Data Monetization Market is Expected to Reach USD 10.47 Billion By 2028
The increasing popularity of cloud-based technologies, bring your own device, and IoT are generating enormous amount of data worldwide, which in turn is propelling the growth of the Data Monetization Market.
Data Monetization Market Size – USD 2,347.1 Million in 2020, Market Growth – CAGR of 20.30%, Market Trends – Penetration of the internet and e-commerce.
The global data monetization market is forecast to reach USD 10.47 Billion by 2028, according to a new report by Reports and Data. Monetizing data is an opportunity to enhance, activate, and create new value from a customer-based data assets in a safer way. Monetization of data serves as a way of leveraging data as a competitive asset. They can create a new revenue stream to expand investments in data acquisition, processing, and forecasting while reducing other expenses across the organization, increasing profitability. Data monetization aims to improve the internal processes such as marketing and customer experience or the maintenance of equipment. It also involves using data to extend an organization’s product offering with data-driven services or business models to create new revenue streams.
The growing adoption of cloud-based enterprise applications has helped in reducing IT costs. Moreover, the ever-increasing popularity of IoT, AI, and big data analytics in the APAC region will also influence market growth. The growing adoption of smartphones, coupled with the penetration of the internet, will boost the market for e-commerce websites and applications.
Key participants include Adastra, Accenture, Dawex, Cisco, Emu Analytics, Elevondata, Google, Gemalto, iConnectiva, IBM, Mahindra Comviva, Infosys, Narrative, Monetize Solutions, NETSCOUT, NESS, Optiva, Openwave Mobility, Reltio, Paxata, SAS, SAP, and Virtusa, among others.
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Further key findings from the report suggest
- Among the data types the customer data accounted for the largest market share of ~35% in the year 2018. Customer data is so essential in any business. Companies are investing in millions of getting more information on their customers. Customer purchase patterns and trends play a crucial role in stocking such products in the warehouse. Monetization help companies in maintaining the communication data with the customers to follow up issues. This improves the customer relationship with the organization.
- Financial data is forecasted to witness the highest growth rate of 17.6% during the forecast period. The financial data produce specific outputs, including accounting reports, operating & capital budgets, forecasts of the cash flows, working capital reports, and analysis based on the considerations of various scenarios. The financial data can be analyzed in multiple ways, including ratio analysis, trend evaluation, and financial modelling.
- Among the components, the solutions accounted for a larger market share of ~54% in the year 2018. The solutions are used by end-use industries for applications such as operations, human resources, financial, IT, marketing, and sales, among others.
- The services segment is forecasted to witness a higher growth rate of 17.2% during the forecast period. The segment is further classified into managed and professional services.
- North America held the largest market share of ~30% in the year 2018. The growing investments in digitalization and e-commerce are governing the market in the region. The region has adopted new and advanced technologies at a very early stage. High penetration of cloud technology, the internet of things, machine learning, artificial intelligence, and big data, among others, are propelling the market in North America. All these technologies and innovations generate an enormous amount of data every day. Moreover, the region is a hub for significant market vendors who are increasingly launching new products in the market.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/data-monetization-market
For the purpose of this report, Reports and Data have segmented into the global Data Monetization market on the basis of data type, component, organization size, deployment mode, end use, industry vertical, and region:
Data Type Outlook (Revenue, USD Billion; 2018-2028)
- Customer data
- Product data
- Financial data
- Supplier data
Component Outlook (Revenue, USD Billion; 2018-2028)
Deployment Mode Outlook (Revenue, USD Billion; 2018-2028)
Organization Size Outlook (Revenue, USD Billion; 2018-2028)
- Small and Medium Sized Enterprise
- Large Enterprises
End Use Outlook (Revenue, USD Billion; 2018-2028)
- Process Optimization
- Product Optimization
- Risk Prevention and Fraud Detection
- Marketing and Sales Solution
Industry Vertical Outlook (Revenue, USD Billion; 2018-2028)
- Healthcare and Life Sciences
- Retail and E-commerce
- IT and Telecommunication
- Banking, Financial Services, and Insurance (BFSI)
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
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