PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1456927
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1456927
Data monetization is the process in which the data is shared between companies. The rapid adoption of digitization of businesses, rise in enterprise data volume, growing awareness towards the potential benefits of data monetization, and huge investments by key players operating in the market are anticipated to drive the market growth. For instance, ride-hailing companies such as Uber, Lyft, and Ola use location-based analytics to gather information related to their customer's data that is extracted from pick-up and drop locations. Companies such as Uber and Ola sell this data to other organizations or businesses with the user's permission. This data can be further used by other companies to provide different vouchers, promotions, or discounts that encourage consumers to spend money on their products.
The rising adoption of cloud computing worldwide propels the market.
One of the prime reasons supporting the growth of the overall market growth is the increasing adoption of cloud technology worldwide. The governments of various countries are making huge efforts to increase the adoption of advanced technologies such as IoT, cloud computing, and AI. For instance, the Singapore government has launched the Government Commercial Cloud Service that will introduce the innovations and capabilities of commercial cloud computing platforms to less sensitive government systems. Telecom providers in various developed nations are also adopting cloud technology for the growth of their businesses and to provide cloud services to end-users which will further augment the demand for data monetization solutions and services during the forecast period. Additionally, the increasing shift of organizations towards the adoption of digital transformation is expected to drive the adoption of cloud computing services, which in turn is anticipated to drive the overall market growth.
Furthermore, according to the data published by Internet Telecom Union, the number of Internet users in 2022 was 5.1 billion which has increased to 5.4 billion in 2023. Growing penetration of the internet globally is anticipated to generate huge data which will increase the demand for data monetization services. Additionally, all healthcare executives increased their projected investments in AI for outcome prediction, from 30% in 2021 to 39% in 2023. Moreover, in 2023, 39% of healthcare executives intend to invest in artificial intelligence (AI) to predict outcomes, up from 30% in 2021, according to the Philips Future Health Index report.
Moreover, the growing use of advanced technologies, such as edge computing, AI, and the Internet of Things, is further augmenting the adoption of data monetization services. For instance, Canada is making a significant investment in Artificial Intelligence in its federal budget for 2021 the country has announced that it will invest $185 million to support the commercialization of AI research. The investments are made to support the Pan-Canadian Artificial Intelligence Strategy to $443.8 million over 10 years which is anticipated to have a positive impact on the overall market growth (Source: ITA).
The market is projected to grow in the North American region.
The well-developed economies, rapidly growing digitalization and competitively advancing technologies in the United States of America, coupled with the swift adoption of IoT, big data, and AI, are propelling the demand for data monetization services. The market is rapidly adapting and evolving to meet the changing demands of smart business services. Amid such a scenario, multiple market players are scaling up to meet the emerging demands and offer better services and solutions. The collaboration between the data monetization platform UBDI and AXIA in July 2021 is another example. The partnership has helped advance AXIA's efforts to democratize money, giving the users more control over their data and monetizing it in fresh and creative ways. Together, the duo intends to be able to take advantage of one another's infrastructure to build vital new tools for users.
In the present digital era, the size of their first-party data is one of the main issues that many brands are currently dealing with. The growing privacy concerns and impending restrictions on consumer identifiers have made this situation much worse. To provide a potent identity resolution tool that complies with the current privacy rules, Data has become indispensable value for businesses of all sizes to make decisions, analyze market trends, reduce losses, and increase profits. Exploiting this growth, many start-ups in the region are also rapidly emerging in the market, making it even more competitive. Instrematic, Frame AI, OctoML, and PostEra are a few major start-ups in the United States. At the same time, the roles of a Data Scientist and research analyst has become the most sought-after profession due to the increase in data and in multiple connected industries. For instance, according to the US Bureau of Labor Statistics, there are about 105,980 data scientists in the country as of May 2021, reflecting the need for the importance of data in the market.