Data Monetization Market– Statistics And Analysis & Forecast To 2027Posted by Mrudula Anil Karmarkar on February 12th, 2021 The global data monetization market size is expected to reach USD 7.34 billion by 2027, registering a CAGR of 24.1% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Data monetization is a strategy used by several organizations to increase their revenue. It is the process of utilizing data to obtain quantifiable economic benefits. There are two types of data monetization techniques, direct data monetization, and indirect data monetization. There are several types of data monetization methods wherein organizations use data to discover new customers and business opportunities. These data monetization methods are data as a service, insight as a service, analytics-enabled platform as service, and embedded analytics. The analytics-enabled platform as a service method is anticipated to witness significant growth as it provides real-time access to data on the cloud along with consistent triggers/alerts. Data monetization is expected to be a catalyst for several brands as it enables them towards becoming a pioneer in data-driven principles. It creates new revenue streams for organizations. Additionally, it also promotes companies to reduce operating costs and overall general expenses and enables them to take adequate actions in improving their sales. Several end-use industries have leveraged the benefits of data monetization, and many more are moving towards data monetization. For instance, data monetization offers geofencing and geotargeting in the retail and tourism industries. For the healthcare sector, government, and advertisement agencies, it ensures density planning and traffic flow. Similarly, it provides fraud detection for credit card companies and financial institutes. It offers smart targeting, Internet of Things (IoT), click-stream insights for digital and brand advertisers, and several other companies. Such factors are anticipated to power market growth over the forecast period. However, factors such as data security and privacy, rising complexities in data structures, and varying regulatory policies are anticipated to hinder the market growth over the forecast period. Nevertheless, data monetization is capable of identifying and mitigating risk, improving compliance, streamlining planning and decision making, and creating a competitive advantage in the market. It has significantly shadowed market hindering factors and has enabled organizations to take adequate measures. Data Monetization Market Report Highlights
Several factors, such as rising enterprise data volume, awareness towards data monetization, and external data sources, are anticipated to drive the market growth. Furthermore, growing usage of data processing and artificial intelligence, adoption of data-driven decision-making approaches, and advancements in big analytics, among others, is expected to fuel the growth over the forecast period. Several companies are inclined toward data monetization since it provides data usage optimization, customer loyalty, reduced operating costs, improved compliance, boosts profitability, strengthens partnerships, and enhances customer experience and understanding. Similarly, data monetization also adds maximum value to products and services, streamlines planning and decision-making activities, improves collaboration and data sharing amongst external and internal stakeholders, and increases targeted product/ service marketing and propositions. Such factors are anticipated to drive the market growth over the forecast period. Data monetization is an umbrella term that covers additional revenue that an organization generates from the information it holds on its customers. It is expected to be vital to an organization's business since it focuses on upselling services, supporting customer care, and reducing churn. It is also anticipated to be crucial for business intelligence support for several commercial opportunities, such as mobile marketing. It does this by providing selling data as an insight. Data monetization entails generating high revenue from available data sources. It controls data generated through sensors and electronic devices and business operations. This data is used to create useful insights for companies to create new business categories. The emergence of advanced technologies such as artificial intelligence, Internet of Things (IoT) big data, and cloud computing has paved the way for market growth. The ability of data monetization to synthesize and incorporate thousands of data, IoT records, and the ability to apply artificial intelligence and advanced analytics has encouraged several players to invest in data monetization. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450821/ibb Furthermore, the rising shift of companies towards data monetization has also accelerated cloud and cloud-based technology development. Additionally, storing and maintaining a massive amount of data on physical storage mediums or hardware is expensive. In this situation, cloud-based solutions offer huge computing and storage power. This has created an opportunity for cloud-based data monetization. Additionally, cloud technology promotes companies to share real-time data. Also, cloud computing is expected to pave the way for subscription-based information sharing platforms thereby resulting in market growth. The market is fragmented and characterized by intense competitive rivalry as several market players are conducting their business operations worldwide. The market has witnessed various inorganic growth strategies such as acquisitions and mergers, partnerships, and collaboration adopted by companies over the recent past. For instance, in April 2020, Accenture announced the extension of its partnership with Pitney Bowes Inc. This collaboration has enabled Accenture to use and implement Pitney Bowes Inc.’s data assets to introduce advancement in existing solutions and create new intelligent solutions for its clients. Additionally, this collaboration is also expected to widen the advanced analytics functionality of Pitney & Bowes. Companies are also engaged in entering new market areas to expand their product offerings and market presence. For example, in September 2020, IBM Corporation announced its plan to invest in automotive data monetization. This is expected to create new opportunities and also maintain its presence in cloud computing. Some of the prominent players in the data monetization market include:
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