According to a recent report by Reports and Data, the global Alternative Data Market size was USD 1.8 Billion in 2022 and is projected to grow at a revenue CAGR of 22.6% during the forecast period. One of the significant factors driving the market’s revenue growth is the increasing availability of alternative data sources. This is due to the widespread use of digital technology and the proliferation of data-generating devices and applications, resulting in an exponential increase in the amount of data available for analysis. As a result, alternative data providers can now collect and analyse data from various sources, such as social media platforms, website traffic, and sensor networks.
The development of data sources and advancements in data analytics technologies are other factors that contribute to the market’s revenue growth. The progress in machine learning and artificial intelligence (AI) has made it possible to analyse massive amounts of information quickly and accurately. As a result, alternative data providers can offer insights and projections that were previously difficult to obtain using traditional data sources.
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The financial sector has undergone regulatory reforms since the 2008 financial crisis, which have placed greater emphasis on transparency and risk management. This has resulted in increased scrutiny of investment decisions made by asset managers and hedge funds, requiring them to demonstrate sound analysis and reliable risk management practices. To support these goals, alternative data is becoming increasingly important by providing novel sources of information and perspectives to inform investment decisions.
Driving factors of Alternative Data Market
- Increasing availability of alternative data sources due to the widespread use of digital technology and the proliferation of data-generating devices and applications, resulting in an exponential increase in the amount of data available for analysis.
- Advancements in data analytics technologies, including machine learning and artificial intelligence (AI), making it possible to analyse massive amounts of information quickly and accurately.
- Growing demand for unique insights and projections that were previously difficult to obtain using traditional data sources.
- Regulatory reforms in the financial sector since the 2008 financial crisis, which have placed greater emphasis on transparency and risk management.
- The need for asset managers and hedge funds to demonstrate sound analysis and reliable risk management practices, resulting in increased scrutiny of investment decisions.
Some of the notable innovations in the Alternative Data Market
- The development of advanced data analytics technologies, such as natural language processing (NLP) and machine learning algorithms, which can extract insights from unstructured data sources like social media and news articles.
- The emergence of alternative data marketplaces, which provide a platform for data buyers and sellers to exchange information and insights.
- The use of satellite and drone imagery to collect data on physical assets like crops, infrastructure, and real estate.
- The integration of alternative data with traditional data sources, such as financial statements and market data, to provide a more comprehensive view of the market and identify trends and opportunities.
- The application of alternative data in new areas, such as ESG (environmental, social, and governance) investing, supply chain management, and risk management.
The prominent companies profiled in the report on the global alternative data market include
Bloomberg L.P., Thasos Group, Quandl Inc., 1010data, Second Measure, YipitData, Kenetic, Neudata, Analec Infotech, and S&P Global Market Intelligence.
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