New York, USA, July 20, 2023 (GLOBE NEWSWIRE) -- The global alternative data market will touch USD 227.8 billion at a 53.20% CAGR by 2032, as per the recent Market Research Future report. The expansion of alternative data sources' accessibility is a key component in the rise in market revenue. This may be due to the widespread adoption of digital technology & the development of data-generating hardware and software, which has caused the amount of data that, is accessible for analysis to grow exponentially. Because of this, alternative data providers are now able to gather & analyze information from a variety of sources, such as social networking sites, internet traffic, & sensor networks.
Alternative Data Market Key Players
Eminent market players profiled in the alternative data market report include
- 1010Data
- Advan
- Datamin
- Earnest Research
- M Science
- Preqin
- RavenPack
- Thinknum Alternative Data
- UBS Evidence Lab
- YipitData.
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Opportunities
Increasing Expenditure on Smart City Projects to offer Robust Opportunities
The alternative data industry is expected to benefit from the rising development of spending on smart city initiatives across many nations. In order to efficiently manage and operate municipal services including the water supply, the law enforcement, & transportation systems, smart cities leverage information and communication technology. Numerous industries, including transportation, public safety, the local finances, and others employs big data. Smart cities also utilize predictive, big-data analytics to identify which areas are likely to be crime hotspots and anticipate the specific locations of crime.
Restraints and Challenges
Lack of Accurate Information to act as Market Restraint
The lack of accurate information and COVID-19 impact may act as a market restraint over the forecast period.
Scope of the Report – Alternative Data Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 227.8 Billion |
| CAGR during 2023-2032 | 53.20% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Expansion of expenditures in smart city projects |
| Key Market Dynamics | Rising demand from hedge funds and data obtaining |
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Market Segmentation
The global alternative data market is bifurcated based on end user, industry and data type.
By data type, credit & debit card transactions will head the market over the forecast period. This significant percentage can be attributable to the availability of several sources of the credit card transaction data and the considerable demand for this sort of data among investors. Businesses are combining transaction data with the other forms of data to discover previously unknown consumer spending trends, enabling investors to fund successful projects.
By industry, BFSI will domineer the market over the forecast period. This trend may be explained by the rise in demand for intelligent data from various BFSI organizations, such as hedge funds, private equity funds, unit trusts, mutual funds, pension funds, and life insurance firms. These creatures actively use the sources' occult foretelling skills to boost their alpha. Logistics, construction, real estate, and the energy industry are a few of the industries with the quickest growth.
By end user, hedge fund operators will spearhead the market over the forecast period. This large proportion is due to the enormous need from hedge fund firms. Hedge fund managers, like AQR Capital Management, Blackrock Advisors, and Bridgewater Associates, amid others, largely rely on alternative data to build alpha.
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Regional Analysis
North America to Head Alternative Data Market
North America produced around 45.80% of worldwide revenue in 2022, and it is anticipated that it will hold its position as the market leader going ahead. Advan, M Science, Eagle Alpha, & UBS Evidence Lab are just a few of the numerous industry players that are believed to have contributed to the region's sizable market share. The early embrace of alternative data by a number of national industry verticals also contributed to a sizable market share. Over 70% of American asset managers already favor utilizing alternative data in the investment process. Additionally, the North American alternative data market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
APAC to Have Admirable Growth in Alternative Data Market
From 2023 to 2032, the Asia-Pacific market for alternative data is anticipated to see the quickest CAGR growth. The Asia Pacific area is predicted to be one of the fastest growing regional marketplaces since investors are increasingly embracing data-driven research. The regional market in fact is anticipated to provide significant expansion opportunities for companies from developing nations including China, India, Singapore, and Thailand. In addition, the Indian industry for alternative data had the highest rate of growth in the Asia-Pacific region, while China's alternative data market had the greatest market share. Because investors are using data-driven research more and more, the Asia Pacific area is anticipated to become one of the regional markets with the quickest growth.
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For businesses from growing nations like India, Singapore, Thailand, & China, the regional market is expected to provide major development prospects. Over the course of the assessment period, Asia Pacific is anticipated to rank among the regional markets with the quickest growth. This is because alternative data use cases in the BFSI, retail, automotive, & telecommunications industries are growing. In particular from businesses in rising economies like India and China, the usage of alternative data both for investments & risk assessment is anticipated to promote regional market growth.
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