In today’s digital world, data is the most important asset for any firm. The Global Data Monetization market is experiencing growth due to increase in business activities globally, which has generated a wide amount of data within the firms.
The Monetization of the data to get valuable and actionable data also to reduce costs and produce new revenues for the firms is generally termed as Data Monetization. Data Monetization is a way by which unstructured volume of business can be changed into profitable and money concentric business. It provides the organization with useful information and values. Data Monetization can be carried out in an organization by selling huge amount of information bundles and insights to the businessmen either directly or indirectly.
The Global Data Monetization Market is expected to reach approximately US$ 708.86 in the forecast period and is expected to grow at a CAGR of nearly around 21.4%. The market is experiencing this boost due to its purpose of sorting out unstructured information into structured one, storing data in a framework and distributing the data across the organization. The Data Monetization has been the major cause for the recognition of financial value, which is being used in the form of data in many firms.
Due to rapid expansion in the market and developing technologies, many market players are developing their software as well as services. To strengthen their market base and to make their foothold strong many players are engaged in different market activities. For instance, Vodafone and SAP SE had agreed to collaborate to launch Internet Of Things (IOT) so that company would be now able to get in touch with the data of SAP SE for maintenance uses and others. However, other software players are also engaged in similar activities so that they could reach out to a big pool of customers and increase their market value.
The Global Data Monetization Market has been bifurcated into different sectors and segments. The tools segment is dominating the market due to its contribution in the business process, decision making, and creating new revenues for the business.
By Data Type:
The Financial Data Type is likely to dominate the market for the forecast period due to its wide usage and for defining business strategies for a business.
By Deployment Type:
The Cloud Type is likely to dominate the market due to rapid increase in technological advancements and usage of external data.
By Business Function:
The Sales and Marketing segment is expected to dominate the market with the highest CAGR value for the upcoming forecast period due to rise in consumers insights as well as different marketing strategies.
By Organization Size:
The Large Organizations has the highest market share followed by medium and small sized enterprises.
By Industry Vertical:
APAC dominating the global market with highest CAGR
On the basis of geography, the Global Data Monetization market has been segmented into five regions North America, Europe, Asia-Pacific, Middle-East & Africa and Latin America. The North America region is expected to dominate the overall market in the forecast period followed by, Asia-Pacific and Middle-East & Africa.
The market is experiencing a tremendous boost due to strong adaptation and heavy penetration for data monetization platform, rise in demand for software and services, and presence of key data providers.
Asia-Pacific region is expected to have the highest CAGR value for the upcoming forecast period due to rise in digital services such as Cloud, Internet of Things, mobility in data, and Artificial Intelligence. Furthermore, the demand for data monetization is likely to experience a boost in the Middle-East & Africa region also due to rapid technological advancements. Moreover, rising awareness and increasing adaptation of the data monetization platform will be attributing to new opportunities in Asia-Pacific as well as in Middle-East & Africa regions.
The Global Data Monetization Market has been fluctuating due to rise in demand for technological advancements and new innovations for the past few years. Various factors are in favor for the North American region due to largest penetration of data monetization and presence of major market players therefore the region is likely to grow in the forecast period.
Moreover, increasing consciousness among people about the technology and its uses, the demand for Data Monetization platform has been rising rapidly. Furthermore, due to increase in technological advancements the market players will experience a huge competition in the forecast period.
Growing technological advancements and new innovations will strategize the market demand. Additionally, the increase in data volumes from external sources has resulted growth within the market. Therefore, market players are adopting new technologies and innovations that can enhance the market growth a customer base. This has evolved in acquiring of Data Monetization platforms in the market.