Pune, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Data Monetization Market Size Analysis:
“The report of SNS Insider states that the Data Monetization Market is expected to reach USD 17.33 billion by 2032, growing at a CAGR of 19.87% over the forecast period of 2024-2032.”
As organizations generate massive volumes of data, there is a significant push to leverage this data for revenue-generating opportunities. Data monetization enables businesses to optimize data assets, generate insights, and create new streams of income. With increasing data generation from sources such as IoT devices, e-commerce platforms, and social media, companies are capitalizing on data-driven decision-making processes.
Market Drivers for Data Monetization Growth
The growing adoption of advanced technologies like AI, Big Data analytics, and IoT has led to an increase in data generation. Demand for data-driven insights is becoming critical for organizations to improve their operations and customer experiences across industries, which drives demand for data monetization solutions. Enterprises are deploying data platforms that can help convert the raw data into valuable insights and effectively monetize data. Moreover, with the increasing stringency of regulations like GDPR and CCPA, companies are looking for ways to safely and ethically leverage their data while maintaining compliance, further fuelling market growth.
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Major Players Analysis Listed in this Report are:
- IBM Corporation (IBM Cloud Pak for Data, IBM InfoSphere)
- Microsoft Corporation (Azure Synapse Analytics, Power BI)
- Google LLC (Google BigQuery, Google Cloud Dataflow)
- Amazon Web Services (AWS) (Amazon Redshift, AWS Data Exchange)
- Oracle Corporation (Oracle Cloud Infrastructure Data Science, Oracle Analytics Cloud)
- SAP SE (SAP HANA, SAP Data Intelligence)
- Salesforce.com, Inc. (Salesforce Einstein Analytics, MuleSoft)
- Snowflake Inc. (Snowflake Data Marketplace, Snowflake Data Cloud)
- Cloudera, Inc. (Cloudera Data Platform, Cloudera Altus)
- SAS Institute Inc. (SAS Data Management, SAS Viya)
- Teradata Corporation (Teradata Vantage, Teradata IntelliCloud)
- Informatica LLC (Informatica Cloud Data Integration, Informatica Axon)
- Domo, Inc. (Domo Business Cloud, Domo Data Experience)
- TIBCO Software Inc. (TIBCO Data Virtualization, TIBCO Spotfire)
- Qlik Technologies Inc. (Qlik Sense, Qlik Data Integration)
- Alteryx, Inc. (Alteryx Designer, Alteryx Analytics Hub)
- Cognizant Technology Solutions (Cognizant Digital Systems & Technology, Cognizant Data Intelligence)
- Accenture Plc (Accenture Data Monetization Platform, Accenture AI-powered Analytics)
- Cisco Systems, Inc. (Cisco Kinetic, Cisco Data Center Network Manager)
- Hewlett Packard Enterprise (HPE) (HPE Ezmeral Data Fabric, HPE GreenLake) and others
Data Monetization Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.39 Billion |
| Market Size by 2032 | USD 17.33 Billion |
| CAGR | CAGR of 19.87 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Businesses should generate and collect more data in order to fuel market expansion. • Adoption of data-driven decision-making is increasing |
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Segment Analysis
By Method Which Segment Has Dominated the Market?
In 2023, the analytics-enabled platform as a service PaaS segment was the largest contributor to revenue and held a 36% share of the Data Monetization Market. The segment is expected to grow further, Companies are increasingly using cloud-based platforms that enable advanced analytics of collected data. Such platforms are integrated with reporting and predictive capabilities, as well they can provide insights from various points. Moreover, such platforms can also be scaled up to analyze vast amounts of data in real-time and are accessible to AI and machine learning services. Overall, as the data continues to be generated in immense numbers across companies, the demand for cloud-based platforms allowing to processing and analysis of this data is expected to grow, ensuring the continued dominance of this segment.
By Vertical: BFSI Segment Dominated with Largest Revenue Share
In 2023, the BFSI segment of the Data Monetization Market was the largest contributor to revenue and held the largest revenue share of 20.3% in 2023. The segment will continue to hold the leading position, as the financial sector increasingly relies on data. Every day, BFSI companies and organizations generate phenomenal volumes of data, from clients’ transactions to risk assessments. Such institutions require data monetization to track and make use of this data, primarily for fraud detection, personal solutions, and risk management. As the BFSI continues to grow the pool of customer and transaction data, the implementation of data monetization solutions will continue to be on the rise too. The BFSI institutions’ focus on data to increase operational efficiency, the customer experience, and compliance with stringent laws fuels the growth of data monetization in this vertical.
Data Monetization Market Segmentation:
By Method
- Data as a Service
- Insight as a Service
- Analytics-enabled Platform as a Service
- Embedded Analytics
By Organization Size
- Large Enterprises
- SMEs
By Component
- Consulting
- Implementation & Integration
- Services
- Supporting and Maintenance
- Tools
By Application
- Customer Service
- Sales & Marketing
- Finance
- Others
By Vertical
- BFSI
- E-commerce & Retail
- Telecommunications & IT
- Manufacturing
- Healthcare
- Energy & Utilities
- Others
Which Region Dominated in the Data Monetization Market?
North America dominated the Data Monetization Market in 2023 and accounted for a 33% share of total revenue. The region’s dominance is attributed to the early adoption of data analytics technologies and a strong focus on data governance. In the United States, the financial and healthcare sectors have led the adoption of data monetization strategies to improve operational efficiencies and generate new revenue streams. Additionally, the presence of major tech companies, such as Google, Microsoft, and IBM, which provide data monetization solutions, further accelerates market growth in this region.
In contrast, the Asia-Pacific region is expected to exhibit the highest growth rate over the forecast period due to the rapid digital transformation across industries. Countries like China, India, and Japan are witnessing a surge in data generation from their expanding digital ecosystems. This, coupled with growing investments in data infrastructure, makes Asia-Pacific a lucrative market for data monetization solutions.
Recent Developments
- In 2023, IBM launched a new data monetization platform designed to help businesses leverage their data for enhanced decision-making and revenue generation.
- Google Cloud introduced new data analytics tools aimed at helping companies monetize their data assets by offering insights and automated data processing capabilities.
- Microsoft announced its Data Monetization Suite in 2023, which provides organizations with advanced tools to monetize their data while ensuring compliance with global data privacy regulations.
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Key Takeaways:
- The Data Monetization Market is expanding due to the rising demand for data-driven insights and revenue opportunities across industries.
- Businesses are increasingly adopting data platforms to convert their data assets into actionable insights, enabling new revenue generation strategies.
- The customer experience management and BFSI sectors are key areas of focus, driving the demand for data monetization solutions to improve customer engagement and operational efficiency.
- North America continues to lead the market, while Asia-Pacific is projected to be the fastest-growing region due to rapid digitalization and increasing investments in data technologies.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Data Monetization Market Segmentation, By Method
8. Data Monetization Market Segmentation, By Organization Size
9. Data Monetization Market Segmentation, By Component
10. Data Monetization Market Segmentation, By Application
11. Data Monetization Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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