Global Data Monetization Market Size, Share, and COVID-19 Impact Analysis, By Component (Software and Services), By Deployment (On-Premises, Cloud-based), By Organization Size (Large Enterprises, Small and Medium Enterprises), By Vertical (BFSI, IT & Telecommunication, Retail, Healthcare, Transportation, Manufacturing, Media & Entertainment, Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The global data monetization market was valued at USD 2.12 Billion in 2021. The market is projected to grow USD 12.47 Billion in 2030, at a CAGR of 19.4%.
Data monetization is the process of turning a vast volume of unstructured, underused company data into insightful knowledge that can then be exchanged for money or services. By investing in analytics platforms that transform unstructured data into useful insights depending on requirements, businesses can lower the cost of their business processes and enhance income streams. Unlocking the substantial financial value that data in an organization's enterprise systems holds is what this procedure entails. Since it focuses on upselling services, enhancing customer care, and lowering churn, it is anticipated to be essential to an organization's profitability. Additionally, it is projected to be essential for the provision of business intelligence for a number of commercial prospects, including mobile marketing. It accomplishes this by offering data sales as an insight.
The COVID-19 epidemic has had a beneficial effect on the data monetization market due to the rise in the number of industry verticals using data monetization platforms to boost their revenue from the data acquired. One of the reasons IT businesses are switching to all-flash arrays for their data storage is the tremendous density of flash media in comparison to spinning (hard) disc storage. Flash offers a variety of advantages, including significant space, power, cooling, and hosting fee reductions. Deduplication, compression, and thin provisioning are a few of the technologies that help to increase storage efficiency. The shift to remote work will involve network development for the cloud and changes to how apps are delivered to the personnel who will be working from home.
Huge Amount of Data Volume Generating in Enterprises
Organizations have been producing more data lately, both in terms of volume and diversity, because to factors including digitization, the Internet of Things, and improvements in older technology. Approximately 95% of firms, according to Forbes, struggle with handling unstructured data. One of the key contributors to the production of enormous amounts and types of data is connected devices that are connected to the internet. Future predictions indicate that more people will utilize these linked devices, which will generate enormous volumes of data. Due to the fact that the data created by these sources is stored in multiple forms at numerous physical locations, timely access to data is a challenging procedure.
Increasing Adoption of Data Monetization Solutions
Due to increased business attention on developing new prospects for development and revenue, increased knowledge of the potential benefits of data monetization, and other considerations, the use of these solutions has grown over time. Since it optimizes increases profitability, improves compliance, fosters customer loyalty, data consumption, lowers operating expenses, fortifies alliances, and improves consumer experience and comprehension, many businesses are leaning toward data monetization.
Concerns Pertaining to Privacy and Data Security
The expansion of the market is anticipated to be hampered by privacy and security concerns. Lower data quality may be the outcome of cross-industry data exchange and the integration of data products with current systems.
The global Data Monetization market is segmented by Component (Software and Services), By Deployment (On-Premises, Cloud-based), By Organization Size (Large Enterprises, Small and Medium Enterprises), By Vertical (BFSI, IT & Telecommunication, Retail, Healthcare, Transportation, Manufacturing, Media & Entertainment, Others) and Region. Based on the component, the market is categorized into software, services. Based on deployment, the market is categorized into on-premises and cloud-based. Based on organization size, the market is categorized into large enterprises, small and medium enterprises. Based on vertical, the market is categorized into bfsi, it & telecommunication, retail, healthcare, transportation, manufacturing, media & entertainment, others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
By Organization size
Based on organization size, the market is categorized into large enterprises, small and medium enterprises. The large enterprises segment is expected to dominate the market share of global data monetization market owing to growing influence of powerful international corporations. Companies that have made a significant impact in the retail, BFSI, and telecoms verticals are present in the data monetization market. Large businesses also have clients all around the world and in every value chain. They have sufficient financial resources, business plans, and technical expertise. In the market, there is an increasing need for cutting-edge technology like cloud computing and artificial intelligence (AI). To ensure business continuity, large businesses can simply invest in such modern technologies.
Based on vertical, the market is categorized into bfsi, it & telecommunication, retail, healthcare, transportation, manufacturing, media & entertainment, others. The retail segment is expected to dominate the market share of global data monetization market owing to due to growing popularity of e-commerce. E-commerce players are using data monetization strategies more frequently to sell data or work with businesses to analyses data and utilize it to increase sales. Additionally, the growing attention of small and medium-sized organizations toward data monetization strategies to create revenue streams promotes market expansion. For instance, a massive Chinese e-commerce company prioritizes user data acquisition.
The global data monetization market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America region is expected to dominate the market share of global data monetization market owing to usage of data by banks and other financial organizations in this region to market new services and generate net new revenue streams. This is a result of the presence of significant players in the area. Regional growth has been greatly impacted by increased company need for automated decision-making processes, reduced infrastructural costs, and technological advancements.
However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global data monetization market due to expanding usage of cloud, IoT, and big data solutions. The rapid growth of e-commerce, expanding manufacturing, the expansion of the automobile industry, and increased regulatory requirements have all had a favourable impact on regional growth.
LIST OF KEY COMPANIES PROFILED:
· Cisco Systems, Inc.
· Comviva Technologies Limited
· IBM Corporation
· Infosys Limited
· Optiva, Inc
· QlikTech International AB
· Salesforce, Inc.
· SAP SE
· Sisense Inc.
· ThoughtSpot Inc.
· TIBCO Software Inc.
· Virtusa Corp
KEY INDUSTRY DEVELOPMENTS:
- January 2022- Optiva announced long-term strategic alliance with Google Cloud to support telecom operators and service providers in accelerating their digital transformations and migration to the private and public cloud, as well as edge deployment.
- August 2021- Adastra and PaymentComponents has made a strategic partnership has been formed to allow Open Banking and Payments Capabilities in Canada and the USA.
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
- IT & Telecommunication
- Media & Entertainment
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
Global Data Monetization Market Size