Data Monetization Market Outlook 2031
The Global Data Monetization Market size was valued at USD 3.13 Billion in 2022 and is likely reach to USD 18.88 Billion by 2031 expanding at a CAGR 22.1% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing usage of data processing and Artificial Intelligence (AI) along with the growing enterprise data volume across industries.
Data monetization is the process of converting a large volume of unstructured organizational data into profit generating bits of knowledge for administrative purposes. Furthermore, it involves the practices, such as finding, capture, storage, analysis, dissemination, and use of data assets in order to earn high revenue from available data sources.
In addition, data monetization takes advantage of data generated by company activities along with the data linked to individual variables and electronic devices & sensors. This information is utilized to help the company establish new revenue streams by providing valuable insights. Moreover, indirect data monetization and direct data monetization are the two types of data monetization process.
Companies generate revenue through direct data monetization process by selling raw data directly. Furthermore, selling a company's analysis, bartering or trading data, and implementing one or more application programming interface (APIs) are all examples of direct data monetization. On the other hand, companies leverage their data to make a measurable impact in indirect monetization.
Additionally, indirect monetization supports businesses in lowering costs, increasing productivity and efficiency, developing new products or services, and discovering new consumer types or company categories.
However, the global COVID-19 pandemic outbreak has had an impact on all end-user industries in various ways. Manufacturing units have suffered a setback, but the demand for healthcare has increased. These differences have an impact on the data generation and monetization across organizations.
Furthermore, increasing use of online platforms has expanded as a result of which several firms are adopting online services and work from home habits, triggering a surge of numerous options for data monetization.
For example, as a part of the National COVID Cohort Collaborative (N3C) initiative, in June 2020, the National Institutes of Health (NIH) launched a consolidated and secured enclave to collect and analyze large amount of medical data from people detected with COVID-19. It further makes available to healthcare providers and researchers in order to develop treatments.
Data Monetization Market Trends, Drivers, Restraints, and Opportunities
- Growing technological advancements in big data & analytics solutions is expected to propel the market growth during the forecast period.
- Increasing significance of data monetization to generate new revenue streams is one of the key factors up surging the market expansion.
- Rising need to generate insights from unused data by organizations is estimated to boost the market growth in the coming years.
- Increasing privacy concerns and rising incidence of cybercrime are some of the key restraining factors hindering the market expansion.
- Growing awareness level related to data monetization among organizations, such as cost reduction and better efficiency & productivity in businesses is anticipated to offer lucrative opportunity for market during the forecast period.
Scope of The Data Monetization Market Report
The report on the global data monetization market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Data Monetization Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Enterprise Sizes (Small & Medium Enterprises and Large Enterprises), Methods (Embedded analytics, Data as a Service, Analytics-enabled Platform as a Service, and Insight as a Service), and Verticals (Energy & Utilities, BFSI, Healthcare, E-commerce & Retail, Manufacturing, Telecommunications & IT, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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SAP SE; Accenture Plc.; Reltio; Adstra; Comviva; Gemalto NV; Cisco Systems, Inc.; Infosys Ltd.; and IBM Corp.
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Data Monetization Market Segment Insights
Large enterprise segment is estimated to grow at a rapid pace
Based on enterprise sizes, the global data monetization market is bifurcated into small & medium enterprises (SMEs) and large enterprises. The large enterprise segment is estimated to grow at a rapid pace during the forecast period, owing to the increasing base of data monetization in various business verticals, such as banking financial services and insurance (BFSI), telecommunication, and retail.
Furthermore, these large organizations have sufficient commercial plans, technological knowledge, and financial resources. Additionally, modern technologies such as cloud computing and artificial intelligence (AI) are in high demand in the industry.
As a result, large corporations can simply invest in such modern technology to ensure company continuity in the market. Thus, all these factors are propelling the segment growth.
However, small & medium enterprises (SMEs) segment is anticipated to register a substantial market share in the coming years due to the increasing adoption of data monetization by SMEs to sustain in the competitive market.
Analytic-enabled platform as a service segment is projected to expand at a considerable CAGR
On the basis of methods, the market is segmented into embedded analytics, data as a service, analytics-enabled platform as a service, and insight as a service. The analytic-enabled platform as a service segment is projected to expand at a considerable CAGR during the forecast period, owing to the method's capacity to provide clients with customizable data monetization options.
Moreover, this technique comes with pre-installed business intelligence and analytics tools. In addition, it is used to provide consumers with real-time information along with the high level of adaptability. Furthermore, it works with all cloud-based solutions, supports a wide range of data types, and can be installed both on-premises and in the cloud.
However, the embedded analytics segment is estimated to grow at a rapid pace in the coming years due to the existing integrated applications with added features such as dashboard reporting, data visualization, and analytics. Furthermore, this strategy reduces total cost of ownership while speeding up time to market and creating modified embedded analytics solutions.
Banking financial services and insurance segment is projected to gain a large revenue share
Based on verticals, the global data monetization market is segregated as energy & utilities, Banking financial services and insurance (BFSI), healthcare, e-commerce & retail, manufacturing, telecommunications & IT, and others.
The Banking financial services and insurance segment is projected to gain a large revenue share during the forecast period, owing to the increasing presence of most data-rich businesses in the banking sector.
According to the industry professionals working in banking and financial security, BFSI organizations manage approximately 3.8 petabytes of data. In the BFSI sector, this has resulted in a huge demand for data monetization. Furthermore, data monetization in the financial services industry increases client engagements and operating profitability by more than 50%.
However, the healthcare segment is estimated to gain a substantial market share in the coming years due to the increasing interest in data monetization. Furthermore, healthcare organizations are implementing new initiatives aimed at monetizing patient medical data by granting access to entrepreneurs and researchers.
Additionally, the rapid adoption of data monetization by pharmaceutical companies is propelling the segment growth.
Data Monetization Market Regional Outlook
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period, owing to the rapid adoption of advanced technology such as big data, analytics, and cloud computing along with the increasing investments by various companies based in the US and Canada in such technology.
Furthermore, rising need for automated decision-making processes in businesses, reducing infrastructural costs, and technological advancements are fueling the market in the region.
However, the market of Asia Pacific is projected to gain a significant market share in the coming years due to the increasing adoption of cloud, Internet of Things (IoT), and big data solutions across industries.
Furthermore, growing advancements in networking technology, increasing penetration of e-commerce, rising manufacturing sector, and ongoing regulatory mandates are some of the key factors boosting the market in the region.
Segments
Enterprise Sizes
- Small & Medium Enterprises
- Large Enterprises
Methods
- Embedded analytics
- Data as a Service
- Analytics-enabled Platform as a Service
- Insight as a Service
Verticals
- Energy & Utilities
- BFSI
- Healthcare
- E-commerce & Retail
- Manufacturing
- Telecommunications & IT
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- SAP SE
- Accenture Plc.
- Reltio
- Adstra
- Comviva
- Gemalto NV
- Cisco Systems, Inc.
- Infosys Ltd.
- IBM Corp.
Competitive Landscape
Some of the key players competing in the global data monetization market are SAP SE; Accenture Plc.; Reltio; Adstra; Comviva; Gemalto NV; Cisco Systems, Inc.; Infosys Ltd.; and IBM Corp.
These key players are implementing various marketing strategies, such partnership, collaborations, merger & acquisition, and new product development in order to achieve long term competitive edge.
For example, Cisco developed an IoT security architecture in January 2020 that delivers greater visibility and protects processes across both IT and IoT environments. Cisco's new solutions allow enterprises to collect and extract data from the IoT edge, allowing them to improve efficiencies, make better business decisions, and speed up digitization projects.
For instance, SAP SE and Verizon announced a partnership in October 2019. This partnership enables various applications to handle data ranging from an assembly line to a retail shop shelf. It further supports businesses to save time and enhance productivity.
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