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The global data monetization market size is projected to increase by USD 8.03 billion, with an accelerated CAGR of 27.17% between 2023 and 2028. The expansion of the market hinges on multiple factors, notably the widespread embrace of data monetization across diverse platforms, the rise of data-driven business models, and increasing demands for customized solutions. As various platforms increasingly adopt data monetization strategies, they leverage data to unlock new revenue streams and enhance operational efficiencies. Simultaneously, the evolution of data-driven business models empowers organizations to make informed decisions, optimize processes, and gain competitive advantages. This paradigm shift underscores a growing preference for tailored solutions that cater precisely to market needs and consumer preferences. Together, these trends fuel market growth by fostering innovation, improving resource allocation, and driving sustainable business practices. Embracing data monetization not only enhances profitability but also propels industries towards greater resilience and adaptability in an increasingly digital landscape. Thus, stakeholders across sectors are compelled to integrate these strategies to capitalize on emerging opportunities and stay ahead in a dynamic marketplace. This market research and growth report inludes in-depth analysis of the key market drivers, trends, and challenges during the forecasted period.
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The market is thriving as enterprises leverage AI, deep learning, and Business Intelligence (BI) to extract value from their data structures and enhance customer experience across various sectors including IT and telecom, energy and utilities, e-commerce, and the Internet of Things (IoT). Businesses utilize data monetization tools to convert raw data into actionable insights, supporting strategic decisions in sales and marketing, finance, and customer service. Direct and indirect data monetization strategies are employed, with direct methods involving the sale of data products and services, while indirect approaches capitalize on improved operational efficiencies and enhanced market insights. Edge computing software architecture plays a pivotal role in enabling real-time data processing and analysis, crucial for efficient data monetization. As demand for sophisticated data-driven solutions grows, IT professionals are integral in implementing robust business processes and ensuring data quality to optimize revenue streams within the evolving market ecosystem.
The high adoption of data monetization by various platforms is significantly driving market growth. It has gained momentum in the business world across several industries due to the recognition of the benefits of implementing data-driven decisions for business growth and advantage. For instance, the vast data collected by retail and e-commerce businesses, including purchase history, browsing behavior, and demographic information help understand customer preferences and create targeted marketing campaigns.
Further, various other industries, including the automotive and the healthcare market as well can utilize raw customer data and, by acting upon insights, can enhance customer engagement and loyalty. Hence, due to all these factors, the shift towards data monetization in retail and e-commerce will increase and boost the growth of the market during the forecast period.
Digital transformation of business is a major trend influencing market growth. The ongoing digital revolution in various sectors like BFSI, automotive, and more is generating massive volumes. Businesses are embracing digital tools, IoT devices, social media, and other online platforms to engage with customers and gather data. This data abundance presents monetization opportunities and added value.
Moreover, cloud computing facilitates cost-effective storage and processing of large data volumes, empowering businesses to explore monetization avenues through analysis and offering data-driven products/services. The ability to gather, analyze, and act on data is becoming a competitive edge, fueling demand for these solutions and driving market growth and trends.
Increasing risk of data breaches and unauthorized access is a major challenge. Data privacy regulations, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), impose strict requirements on how organizations collect, store, process, and share personal data.
Additionally, one of the challenges is the lack of awareness among end-users. Many individuals may not fully understand the value of their data or the potential risks associated with its monetization. This lack of awareness can hinder the adoption and acceptance of the initiatives. Organizations must continuously navigate complex legal frameworks to ensure compliance while attempting to monetize their data assets to overcome the challenges.
The market share growth by the solution segment will be significant during the forecast period. There has been an exponential increase in the volume through customer interactions, IoT devices, and social media. Businesses can gain actionable insights that provide direct solutions to existing business problems that can result in further business growth.
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The solution segment showed a gradual increase in the market share of USD 999.20 million in 2018. Moreover, rapid advancements such as big data analytics, artificial intelligence, machine learning, automotive data, and cloud computing have helped companies such as Walmart and Amazon push personalized marketing campaigns and targeted recommendations. Price optimization and improved inventory management are also other factors that will boost the growth of the global market in focus during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. In this market growth analysis report, Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Various technology companies, startups and venture capital firms, and industries in North America including BFSI, retail, and e-commerce have largely expanded their infrastructure. They possess highly sophisticated collection and storage capabilities which help foster innovation in the field of data-driven services. This contributes to the rapid and robust integration in North America.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Salesforce Inc. - The company offers a data studio which creates richer audiences for marketers, takes control of the data, and increases revenue with data.
CoreSite Realty Corp. - The company offers a hybrid IT infrastructure with high-performance colocation, interconnected data center campuses, and cloud onramps for data monetization.
The market trends and analysis report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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The market encompasses a wide array of solutions and services tailored for enterprises of varying organization size, including large enterprises, MSMEs, and SMEs, across diverse industry verticals such as the telecommunication industry vertical and E commerce. Key components include tools for data management and analysis, alongside integration and implementation services crucial for seamless adoption. Data types, especially customer data, are pivotal in driving digitization efforts and enhancing customer data segment for targeted strategies. Both the internal monetization process and external monetization process leverage advanced Artificial Intelligence (AI) tools to extract actionable insights of tools segment and data type, supporting direct data monetization through offerings like Software as a Service and Infrastructure as a Service models. Enterprise rivalry in this domain underscores the importance of robust data monetization solutions and effective on premise implementations to capitalize on data-driven opportunities and optimize revenue streams in today's competitive landscape.
Industry Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 27.17% |
Market growth 2024-2028 |
USD 8.02 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
20.99 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Ciena Corp., Cisco Systems Inc., CoreSite Realty Corp., Equinix Inc., Extreme Networks Inc., Fujitsu Ltd., Huawei Technologies Co. Ltd., Infosys Ltd., International Business Machines Corp., Juniper Networks Inc., Microsoft Corp., Nokia Corp., Nippon Telegraph And Telephone Corp., Oracle Corp., Salesforce Inc., SAP SE, SAS Institute Inc., TIBCO Software Inc., and Viavi Solutions Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Platform
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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