Data Monetization Market - Global Industry Analysis and Forecast | Growth Market Reports
Data Monetization Market
The global data monetization market size is estimated to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing usage of data processing and Artificial Intelligence (AI) along with the growing enterprise data volume across industries.
Data monetization is the process of converting a large volume of unstructured organizational data into profit generating bits of knowledge for administrative purposes. Furthermore, it involves the practices, such as finding, capture, storage, analysis, dissemination, and use of data assets in order to earn high revenue from available data sources. In addition, data monetization takes advantage of data generated by company activities along with the data linked to individual variables and electronic devices & sensors. This information is utilized to help the company establish new revenue streams by providing valuable insights.
Moreover, indirect data monetization and direct data monetization are the two types of data monetization process. Companies generate revenue through direct data monetization process by selling raw data directly. Furthermore, selling a company's analysis, bartering or trading data, and implementing one or more application programming interface (APIs) are all examples of direct data monetization. On the other hand, companies leverage their data to make a measurable impact in indirect monetization. Additionally, indirect monetization supports businesses in lowering costs, increasing productivity and efficiency, developing new products or services, and discovering new consumer types or company categories.
Market Trends, Drivers, Restraints, and Opportunities
- Growing technological advancements in big data & analytics solutions is expected to propel the market growth during the forecast period.
- Increasing significance of data monetization to generate new revenue streams is one of the key factors up surging the market expansion.
- Rising need to generate insights from unused data by organizations is estimated to boost the market growth in the coming years.
- Increasing privacy concerns and rising incidence of cybercrime are some of the key restraining factors hindering the market expansion.
- Growing awareness level related to data monetization among organizations, such as cost reduction and better efficiency & productivity in businesses is anticipated to offer lucrative opportunity for market during the forecast period.
Market Segment Insights
Large enterprise segment is estimated to grow at a rapid pace
Based on enterprise sizes, the global data monetization market is bifurcated into small & medium enterprises (SMEs) and large enterprises. The large enterprise segment is estimated to grow at a rapid pace during the forecast period, owing to the increasing base of data monetization in various business verticals, such as banking financial services and insurance (BFSI), telecommunication, and retail.
Furthermore, these large organizations have sufficient commercial plans, technological knowledge, and financial resources. Additionally, modern technologies such as cloud computing and artificial intelligence (AI) are in high demand in the industry. As a result, large corporations can simply invest in such modern technology to ensure company continuity in the market. Thus, all these factors are propelling the segment growth.
However, small & medium enterprises (SMEs) segment is anticipated to register a substantial market share in the coming years due to the increasing adoption of data monetization by SMEs to sustain in the competitive market.
Analytic-enabled platform as a service segment is projected to expand at a considerable CAGR
On the basis of methods, the market is segmented into embedded analytics, data as a service, analytics-enabled platform as a service, and insight as a service. The analytic-enabled platform as a service segment is projected to expand at a considerable CAGR during the forecast period, owing to the method's capacity to provide clients with customizable data monetization options.
Moreover, this technique comes with pre-installed business intelligence and analytics tools. In addition, it is used to provide consumers with real-time information along with the high level of adaptability. Furthermore, it works with all cloud-based solutions, supports a wide range of data types, and can be installed both on-premises and in the cloud.
However, the embedded analytics segment is estimated to grow at a rapid pace in the coming years due to the existing integrated applications with added features such as dashboard reporting, data visualization, and analytics. Furthermore, this strategy reduces total cost of ownership while speeding up time to market and creating modified embedded analytics solutions.
Regional Outlook
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period, owing to the rapid adoption of advanced technology such as big data, analytics, and cloud computing along with the increasing investments by various companies based in the US and Canada in such technology. Furthermore, rising need for automated decision-making processes in businesses, reducing infrastructural costs, and technological advancements are fueling the market in the region.
Competitive Landscape
Some of the key players competing in the global data monetization market are SAP SE; Accenture Plc.; Reltio; Adstra; Comviva; Gemalto NV; Cisco Systems, Inc.; Infosys Ltd.; and IBM Corp.
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