Report: 90% of companies have increased budget for web data this past year

According to a new study by Bright Data, 90% of companies report that in the last year, they have increased their budget for web data. This accompanies 87% whose web data needs have grown in that time. The survey was conducted in September 2022 and included 500 professionals from companies in the retail, travel and financial sectors.

As budgets are reduced and operations are downsized globally to prepare for the uncertainty of today’s economy, organizations are still prioritizing and investing in web data – indicating that it’s seen as a crucial component of their success.

To fill this growing need for and capacity to acquire data, more than half of the firms surveyed (55%) are actively considering partnering with or acquiring an external company with data-gathering capabilities. This is an increase of more than 25% since 2021 – suggesting that today’s web data needs of many organizations are not being met by current tools.

The survey also discovered that most companies desire diversity when collecting web data, with 97% stating the importance of utilizing multiple sources and datasets. Meanwhile, the form of data collection preferred varies, with 48% favoring to collect the data themselves, and 32% citing a preference for purchasing “off-the-shelf” premade datasets.

That said, 90% of companies are currently using web data technology to gather insights from various sources, including social media and search engines. Product research and development, competitor monitoring, and testing and training of operational systems were stated as the main reasons for collection. This indicates that organizations are investing more in ensuring that their products and services truly satisfy their customers’ needs and desires.

Bright Data surveyed 500 professionals in the IT (70%), technology (18%) and data and analytics (12%) industries in the US, UK, and France. Respondents were from companies in retail (33%), travel (33%), finance or executive banking (27%) and general banking (7%), and represented C-level (31%), senior management (65%) and mid-level (4%) positions.

Read the full report from Bright Data.