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Data Monetization Market Booms: Surging Demand Drives Growth at a CAGR of 22.1% from 2021 to 2030
Data monetization market
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Data monetization refers to the process of converting raw data or data assets into valuable insights, products, or services that can be sold or used to generate revenue. With the proliferation of digital technologies and the increasing volume of data being generated every day, organizations are finding ways to leverage this data to create new revenue streams or enhance existing ones.
Data monetization offers significant opportunities for businesses to derive value from their data assets and create additional revenue streams in today's data-driven economy. However, it also raises important considerations around data privacy, security, and ethical use.
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Data monetization market trends in Asia-Pacific is expected to exhibit highest growth during the forecast period owing to strong economic growth along with the ongoing development in data monetization and inventory management, which drives organizations to invest heavily in data monetization market to sustain growth and improve productivity.
In addition, factors such as major shift toward digital transformation, cloud deployment & technological advancement among small & medium businesses, and continuously ongoing modernization in work force management strategy in emerging economies notably contribute toward the market growth. Furthermore, key players in Asia-Pacific are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities for the growth of the data monetization market share during the forecast period.
Covid-19 Scenario:
• Many government organizations and FinTech market players focused on generating revenue streams by monetizing the data as changes in work culture and adoption of cloud infrastructure led to the continuous rise in the volume of enterprise data. This factor positively impacted the data monetization market during the Covid-19 pandemic.
• Moreover, many buyers preferred e-commerce platforms for shopping. This led to generation of a massive amount of data. So, market players tapped on monetization opportunities.
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Based on component, the software segment accounted for the highest share in 2020, contributing to more than two-thirds of the total share, and is projected to continue its lead position during the forecast period. However, the services segment is expected to witness the largest CAGR of 24.6% from 2021 to 2030.
Based on industry vertical, the IT & telecommunication segment contributed to the largest share of the global data monetization industry in 2020, and is expected to maintain its leadership status during the forecast period. However, the retail & e-commerce segment is estimated to manifest the fastest CAGR of 27.0% from 2021 to 2030.
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.
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This report gives an in-depth profile of some key market players in the data monetization market are SAP SE, Adastra Corporation, Monetize Solutions, Inc., VIAVI Solutions Inc., ALC, Reltio, Optiva, Inc. (Redknee Solutions Inc.), Cisco Systems, Inc., and Mahindra ComViva. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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