Data Monetization Market worth $7.3 billion by 2027, growing at a CAGR of 19.5%: Report by MarketsandMarkets™
Chicago, Nov. 03, 2023 (GLOBE NEWSWIRE) — The Data Monetization Market size is expected to grow from USD 2.9 billion in 2022 to USD 7.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period, according to a new report by MarketsandMarkets™.
Data monetization tools and services are rapidly gaining acceptance globally by large enterprises as well as mid-sized enterprises and small enterprises due to various benefits, growing adoption of automation and digitization. The presence of many data monetization providers has made the market competitive. Many emerging players providing niche and differentiated offerings for target customers have come to the forefront. The rising adoption of AI for data processing is likely to support the growth of data monetization tools in coming years.
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Data Monetization Market Dynamics:
- Increase in volume of data generation and lower cost of data storage
- Rapid adoption of advanced analytic and visualization
- Increase in use of external data sources
- Growth in the adoption of data-driven decision-making
- Rise in business data volume and variety
- Varying structure of regulatory policies
- Lack of 0rganizational capabilities and cultural barriers
- Increasing need to create insights from a pool of data
- Rising adoption of AI for data processing
List of Key Players in Data Monetization Market:
- Microsoft Corporation (US)
- Oracle (US)
- Salesforce (US)
- SAS (US)
- TIBCO (US)
- IBM (US)
- Qlik (US)
- SAP (Germany)
- Looker (US)
- ThoughtSpot (US)
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The tools of data monetization is gaining popularity in the marketing landscape and is expected to account for the largest market size during the forecast period. The data monetization solution providers facilitate enterprises to rapidly and cost-effectively monetize data by allowing the anonymization and aggregation of data in compliance with privacy regulations. Thus, data monetization tools support enterprises in making informed decisions and achieving more profits in lesser time.
The integration and implementation services is likely to share larger revenue during the forecast period. The implementation and integration of data monetization tools and solutions can be a challenge for organizations, as it is necessary to understand organizational requirements, select the right solutions, undertake proper planning, and know the correct configuration and installation of solutions for better data monetization. Failure to comply with any of these factors can result in delays, waste of time, and failed implementation and integration. The prime responsibility of data monetization service providers is to ensure the proper deployment and integration of data monetization tools as per client requirements.
The customer data holds the largest market share in the estimated year. Customer data is a valuable asset of an organization as it provides information about customers. It enables organizations to sustain in the competitive market by providing critical information about customers. The need for opportunities to create win-win business models for customers is the major factor driving the growth of customer data monetization.
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The finance segment holds the largest market size in the estimated year. Financial reporting is one of the critical functions carried out by the financial department in organizations. It helps determine the future strategies for supporting business, reducing costs, and effectively controlling the business environment in organizations, thereby driving revenue growth.
The on-premises deployment is likely to share large revenues in the estimated year. On-premises data monetization offers greater control over configurations and enhancement of the system. This would encourage organizations to adopt on-premises data monetization tools. Nowadays, every organization generates vast amounts of data due to the use of machine learning, IT devices, sensors, clickstreams, and many other devices. The on-premises deployment type enables organizations to ingest data into their own databases and analyze it using data monetization tools, thereby maintaining data security. In the on-premises deployment type, companies must install the required hardware as well as software.
The large enterprises is likely to share large revenues in the estimated year. The availability of financial resources and infrastructure and the need to effectively manage organizational data are expected to drive large organizations’ adoption of data monetization tools and services. The huge inflow of customer data from multiple channels and the need for marketing automation are expected to drive data monetization adoption among large enterprises further.
The telecommunication industry vertical accounts for the largest market share during the forecast period. Telecommunication companies can offer new business opportunities to other businesses by utilizing geolocation data and help in promoting targeted advertisements and offers. This is expected to boost data monetization adoption in the telecommunication industry vertical.
APAC is projected to witness the fastest growth rate in the coming years. APAC has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. The adoption of data monetization tools and services is expected to grow across Asia Pacific, due to the generation of large volumes of data through smartphones, IoT, and connected devices. The increasing technology developments such as advancements in telecommunication standards, from 3G to 4G, and the growing internet penetration are contributing toward data generation. With new growth opportunities declining in conventional and strong markets such as North America and Europe, a majority of the data monetization vendors are showing an interest in Asia Pacific. The companies operating in Asia Pacific would benefit from flexible economic conditions, industrialization and globalization policies of governments, and the expanding digitalization, which are expected to have a huge impact on the business community in the region
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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: email@example.com
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