According to a new market research report published by Credence Research “Global Data Monetization Market by Component (Tools, Services (Consulting, Support and Maintenance, Implementation));Data Type (Customer Data, Product Data, Financial Data, Supplier Data); Business Function (Sales and Marketing, Supply Chain Management, Operations, Finance, Others);Deployment (Cloud, On-Premises),Organization Size(Large Enterprises, SMEs); Industry Vertical (BFSI, Telecom, Consumer Goods and Retail, Media and Entertainment, Government and Defense, Manufacturing, Transportation and Logistics, Energy and Utilities, Healthcare, Others) – Growth, Future Prospects, and Competitive Analysis,2019 – 2027”,the overall data monetization market had registered a market value of US$ 1.80 Bn in 2018 and is set to grow with a CAGR of 19.6 % during the forecast period.
The generation of the large volume of unstructured data from various organizations, enterprises, and industrial verticals is considered one of the major factors driving the data monetization market across the globe. Moreover, the ability of data monetization to use the unstructured and raw data to provide useful and valuable insights from them allowing enterprises and organizations to make the right decisions from this information. Moreover, various companies associated with finance, telecom, and others are adopting data monetization to gain profits by providing valuable insights.
Based on industrial verticals, the data monetization market has been segmented as BFSI, telecom, consumer goods and retail, media, and entertainment, government and defense, manufacturing, transportation and logistics energy and utilities, healthcare, and others. The BFSI segment was the dominating segment in 2018 with a market share of more than 25.0% and is expected to dominate the market during the forecast period. The BFSI vertical generates a huge amount of data from the ATMs, capital market, insurance, bank transactions and other sources on the daily basis, to gain insights from these data, the companies in the BFSI vertical are adopting data monetization to build strategies to gain profits from the information.
Asia-Pacific is expected to be the fastest-growing region for the data monetization market during the forecast. The continuous advancement of technology is considered a major factor driving the market growth in the region. The increasing use of the internet, cloud services and increasing adoption of IoT devices are generating a huge volume of data, hence to extract the important and usable information from these data the data monetization plays a vital role which fuels in the growth of the market. China accounts for the largest market in the region in 2018 due to the rising volume of data generated from IT & telecom companies, financial companies, and manufacturing industries.
Some of the prominent players operating in the data monetization market are iConnectiva, Infosys Limited, Mahindra Comviva, 1010data, Accenture Plc, Adastra, ALC, Cisco Systems, Inc., Dawex Systems, Elevondata, Emu Analytics, Gemalto, Google LLC, IBM Corporation, and Monetize Solutions Inc.
Our Blog: Home – Target Market Size