According to a research report "Data Monetization Market with Covid-19 Impact Analysis, by Component (Tools and Services), Data Type (Customer Data, Financial Data), Business Function, Deployment Type, Organization Size, Industry Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, the data monetization market size is expected to grow from USD 2.9 billion in 2022 to USD 7.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period. The increase in use of external data sources and growth in the adoption of data-driven decision-making are a few factors driving the growth of the data monetization market.
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The services aid organizations in gathering and analyzing data for improving the decision-making process, building effectiveness, and reducing costs.
Data monetization providers offer a complete range of services to organizations to conduct different activities required for their business functions. As the data monetization market is expected to grow, the demand for services is also expected to increase. Therefore, data monetization service providers are focusing on delivering dedicated services by understanding buyer demands and needs. The support and maintenance services help in the smooth functioning of deployed data monetization tools by supporting different activities, such as fault handling, product enhancement, product development, and system integration.
Consulting services enables user to gain deep insights into its data assets which further helps in its business growth
Consulting services help in defining deployable use cases for achieving better business performance. Hence, the consulting segment is predicted to be an important contributor to the overall revenue of the services segment.
The data enables companies to identify new business opportunities, improve the ways of engaging with customers, and convert the data into assets, which can create new revenue channels
The data monetization tools help companies in strengthening their risk management models to protect their financial data. Due to technology advancements, data has been increasing at a faster pace, and data monetization tools help enterprises provide valuable insights and a long-term data approach, monitor performance, and enhance operational efficiency.
The sales and marketing data is very useful for organizations to make decisions about a product that is already available in a particular market and developing new products in the market
Customer data is the key to all the activities in the sales and marketing business function. These activities range from initial market/customer research and lead generation to customer acquisition and retention. Companies collect and aggregate volumes of customer data to drive their business. Data monetization plays a crucial role in this business function by enabling sales and marketing teams to find the correlation between different data sets, which would help them better understand customer behavior and gain a 360-degree view of customer interests and preferences. With this knowledge, sales and marketing teams can create the best-fitted strategy to effectively communicate with customers. This would help organizations in effectively designing the marketing mix with elements such as market research, product development, and advertising.
The mobility of data, lower maintenance cost, and ease of deployment are expected to drive the cloud-based deployment type across industry verticals.
The Data monetization advantages such as less hardware requirement and subscription-based pricing models are expected to drive the growth of cloud-based data monetization. Seamless flexibility and scalability enable customers to easily store and retrieve actionable insights anytime and anywhere. The cloud-based deployment type enables users to run analytics on data from remote locations in real time. Cloud-based data monetization tools and services provide cost-saving benefits, which improve enterprises’ operational efficiency and reduce operational costs.
The data monetization market among SMEs is expected to grow due to a surge in the adoption of customer data and product data types across all the regions
Data is one of the key factors in determining a company’s market growth. Companies require technologies that can assist them in improving their profit margins and operational efficiency. Data monetization tools and services enable companies to evaluate the quality of data and exchange it with maximum security. The lack of resources and low marketing budgets are expected to drive the adoption of data monetization within SMEs. SMEs persistently evolve and try to adopt more innovative, customizable solutions to expand their presence and customer base.
The data monetization tools and services enables media and entertainment companies to identify further market opportunities, and to provide personalized user experience.
The media and entertainment industry vertical has generated huge amounts of data over the years due to the proliferation of entertainment devices such as televisions, smartphones, tablets, and other connected devices. This data can be in any form, including texts, images, audios, and videos. In today’s highly competitive environment, the ability to quickly access, analyze, and manage such large volumes of data has become a critical area for success.
North America holds the largest market size in 2022
North America is one of the most technologically advanced regions in the world. The adoption of the data monetization tools and services is expected to be the highest in North America compared to other regions. This is because of the rising expenditure of companies on digital solutions. The increasing generation of data, such as clickstream data, server logs, subscriber data, CRM, and Enterprise Resource Planning (ERP), is compelling data monetization companies to launch monetization tools and services for catering to various business needs. Major industry verticals such as BFSI and retail have shown tremendous data generation. The major data monetization vendors in the North American region have adopted several strategies to enhance their existing product portfolios and expand their presence in the data monetization market. North America is further segmented into the US and Canada. The US is expected to be the major revenue contributor to the data monetization market in North America. After the US, Canada is expected to present major growth opportunities for data monetization providers, as the enterprises in the country are rapidly shifting toward data- and decision-based strategies.
The major players for data monetization market includes Microsoft Corporation (US), Oracle (US), Salesforce (US), SAS (US), TIBCO (US), IBM (US), Qlik (US), SAP (Germany), Looker (US), ThoughtSpot (US), Sisense (US), Domo (US), Accenture (Ireland), Virtusa (US), Infosys (India), 1010Data (US) and more.
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