retail, Banking and Travel Organizations Are Turning to Acquisitions and External Partners to Support Increased Web Data Collection Efforts
Amid growing global economic challenges, demand for market intelligence is driving 55% of professionals in the US, UK and France to consider acquiring businesses or employing outside partners to continue to improve their web-based data collection efforts. – an increase of more than 25% compared to just 24 months ago
NEW YORK & LONDON, October 25, 2022–(BUSINESS WIRE)–New search for Light datathe industry leading web data platform and independent research company Vanson Bourne reveals how ubiquitous and crucial web data is for business strategies in the retail, travel and banking industries. Nearly all of the 500 respondents (93%) think web data is either “very important” or “critical” to supporting operations and decision-making across their organization, and a further 6% rank as “fairly important”. Crucially, 87% of respondents believe the need for web data within their organization has increased over the past yearand despite difficult market conditions 90% say their budget for web data has increased over this period. It comes at a time when companies are cutting budgets and operations across the board to counter the uncertainties surrounding a fluctuating global economy. However, while most departmental budgets are shrinking, the data acquisition market, which companies see as critical to their future success, remains unchanged.
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Infographic – Bright Data and Vanson Bourne Research (Photo: Business Wire)
“It’s no surprise that web data has become the most widely used source of data in businesses today at every level,” said Amir Yazdi, marketing analyst at McDonald’s Canada. “As the survey indicates, the uses of web data range from developing competitive strategy to pricing strategy, from measuring audience sentiment to forming operational systems. All of this is done to ensure that customers or consumers get the most relevant services, offers or products. After all, it is the goal of every business and organization.”
Amid growing market demand for insights from web data, research also suggests that organizations are looking to make acquisitions or find external partners to support their web data efforts. More than half (55%) of respondents say they are actively considering this option – an increase of more than 25% compared to just 24 months ago.
Additionally, organizations are diversifying their approach to web data collection. Ninety-seven percent of respondents consider it important to have access to multiple web data sources or datasets; this includes specifically tailored datasets. Nearly half (48%) focus on collecting the data itself, while a third (32%) focus on pre-made data data sets, which can be purchased “off the shelf” as a package and are usually updated periodically. All of these findings point to the emerging trend of organizations devoting more resources to their web data efforts and planning to increase their budgets, as these efforts require a significant investment in teams to collect, cleanse, structure and analyze the data.
“It’s clear that over the past two years, the market’s reliance on web data has increased dramatically,” said Or Lenchner, CEO of Bright Data. “As demand increases, so does the advancement of the data market and the datasets offered. That is why more and more market leaders across industries are considering data solutions at the demand, such as ready-to-use datasets to make their data mining and data management all the more efficient and cost-effective.”
Continued Lenchner“Bespoke, pre-built datasets are becoming much more appealing to organizations of all sizes. Pre-built datasets serve long-term strategic purposes because they tend to be more comprehensive and often come with options for The smartest players are using a combination of both offerings, whether specifically tailored or off-the-shelf datasets to answer their most critical questions. from pricing to consumer or customer sentiment, the web data marketplace provides the right kind of immediate answers needed,” concludes Lenchner.
“The content from the Bright Data research project is fantastic”, said Sam Palmer, Head of Research at Vanson Bourne. “We are seeing some fascinating scenarios, including a recent increase in the need for web data. For example, 87% of our survey respondents report that their organization’s business need for web data has changed in the last 12 months, and nearly three-quarters (74%) say the same in the past 24 months. The data is not limited to just this one area of interest either, and the final report is well worth reading and offers many more brilliant insights.”
Other key findings show that:
More than eight in 10 respondents (87%) say their organization’s business needs for web data have changed in the last 12 months
The vast majority (90%) of organizations have increased their web data consumption and management budgets in the last 12 months – the average increase is 6%
Nine in 10 (90%) organizations currently use web-based data applications or technologies
The top uses of web data are product research and development (47%), competitor monitoring (45%), and operational testing/training systems (43%).
The main sources of web data are social media (58%), search engines (56%) and competitor websites (47%).
Survey of 500 IT (70%), Technology (18%), and Data & Analytics (12%) professionals in the US, UK and France
Respondents come from retail (33%), travel (33%), finance or executive banking (27%) and general banking (7%) industries
Seniority of respondents: level C (31%), senior managers (65%) and intermediate level (4%)
To learn more about web data platforms, visit: https://brightdata.com/
About light data
Bright Data is an industry leading web data platform. Fortune 500 companies, academic institutions, and small businesses all rely on Bright Data’s solutions to retrieve, structure, and analyze public web data in the most efficient, reliable, and flexible way so they can meet their most comprehensive questions and make quick and effective decisions.
Events to come
To learn more about the increased reliance on web data in nearly every industry, meet Or Lenchner, CEO of Bright Data, Geoffrey Cleaves, VP of Product at Red Points, Nils Henning, Founder and CEO of Casafari, and others leading industry leaders at a special conference. Web Summit Panel, titled: “The Web Data Revolution – At Your Service” Thursday 3rd November 2022, 4 p.m. CEST / 10 a.m. EST in Masterclass 5: https://websummit.com/schedule/ws22/timeslot/the-web-data-revolution-at-your-service-hosted-by-bright-data
See the source version on businesswire.com: https://www.businesswire.com/news/home/20221025005663/en/