ALBANY, New York, April 05, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research, the global data monetization market is expected to reach a US$ 708.86 Bn by 2025 due to the rise in volume of data across a number of industries. The market is projected to expand at a CAGR of 21.4% during the forecast period from 2017 to 2025. Asia Pacific is anticipated to be the fastest growing region of the data monetization market. It is anticipated to be followed by Middle East & Africa during the forecast period. The travel & logistics segment is projected to expand at a rapid pace owing to the increase in government initiatives across the globe.
Large Amount of Data Generated Through Digitalization Driving Global Data Monetization Market
Rapid development in technology has helped companies and people connect with each other electronically. The amount of data being generated is growing at an exponential rate. After approximately every five years, data that is being produced increases tenfold. Similarly, increasing spending by customers on mobile devices is supplementing the growth of mobilization of commerce and purchasing. Due to these factors, a large amount and variety of data is available with companies. Enterprises are focusing more on utilizing this data in their business processes in order to enhance the processes and identify or estimate future trends.
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The data monetization market has been segmented based on components, method, industry vertical, and application. In terms of industry vertical, the global data monetization market was dominated by the BFSI segment with significant market share in 2015. Most banking and financial firms across the globe believe that the use of insights and analytics creates a competitive advantage. The industry also realizes that they have a vast reservoir of data and insight that can be leveraged for product development, personalized marketing, and advisory benefits. The telecom & IT sector is also expected to exhibit high adoption rate for data monetization. The travel & logistics segment is projected to be expand at a rapid pace during the forecast period, owing to the increase in government initiatives across the globe for managing public infrastructure assets to improve user experience and efficiency, reduce journey length, alleviate congestion, and plan changes. Furthermore, logistics companies may also find this information valuable in optimizing their delivery routes and methods. Among direct and indirect ways of data monetization, direct data monetization was the largest market segment with around 60.1% share in 2017. This can be primarily ascribed to the rise in data volumes across industry verticals, which is helping businesses to develop additional revenue streams. The indirect data monetization segment is likely to expand at a significant rate during the forecast period. Rise in focus of businesses on risk and cost reduction and improvement of operations across the applications are expected to drive the indirect data monetization segment.
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Based on component, platform was the key segment of the data monetization market in terms of revenue in 2016. Software is anticipated to be the fastest growing segment during the forecast period due to the rise in deployment of data monetization software suite.
North America led the global data monetization market with substantial share in 2016, primarily owing to the strong adoption of data monetization solutions across the region. Additionally, increase in usage of indirect data monetization across business operations is anticipated to supplement the growth of the market across the region. Among all industries, the IT & telecom segment in North America accounted for maximum revenue share in 2015. A large number of data monetization vendors are emphasizing on delivering advanced and efficient platforms, services, and software for data monetization. This is projected to boost the market in North America. Led by new opportunities, the data monetization market in Asia Pacific and Middle East & Africa is estimated to expand at a higher rate during the forecast period. Telecom operators in Asia Pacific are investing significantly for improved data coverage and migration of customers to the latest network. Decline in traditional telecoms revenue streams makes data monetization even more essential for these operators. China dominated the market in 2015 and is expected to continue its dominance during the forecast period. Promising growth prospects of the data monetization market in Asia Pacific can be ascribed to the increase in demand from the manufacturing industry.
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Global Data Monetization Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global data monetization market. Prominent players profiled in the data monetization market include Adastra Group, CellOS Software Ltd, Connectiva Analytics and Insights Ltd., Dawex Systems, Infosys Limited, Mahindra ComViva, Mnubo, Netscout Systems, Inc., Paxata, Inc., Optiva Inc., (Redknee Solutions Inc.), ALC, SAP SE, SQLstream, Inc., and Virtusa Corporation.
The global data monetization market is segmented as below:
Global Data Monetization Market, by Component
- Platform
- Software
- Standalone
- Suite
- Services
- Professional Services
- Data as a Service
Global Data Monetization Market, by Method
- Indirect Data Monetization
- Direct Data Monetization
Global Data Monetization Market, by Industry Vertical
- Telecom
- E-Commerce & Retail
- BFSI
- Consumer
- Finance/Banking
- Business Banking
- Capital Markets
- Insurance
- Healthcare
- Travel & Logistics
- Others (Media & Entertainment)
Global Data Monetization Market, by Application
- Sales & Marketing
- Supply Chain Management
- Capital Asset Management
- Remote Equipment Monitoring
- Others (Workforce Management)
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