LONDON, Jan. 31, 2022 /PRNewswire/ — The Global Data Monetization Market Size in terms of revenue was worth of USD 204.19 Billion in 2021 and is Expected to reach USD 1703.61 Billion by 2028, growing at a CAGR of 17.53% from 2021 to 2028.
Increasing use of external data sources, constant rise in the volume of enterprise data and technological advancements in big data & analytics solutions are the major factors stimulating the growth of the global data monetization market. “Data Monetization Market Size, Share & Trends Analysis Report By Component (Tools, Services, Support And Maintenance, Consulting, Implementation)By Data Type (Customer Data, Product Data, Financial Data, Supplier Data) By Business Function (Sales And Marketing, Supply Chain Management, Operations, Finance, Others) By Deployment Type (On-Premises, Cloud) By Organization Size (Small And Medium-Sized Enterprises (SMEs), Large Enterprises) By Industry Vertical (Banking, Financial Services, And Insurance (BFSI), Telecom, Consumer Goods And Retail, Media, And Entertainment, Government And Defense, Manufacturing, Transportation And Logistics, Energy And Utilities, Healthcare, Others) Based On Region, And Segment Forecasts 2021-2028″
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Data Monetization Market Key Player Analysis:
Data Monetization Market: An Overview
Data monetization is the process of transforming large amounts of unstructured corporate data into valuable information to gain economic value or exchange services. Data monetization involves using data assets to create value for the organization. Monetization can be done in two ways: indirect and direct. The large amount of data that is generated is packaged into data products and sold which is called direct monetization or processed to extract information which is called indirect monetization. The data monetization tool incorporates big data and analytics, allowing companies to monetize data generated by various services (such as sales and marketing, supply chain management, operations, and finance).
Data monetization continues to pick up pace, as increased impetus of a private-public partnership across the globe makes way for increased data assets, increased collaborations, and increased opportunities for research. Sectors like finance have benefitted tremendously from this relationship, with data monetization distributing costs evenly, while simultaneously reducing costs with reduced processes like automated background checks through credit scores. Moreover, the data monetization has also reaped strong rewards for products like credit cards, wherein information collaboration with stores has resulted in tremendous growth in product purchases, with timely discounted products. The growing availability for research, consumer identity, and especially for sectors like finance, medical research promises tremendous growth in the upcoming future.
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According to the National Retail Federation in the US, more than 75% of total shoppers did shopping online, with growth of 9% from 66% in the previous year. The shoppers used mobile devices to find products, compare prices, and make final purchases, with increasing number of shoppers going to online stores for electronic devices, and even other consumer goods like everyday clothing items. The large influx of masses in the online arena has promised major growth for data monetization, as opportunities for advertising revenue, analytics, and research continue to increase. Trends like e-commerce are on the rise globally. For example, according to the United Nations Conference on Trade and Conferencing (UNSTAD) reported that the global e-commerce trade jumped to 26.7 trillion in 2019. The pandemic, apart from other factors mentioned above promises major growth during the forecast period, as increased convenience with online shopping, and low-cost manufacturing in regions like Asia Pacific continues to promise major growth during the forecast period.
Data Monetization Market Key Trends Analysis
Growing demand for data management, knowledge management, business intelligence, and data management remain key drivers of growth in the global data monetization market. Among these, the Business Intelligence promises new areas of growth, as globally, the demand for business insights, with a concrete, and reliable sourcing remains high.
Similarly, demand for automation also remains high, as large numbers of companies continue to move online, necessitating demand for cloud-based solutions, knowledge management solutions, with growing demand for analytics. The entry of major players like Google, Facebook, Amazon, among others in data management, and increased promise of revenue generation, due to increased digital adoption by small, and large businesses alike remains a major promise for growth in the global data monetization market.
The demand for research with the help of analytics also remains strong. Industries like pharmaceuticals are witnessing record investment in research, with increased promise of commercialization, thanks to supporting tools like Artificial Intelligence. The growing promise of drug development, suitable candidates, and identification of diseases with machine learning, and artificial intelligence also remain promising drivers of future growth. In various regions including Europe, North America, and Asia Pacific, the investment in development of new drug patents, and success of such patents has doubled in the last decade, with increased streamlining of drug approvals by agencies like FDA. The increased promise of drug development, with lowered rates of failure promise major growth of data management tools like Artificial Intelligence remain key drivers of growth.
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