Data Monetization Market 2030: Transforming Insights into Revenue Streams
Data Monetization Market
Growth in importance to generate new revenue streams from the data volume of organizations drives the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, February 12, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global data monetization market generated $2.1 billion in 2020, and is expected to reach $15.4 billion by 2030, witnessing a CAGR of 22.1% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Data monetization involves transforming unused or unstructured enterprise data into valuable insights and converting it into currency or services. This process aids in lowering business operation costs and boosting revenue streams by utilizing analytics platforms to extract valuable insights from unstructured data as per specific needs. Essentially, it's about unlocking the substantial financial value contained within an organization's data systems. The adoption of such solutions has grown steadily due to heightened awareness of the benefits of data monetization, increased enterprise emphasis on generating new growth and revenue opportunities, and other contributing factors.
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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.
The emergence of COVID-19 has drastically affected different industries across the globe. Owing to lockdowns and restrictions during COVID-19 pandemic, industries such as aviation, automotive, tourism, oil& gas, education, and manufacturing experienced a fall in their market share. Owing to COVID-19 pandemic, many governments and FinTech industries have witnessed growth due to number of factors, including continuous rise in the volume of enterprise data, technological advancements in big data &analytics solutions, growth in importance to generate new revenue streams, security &privacy concerns, and others. Surge in awareness about the potential benefits of data monetization and increased adoption of data monetization among the service providers provide opportunities for the data monetization market share growth. However, each factor has its definite impact on the data monetization market size.
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Surge in volume of enterprise data, technological advancements in big data & analytics solutions, and rise in the importance of generating new revenue streams from data volumes drive the growth of the global data monetization market. However, privacy and security concerns restrain the market growth. On the other hand, rise in deployment among telecom service providers and an increase in awareness regarding potential benefits of data monetization create new opportunities in the coming years.
Based on components, 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 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.
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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 data monetization industry. 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.
Based on region, North America held the highest share in 2020, accounting for more than one-third of the total share, and is projected to continue its dominant share by 2030. However, Asia-Pacific is projected to portray the largest CAGR of 25.6% during the forecast period.
This report gives an in-depth profile of some key market players in the data monetization market 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. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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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.
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