Int'l : +1-503-894-6022 | Toll Free : +1-800-792-5285 | help@alliedmarketresearch.com
A02379 | Pages: 380 | Charts: 62 | Tables: 170 |
The global data monetization market was valued at $2.1 billion in 2020, and is projected to reach $15.4 billion by 2030, growing at a CAGR of 22.1% from 2021 to 2030. Data monetization is a process of converting the unused or unstructured large volume of enterprise data into valuable insights and monetizing that data into currency or exchange of service. It helps enterprises to reduce cost of their business operations and to increase revenue streams by investing in analytics platform, which convert unstructured data into valuable insights based on requirements. It is the process of unlocking the significant financial value held by the data in an organization’s enterprise systems. The adoption of these solutions has increased over a period of time due to rise in awareness about the potential benefits of data monetization, increase in focus of enterprises on creating new opportunities for growth and revenue , and other factors
Continuous rise in the volume of enterprise data, technological advancements in big data &analytics solutions, and growth in importance to generate new revenue streams from the data volume of organizations drive the growth of the market. However, security and privacy concerns are expected to impede the market growth. Furthermore, increased adoption of data monetization among telecom service providers as well as rise in awareness about the potential benefits of data monetization offers a major opportunity for market expansion.
The report focuses on the growth prospects, restraints, and data monetization market analysis. The study uses Porter’s five forces analysis of the market to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers on the data monetization market trends.
The data monetization market is segmented into Component, Deployment Type, Enterprise Size and Industry Vertical.
The data monetization market is segmented based on component, deployment type, enterprise size, and industry verticals and region. Based on component, the market is burificated into software and service. By deployment type, it is divided into on-premises and cloud. On the basis of enterprise size, it is segmented into large enterprises and small and medium enterprises. By industry verticals, it is divided into BFSI, IT & telecommunication, retail & e-commerce, healthcare, manufacturing, media & entertainment, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
[INDUSTRYVERTICALGRAPH]
On the basis of industry vertical, the IT & telecommunication segment dominated the overall data monetization industry in 2020, and is expected to continue this data monetization market trends during the forecast period. Massive growth of the data in the telecommunication and IT sector and increase in need to generate other revenue streams through the data monetization services drive the growth of the market. However, the retail and E-commerce segment is expected to witness highest data monetization market growth. E-commerce players increasingly adopt data monetization solutions to sell the data or to join hands with brands to analyze the data and use it to generate additional revenue. Moreover, increase in focus of small and medium businesses toward the data monetization strategy to generate revenue streams fuels the market growth. For instance, Chinese e-commerce behemoth focuses on collection of consumer data. In addition, companies, such as Google, Amazon, LinkedIn, and Netflix, are popular for monetizing information to generate revenue and gain market share.
[REGIONGRAPH]
Region wise, the data monetization market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to .the fact that banks and financial institutions in this region use data to sell new services by adding net new revenue streams through data monetization. Furthermore, Asia-Pacific region is subjected to grow at the fastest CAGR in the upcoming years. This is attributed to fact that telecom service providers have recognized the value of the collected data and thus have started to monetize the information to improve their profitability-per-user ratio by using data monetization, which majorly drives the market.
The key players that operate in the data monetization industry are, Accenture, SAP SE, Adastra Corporation, Monetize Solutions, Inc., VIAVI Solutions Inc., ALC, Reltio, Optiva, Inc. (Redknee Solutions Inc.), Cisco Systems, Inc., and Mahindra ComViva.
Organizations have become aware of the opportunities embedded in their enterprise data due to continuous rise in volume of unstructured data. Enterprises can convert raw or aggregated data based on multiple data sources into something insightful and valuable through data monetization, which in turn helps make right business decisions. Companies have experienced exponential rise in volume, variety, and speed of data after the adoption of data monetization. This also makes way for different opportunities that help mark the growth of the business. A lot of industry verticals use analytics and business intelligence tools to create data monetization opportunities by leveraging all their data assets along with structured and unstructured data within enterprise systems. For instance, retailers are using data monetization primarily to automate the process of analyzing billions of transactions. Moreover, financial services companies adopt data monetization to analyze thousands of trades to be able to capture profit from minor market inefficiencies.
As data has become most prized asset for many enterprises, vendors of this market now consider leveraging technologies such as big data and analytics to monetize their assets. Enterprises gather huge amount of network data, device data, or customer behavior data, which can be turned into a profitable revenue earner through data monetization integrated with advanced big data technologies. Moreover, continuous technological advancements in big data and analytics solution are expected to drive the growth of the market. For instance, Reltio enhanced its data visualization and data analytics platform by removing some of the time and efforts wasted in master data management so that service providers can use these platforms to offer Data-as-a-Service (DaaS), which is another source of big data monetization.
Key Market Segments
Key Market Players