The growing demand for AI is obvious in all markets. This page collects and will keep collecting the best AI statistics that we find across the web to ensure that everyone stays informed when it comes to AI. These insights are aiming to act as competitive insights that will give you an edge over competition.
General AI Statistics
The global AI market is valued at over $136 billion, according to Grandview Research.
AI industry value is projected to increase over 13x in the next seven years, as reported by Business Wire.
The US AI market is forecasted to reach $299.64 billion by 2026, according to Statista.
The AI market will expand at a CAGR of 38.1% between 2022 and 2030, as reported by Market Research Future.
By 2025, 97 million people are expected to work in AI space, as per 24/7 Wall St.
AI market size is expected to grow by at least 120% year-over-year, according to Markets and Markets.
83% of companies claim AI as a top priority in business plans, as reported by Forbes.
AI Adoption Statistics
35% of companies are using AI, and 42% are exploring the technology, according to Notta.
30% of IT professionals say employees use AI tools to save time, as per Statista.
Over half of teleorganizations are invested in chatbots, as reported by Juniper Research.
47% of enterprises adopted AI in supply chains, according to Business Wire.
60% of businesses to use AI in data analytics by 2025, as reported by Forbes.
80% of CEOs plan to incorporate AI technologies within two years, according to Xometry.
AI Impact Statistics
AI is estimated to contribute $15.7 trillion to the global economy by 2030, as per the World Economic Forum.
AI is expected to create 20 million new jobs in the US by 2030, according to Accenture.
AI could automate up to 800 million jobs globally by 2030, as reported by McKinsey & Company.
AI is projected to save $2.6 trillion in healthcare costs by 2026, according to PWC.
AI will reduce fraud in financial services by $1.2 trillion by 2030, as per Forrester Research.
AI Applications Statistics by Industry
AI is used in over 70% of new smartphones, according to Hazelphone.
AI is used in over 50% of new cars, as reported by Statista.
AI is used in over 30% of new homes, as per Statista.
AI is used in over 20% of new factories, according to Statista.
AI is used in over 10% of new hospitals, as reported by Statista.
AI Challenges and Ethics Statistics
62% of people are concerned about AI used for malicious purposes, according to Pew Research.
48% of people are concerned about AI bias, according to Statista.
AI Replacing Jobs Statistics
AI is predicted to eliminate 85 million jobs but create 97 million new ones by 2025. Globally, AI might replace 300 million full-time jobs and could account for over 52% of job displacement globally by 2025. Potentially, 30% of jobs could be automated by 2030. AI Hungry
AI in Healthcare Statistics
The AI radiology market is expected to surpass $3 billion by the end of 2023. ZipDo
The global artificial intelligence in healthcare market size was valued at USD 15.4 billion in 2022 and is expected to expand at a CAGR of 37.5% from 2023 to 2030. Grand View Research
The healthcare AI market is expected to reach $20.65 billion by 2023. By 2030, the market value for AI in healthcare will reach $272.91 billion. Market Splash
AI Art Statistics
27% of Americans have seen AI-generated art; 74% of artists believe AI artwork is unethical; the highest-valued piece of AI art sold for $432,000; 53% worry about AI-generated images spreading fake news. Academy of Animated Art
AI in the Workplace Statistics
63% of people trust AI machines more than their human managers
54% of business executives say that AI solutions have increased productivity
37% of organizations have implemented some form of AI.
AI Replacing Jobs
Global Impact: AI is expected to replace 800 million human jobs by 2030, creating 97 million new jobs worldwide by 2025. Financial companies may spend up to $110 billion on AI by 2024. Soocial
Current Trends: In May 2023, 3,900 US job losses were directly linked to AI. 14% of workers reported losing their jobs to robots. SEO.ai
Long-Term Predictions: AI might replace 300 million full-time jobs globally, with 47% of U.S. employment at risk of computerization within 20 years. AI could account for over 52% of job displacement globally by 2025. AIHungry
AI in Healthcare
Market Growth: AI radiology market to surpass $3 billion by the end of 2023. Global AI in the healthcare market will be valued at $15.4 billion in 2022, with an expected CAGR of 37.5% from 2023 to 2030. ZipDo
Healthcare AI Market Value: Market is expected to reach $20.65 billion by 2023. US growth rate at 36.1% per year. US accounts for 58% of global market revenue. MarketSplash
Future Projections: Market value for AI in healthcare is expected to reach $272.91 billion by 2030. MarketSplash
AI in Art
Public Perception and Sales: 27% of Americans have seen AI-generated art. 74% of artists believe AI artwork is unethical. Highest-valued piece sold for $432,000. Academy of Animated Art
Generational Views: Varying opinions across generations on whether AI-created images and videos should be considered art. Statista
AI Marketing Statistics
Market Size: The AI industry in marketing is currently valued at $15.84 billion and is expected to exceed $100 billion in the next five years. Businessolution.org
Adoption Rates: In 2023, 73% of U.S. marketers reported using generative AI tools, such as chatbots, in their strategies. Statista
Market Revenue: Global market revenues of AI in marketing are expected to grow from $27.4 billion in 2023 to $107.4 billion. Statista
The AI industry in marketing is valued at $15.84 billion and is expected to exceed $100 billion over the next five years.
AI is used for marketing purposes by 28% of top companies. Business Solution
Employee Engagement: Over 90% of employees admit to using at least one AI tool in their jobs, although only 44% acknowledge using AI in their personal life. Forbes
Investment Trends: In 2023, 63% of companies plan to increase or maintain their spending on AI and machine learning. CompTIA
Future Predictions: By 2025, AI is predicted to handle 95% of all customer interactions. ZipDo
AI for Statistics Problems
AI Tools for Math and Stats: AI tools like Wolfram Alpha, GeoGebra, Symbolab, and Minitab are known for their precision and adaptability in solving a wide range of mathematical and statistical problems. MyMathsClub
Conversational AI Statistics
Market Growth: The global conversational AI market, including chatbots and virtual assistants, is expected to grow at a CAGR of 30.2% to $22.6 billion by 2024. HubType
Business Impact: 90% of businesses using chatbots for customer support saw a cost of just $0.70 per interaction and saved up to 4 minutes per inquiry. HubType
Sector Savings: Retail, banking, and healthcare sectors are projected to realize annual business cost savings of $11 billion by 2023, up from $6 billion in 2018. HubType
AI in Education
Teacher Workload: Current technology can automate 20% to 40% of teachers’ workload. An AI-enabled chatbot can respond to a student’s question in about 2.7 seconds. Soocial
Market Value and Growth: The global market value of AI in education surpassed $2 billion in 2021 and is expected to grow significantly. By 2023, the market is projected to reach approximately $3.68 billion. Market Research Future
Teacher and Classroom Use: Nearly 4 in 10 teachers expect to use AI in their classrooms by the end of the 2023-24 school year. Education Week
AI Writing
Business Use and Adoption: 37% of businesses deploy AI, with 12% using AI specifically for content creation. Don’t Do It Yourself
Content Generation Tools: 62% of B2B and 38% of B2C businesses plan to use AI content generation tools in 2023. Siege Media
AI Writing Classes: AI writing tools are categorized into AI text prediction, AI text editors, and AI text generators. Triple A Review
AI Efficiency
Business Applications: Businesses are employing AI in various ways to improve efficiencies, save time, and decrease costs. Forbes
Economic Impact and Trends: The AI Index 2023 covers AI’s impact on technical performance, education, policy trends, economic impact, and job scene. Stanford HAI
Generative AI and Performance: Leading companies report that at least 20% of their EBIT in 2022 was attributable to AI use, indicating AI’s significant contribution to efficiency and creativity. McKinsey
AI in Recruitment Statistics
Reduced Bias in Hiring: 68% of recruiters believe AI will help remove unconscious bias from the hiring process. However, 48% of hiring managers admit to having bias, which can negatively impact applicants’ interviews. Zippia
AI Bias Statistics
Continuous Growth in Bias Metrics: Since 2016, there has been a continuous increase in the metrics used to analyze fairness and biases in AI platforms. This highlights a growing awareness and effort to understand and manage AI bias more effectively. Statista
Research and Recommendations: The National Institute of Standards and Technology (NIST) emphasizes the need to broaden the scope of identifying and managing AI biases beyond the machine learning processes and data used for training. This suggests an evolving approach to tackling AI bias. NIST
Rising Interest and Efforts to Mitigate Bias: Interest in AI is increasing, with more individuals and businesses recognizing its benefits. Consequently, there’s a heightened focus on understanding the types of AI bias and exploring ways to mitigate it. AIMultiple
Theo Kanellopoulos
Theo is a Marketer who has worked in growing multiple businesses in 7+ figures. He also is an angel investor and works with Competitors App to help businesses track their competitors marketing moves.
With numerous products and ever-fluctuating market conditions, harnessing the best price monitoring software becomes critical to business success. Whether you’re battling razor-thin margins in e-commerce or looking to capture the pulse of consumer behavior, the right software can turn the tide in your favor. In this article, we delve into the ten best price monitoring tools that are reshaping the landscape of competitive pricing. We’ll explore how each platform can sharpen your pricing acumen, the innovative features they bring to the table, and how they stack up in helping businesses capitalize on market opportunities. From established industry giants to promising new entrants, get ready to discover which tools can help your business not only compete but also thrive by making the most informed pricing decisions.
In the competitive business environment, the right price tracking software can be a game-changer. Here’s an overview of some top-tier tools designed to keep you ahead of the competition:
Competitors.app – Best Tool for Overall Competitor Price Monitoring
Competitors.app is designed to monitor a slew of your competitors’ marketing activities, from social media presence to email campaigns, giving businesses a holistic view of their competition’s strategies. It’s particularly useful for users who require extensive monitoring beyond pricing, such as content changes and SEO strategies. The main advantage is the breadth of its tracking capabilities, which include detailed notifications of changes. However, the disadvantage is that it may provide more information than needed if pricing is your only concern, potentially overwhelming users with data. To use it, you simply input competitor details and the aspects you want to monitor, then let the app do the rest, with a dashboard to review insights. Pricing: starts at $19.90 per month per competitor, making it a scalable option for businesses of varying sizes.
ZenRows – Best Price Tracking Software for easy Data Extraction
ZenRows is a web scraping service that excels in extracting pricing data with a user-friendly API that offers 1,000 free credits to start. It’s advantageous for businesses looking to automate the collection of pricing information from competitor websites without the need for manual input. The downside is that after the free credits are used, you’ll need to switch to a paid plan. ZenRows can navigate and handle websites with anti-scraping features, making it robust against various web defenses. Use the free credits to test its capabilities before committing to a monthly plan. Pricing: is transparent, with paid plans starting from $49 per month, providing options for businesses as they scale up their scraping operations.
Competera – Best Price Tracking Tool for eBay and Amazon sellers
Competera is a market-driven pricing platform offering retailers advanced pricing optimization. Its strengths lie in its sophisticated algorithms that process market data to help set optimal prices, ensuring retailers hit their margin targets. The platform’s main disadvantage is the lack of transparent pricing, which might make it difficult for smaller businesses to assess the cost-benefit ratio before engaging. To use Competera, you request a demo, evaluate the platform during a trial period, and then receive a custom quote based on your needs. Pricing: requires contact with sales for a custom quote, following a free trial period.
Price2Spy is a robust price tracking tool that offers services like price change alerts, reporting features, and various integrations with e-commerce platforms. It stands out for its ability to handle large-scale tracking across different markets and platforms. However, some users find its interface less intuitive than competing tools. Businesses can start with a 30-day free trial to test Price2Spy’s full range of services. Pricing: After the trial, plans start at $26.95 per month, which includes basic tracking features with the option to upgrade for more advanced needs.
Skuuudle offers price and product intelligence for businesses, providing detailed insights into pricing trends both domestically and globally. Users benefit from Skuuudle’s ability to deliver automated, high-volume pricing analytics, which can be crucial for strategic decision-making in retail. The main challenge for potential users is the service’s custom pricing, which may require consultation to fit into specific budgets and needs. To use Skuuudle, businesses can start with a trial to assess its fit for their model and then transition to a subscription that aligns with their volume of data and frequency of reports. Pricing: Skuuudle offers a free trial, after which you’ll need to contact them for a custom pricing plan that suits your business size and requirements.
Prisync is a competitive price tracking software that enables e-commerce companies to track prices and stock availability. It shines with its comprehensive dashboard and reporting capabilities, complete with historical price charts. A potential disadvantage could be its price point, which may be steep for smaller businesses or startups just getting into price tracking. Prisync’s platform is straightforward to navigate: you add the URLs of the products you want to track, and the system automates the rest, sending you updates and analytical reports. Pricing: They offer a 14-day free trial to get you started, with subsequent plans beginning at $99 per month.
Repricer is a real-time pricing tool designed to help online retailers instantly adjust their prices based on market conditions and predefined rules. The tool’s main advantage is its speed and responsiveness, which can help sellers stay competitive 24/7 on platforms like Amazon and eBay. The disadvantage may lie in the complexity of configuring the tool’s rules to balance competitiveness with profitability. To leverage Repricer effectively, you set up rules that dictate how your prices should respond to changes from competitors, ensuring your prices are always one step ahead. Pricing: It offers a 14-day free trial to test its features, with plans starting at $85 per month.
Omnia Dynamic Pricing is a cutting-edge tool for retailers looking to automate their pricing based on a comprehensive set of market data inputs. Its advantage is the level of automation it provides, allowing for sophisticated pricing strategies that save time and resources. The downside is that it may require a significant initial setup and fine-tuning to align with a company’s specific pricing strategy. Omnia’s platform is ideal for users who want to deeply integrate pricing strategy with sales data, competitor prices, and other market indicators. Pricing: They offer a free trial, with a need to contact them for detailed pricing based on the services required.
BQool Repricing Central is tailored for Amazon sellers who need to track competitor pricing and adjust their own prices accordingly. The platform offers fast repricing based on algorithms that ensure your listings remain competitive without constant manual adjustments. While it’s a robust tool for Amazon, it may not be as relevant for sellers who operate across various e-commerce platforms. BQool’s ease of use and quick setup mean sellers can start repricing almost immediately after subscribing. Pricing: A 14-day free trial allows for a thorough evaluation, with plans starting as low as $25 per month.
PriceShape provides users with intelligent price recommendations by analyzing vast amounts of online data. Its strengths include user-friendly reporting and actionable pricing insights that help businesses optimize their pricing strategies. However, the starting price is relatively high, which might be a barrier for smaller operations. PriceShape is straightforward to use, requiring users to input their products and competitors before it starts delivering tailored pricing advice. Pricing: They offer a free trial, and the paid plans kick off at $250 per month, positioning it as a premium option in the market.
Zilliant is geared towards B2B companies and offers price optimization solutions that are data-driven and backed by machine learning. Its strong suit is in dealing with the complex pricing scenarios typical in B2B industries, where pricing can be highly variable and data-intensive. The main drawback is that pricing details are not disclosed upfront, which could complicate budget planning for interested companies. Zilliant’s solutions are used by inputting a range of business-specific data to receive optimized pricing guidance. Pricing: As Zilliant provides tailored solutions, you’d need to contact them for pricing, which is usually custom to each client’s needs.
Keepa is an Amazon price tracker that provides comprehensive price drop alerts and historical price data, essential for sellers and buyers on the platform to make informed decisions. Its advantage is the extensive amount of data Keepa offers, which includes tracking for international Amazon markets. However, its focus is exclusively on Amazon, which may not suit sellers looking for multi-platform capabilities. Keepa is very user-friendly, with browser extension options and an easy setup process. Pricing: Keepa is free for basic use, with a subscription option available for users who require deeper data access and more advanced features.
CamelCamelCamel: Best Free Price Tracking Tool
CamelCamelCamel is another Amazon-specific tool that provides price history charts and alerts for price drops, catering to both buyers and sellers in the Amazon marketplace. Its user-friendly interface and straightforward functionality make it popular among Amazon users. The limitation, similar to Keepa, is its exclusivity to Amazon, not providing cross-platform price tracking. CamelCamelCamel is free to use and is an excellent starting point for anyone looking to get a historical perspective on Amazon pricing. Pricing: It’s completely free, making it accessible to anyone with an interest in Amazon pricing.
The “best” tool will vary by the specific challenges and opportunities your business faces. Whether you’re a small business just getting started with price tracking using Excel or a large retailer looking for a comprehensive solution like NetRivals or Competera, there’s a tool out there to match your needs. The key is to choose one that aligns with your business objectives, integrates well with your current operations, and provides actionable insights to help you compete more effectively.
Utilizing Tools for Competitor Price Monitoring
For businesses venturing into competitor price tracking, selecting the right tool is a critical decision that can significantly impact the effectiveness of their pricing strategy. Here’s how you can use various tools to your advantage:
Excel and Google Sheets:
Start by setting up a spreadsheet dedicated to tracking competitor prices.
Create a template that includes important fields such as product names, competitor names, prices, dates, and any notes on promotional activities.
Use functions like VLOOKUP or INDEX MATCH to cross-reference your products with competitor listings.
Apply conditional formatting to highlight where your prices are higher or lower than competitors’.
Tableau and Power BI:
Import your pricing data into these platforms to utilize their powerful analytics and visualization capabilities.
Create dashboards to represent your competitive landscape visually, making it easier to spot trends and outliers.
Set up interactive elements in your visualizations to drill down into specific categories or time periods for detailed analysis.
Configure the software to track selected competitors and products that directly affect your market positioning.
Utilize automated alerts to stay informed about price changes as they happen.
Take advantage of reporting features to generate regular insights on competitor pricing strategies and market movements.
Implement dynamic pricing features where available to adjust your prices based on real-time market data.
Each of these tools can be adapted to serve the unique requirements of your business, from simple data tracking in spreadsheets to deploying advanced business intelligence software for in-depth analysis. By leveraging these tools, you can develop a systematic approach to competitor price tracking that informs strategic decisions and helps maintain competitive pricing.
What is price tracking software?
Price tracking software is a digital solution that enables businesses to monitor and analyze the pricing strategies of their competitors automatically. It collects pricing information from various online sources, providing insights through analysis and reporting, which businesses can use to make informed decisions on their own pricing strategies. This software often includes features such as real-time alerts on price changes, dynamic pricing capabilities, and integration with other business systems for comprehensive market intelligence.
Why should you use a price monitoring tool or platform?
Using a price monitoring tool or platform is essential for several strategic business reasons:
Competitive Insight: It provides deep visibility into where your products or services stand in comparison to your competitors, allowing you to understand your market position better.
Informed Pricing Decisions: With accurate and up-to-date information on competitor prices, you can make smarter pricing decisions to enhance competitiveness and profitability.
Efficiency: Manually tracking prices is time-consuming and prone to error. Automated tools save time and increase accuracy, allowing you to focus on strategic activities rather than data collection.
Dynamic Pricing: In markets where prices fluctuate rapidly, such as online retail, price monitoring tools can help you adapt prices in real-time to respond to market changes, demand, and competitor actions.
Promotional Opportunities: By monitoring pricing trends, you can identify the best times to run promotions or adjust pricing strategies to capture demand.
Market Trends Analysis: Price monitoring tools can help you analyze long-term pricing trends, giving you valuable insights for future planning and forecasting.
Price Optimization: These tools can help you find the optimal balance between demand and profitability by analyzing how pricing changes impact sales volume.
Alerts and Notifications: You can be notified immediately of any changes in the competitive landscape, ensuring you never miss an opportunity to adjust your pricing or capitalize on competitors’ pricing moves.
Strategic Planning: Long-term collected data provides a historical view of pricing strategies employed by both your business and competitors, which can be crucial for strategic planning and growth forecasting.
In a nutshell, price monitoring tools are critical for staying agile in a market where pricing can be a major determinant of business success. They enable you to position your products effectively, optimize sales, and maintain a strong competitive stance.
Tracking competitor prices with web change detection tools
Tracking prices with web change detection tools involves using software that notifies you when changes occur on specific web pages, which can be particularly useful for monitoring competitor pricing strategies. Here’s how it works and why it’s beneficial:
How It Works:
You specify the URLs of the competitor web pages you want to monitor.
The tool scans these pages regularly for changes in price.
When a change is detected, the tool records the new information and alerts you.
You can then view a log of all changes over time, which may include historical prices and the dates and times of changes.
Benefits:
Immediate Updates: You receive notifications as soon as a price changes, which is critical for industries where prices are volatile and change frequently.
Historical Data Tracking: Over time, you can see the history of a competitor’s pricing decisions, allowing you to discern patterns or strategies in their pricing.
Strategic Repricing: With timely information, you can adjust your pricing strategy to stay competitive or to take advantage of opportunities in the market.
Market Intelligence: Regular monitoring can provide a broader understanding of market trends, such as seasonal pricing fluctuations or responses to consumer demand changes.
Resource Efficiency: Automation of price tracking reduces the manpower and resources that would otherwise be spent on manual tracking, making the process more efficient and cost-effective.
Hospitality and Travel: Hotels and airlines can keep track of changes in pricing for various dates and destinations, allowing them to offer the best rates.
Market Research: Companies can collect data on pricing for market research purposes, providing a foundation for market entry strategies or new product pricing.
Web change detection tools are essential for businesses that operate in competitive online spaces where pricing is a dynamic and influential factor. These tools not only save time and increase accuracy but also provide the strategic data needed to make well-informed business decisions.
Conclusion: The Importance of Competitors Price Monitoring Tools
In conclusion, competitors price tracking is an indispensable strategy for businesses aiming to maintain a competitive edge. The use of web change detection tools streamlines the process, ensuring that you stay updated with the latest price movements in real time. This capability allows for agile responses to market changes, empowering businesses to optimize their pricing strategies promptly. With the insights gained from tracking, companies can make data-driven decisions that directly impact their profitability and market share.
Embracing these advanced tools not only conserves resources but also elevates the strategic planning process, providing a clearer understanding of the competitive landscape. Whether it’s through setting the right price, timing promotions correctly, or understanding competitor behaviors, price tracking tools are a crucial component of modern business operations. As the marketplace continues to evolve, the role of comprehensive and accurate price tracking becomes ever more critical for success in any industry.
Read other competitive articles for your business
Competitive Intelligence Business – Competitive intelligence (CI) is a term you may have come across before. Like many industry buzzwords, it isn’t immediately apparent what CI is and how it can be useful to your business. But don’t worry, because we’re going to explain the ins, outs, pros, and cons of CI.
Find competitor keywords Finding your competitors’ keywords is essential for your business. It means that you focus your entire website on targeting high volume, quality keywords.
Track Social Media Pages Social media competitive analysis is the constant monitoring and analyzing the moves of your competition on social media.
