Market Research Report
Data Monetization Market: Current Analysis and Forecast (2021-2027)
|Data Monetization Market: Current Analysis and Forecast (2021-2027)|
Published: June 1, 2022
UnivDatos Market Insights Pvt Ltd
Content info: 321 Pages
Delivery time: 1-2 business days
The global data monetization market is expected to register a CAGR of around 21% over the period of 2021-2027. The global data monetization market is uplifting on account of the continuously rising volume of enterprise data along with rapid advancements in big data as well as big data analytics. Moreover, the growing internet penetration rate accompanied by surging cloud computing will positively stimulate the industry landscape. Data monetization is the process of using data to increase overall revenue. Some of the best performing and fast-growing companies are embracing data monetization and making it an important part of their strategy. Companies such as Amazon, Facebook, and Google are cashing data and using it to drive the growth of trillion-dollar businesses. Inspired by their success, enterprises in all industries are scrutinizing their data to discover opportunities to create value. For instance, Amazon uses dynamic pricing and product recommendation as some of their core techniques to increase the revenue. Dynamic pricing is a pricing strategy that uses variable prices instead of fixed prices. The idea behind the dynamic pricing model is to sell the same product to different groups of people at different prices. Moreover, Amazon collects all the data about its customers such as their names, addresses, search history, payments, etc. so that it can provide a truly personalized experience using big data analytics.
SAP SE, Microsoft Corporation, QlikTech International AB, TIBCO Software Inc., Oracle Corporation, Sisense Inc., Salesforce Inc., Accenture PLC, Virtusa Corp., and Infosys Limited are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
On the basis of organization size, the data monetization market is segmented into large enterprises and SMEs. Among these two, the large enterprises catered to a significant share of the market in 2020. This is due to the adoption of new and emerging technologies by large enterprises and their interest to invest in new technologies to efficiently run their businesses. It is important for enterprises to adopt data monetization to handle customer demands and manage supply chains while maintaining their business efficiency to compete in a highly competitive market.
Based on industry, the data monetization market is classified into banking and financial services, information and communication technology, education, healthcare, retail and e-commerce, and others. The information and communication technology industry accounted for a significant share of the global data monetization market and is expected to witness a substantial growth during the forecast period. Factors driving the growth of this segment are the advancements in communication technologies such as 4G and 5G and growing internet penetration rate. Communication companies have started investing in data monetization tools and services for getting useful insights from their customer database. With accessibility to these massive data sets, companies operating in the communication industry are emerging as one of the major adopters of data monetization.
Asia-Pacific data monetization market is expected to witness a prominent CAGR during the forecast period. The growth of this market can be attributed to the growing internet penetration rate, rising adoption of data-driven decision making, and a growing number of enterprises in the region. Internet penetration rate is rising volume of data in the region which results in rising adoption of data-based solutions which is further contributing to the data monetization market. Furthermore, a large number of internet data providers in the APAC region are also supplementing the growth within the global data monetization market. Additionally, the declining price of internet data is also increasing investments in the field. According to World Bank, the percentage of population using internet in APAC was 67% in 2020 which is expected to grow at steady rate.
Global data monetization market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.