USD 2.78 Billion
Report ID: SQSG45C2002 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 95 | Figures: 71
Data Monetization Market was valued at USD 2.78 Billion in 2021, and it is expected to reach a value of USD 10.9 Billion by 2028, at a CAGR of 21.54% over the forecast period (2022- 2028).
Data monetization is the process of converting a large volume of unused or unstructured enterprise data into valuable insights and monetizing that data into currency or service exchange. It facilitates enterprises in reducing the price of their business operations and increasing revenue streams by investing in analytics platforms that transform unstructured data into valuable insights based on requirements. It is the process of releasing the significant financial value that data in an organization's enterprise systems possesses. Adoption of these solutions has grown over time as a result of increased awareness about the potential benefits of data monetization, an increase in enterprise focus on creating new opportunities for growth and revenue, and other factors.
US Data Monetization Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 2.78 Billion
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The global data monetization market is segmented based on Organization Size, Method, Vertical, and Region. Based on Organization Size data monetization market is categorized into Large Enterprises and SMEs. Based on Method data monetization market is categorized into Data as a Service, Insight as a Service, Analytics-enabled Platform as a Service, and Embedded Analytics. Based on Vertical data monetization market is categorized into BFSI, IT & Telecom, E-commerce and Retail, Healthcare, Manufacturing Energy and Utilities, and Others. Based on the region data monetization market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Data Monetization Market Analysis by Organization Size
In 2021, the large enterprises segment had a Data Monetization Market share of more than 75%. This is due to the increasing presence of large organizations with global dominance. Companies in the data monetization market have established a strong presence in the retail, BFSI, and telecommunications verticals. Furthermore, large enterprises have customers all over the world and along the value chain. They have sufficient technical knowledge, business strategies, and capital. In the Data Monetization market, there is a growing demand for advanced technologies such as cloud computing and artificial intelligence (AI). To ensure business continuity, large enterprises can easily invest in such new technologies. SMEs are expected to grow at a CAGR of more than 25%.
Data Monetization Market Analysis by Method
In 2021, the analytics-enabled platform as a service segment had a Data Monetization Market share of more than 35%. This is due to the method's ability to provide customers with flexible data monetization. This method comes pre-installed with BI and analytics tools and is designed to provide consumers with real-time insights as well as high versatility. It is also compatible with all cloud-based solutions, supports a wide range of data formats, and can be deployed both on-premises and in the cloud. This method, however, necessitates the assistance of a professional for maintenance and installation. From 2022 to 2028, the embedded analytics segment is expected to grow at a CAGR of more than 20%. Embedded analytics can augment existing applications with features like data visualization, dashboard reporting, and analytics.
Data Monetization Market Analysis by Vertical
In 2021, the BFSI segment had the highest share of 20%. This is due to the increasing presence of data-rich businesses in the banking sector. BFSI organizations manage over 3.8 petabytes of data, according to Data Monetization industry experts working in banking and financial security firms. This has resulted in huge demand for data monetization in the BFSI sector. Furthermore, data monetization in BFSI speeds up customer interactions and operating income by more than 50%. Such factors are expected to drive Data Monetization Market growth during the forecast period. From 2022 to 2028, the healthcare industry is expected to grow at a CAGR of around 13%. The growing proclivity of healthcare organizations toward data monetization is expected to drive Data Monetization Market growth.
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In 2021, North America had the largest Data Monetization Market share of more than 35%. This is due to the presence of major players in the area. Furthermore, the growth of the region is heavily influenced by the United States. Companies in the United States and Canada are investing in and quickly adopting advanced technologies such as cloud computing, big data, and analytics. Furthermore, rising demand among enterprises to automate decision-making processes, reduced infrastructure costs, and technological advancements have all had a significant impact on regional growth. From 2022 to 2028, the Asia Pacific region is expected to grow at the fastest CAGR of more than 30%. The region's growing adoption of cloud, IoT, and big data solutions is expected to fuel Data Monetization Market growth over the forecast period.
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Data Monetization Market Driver
Data Monetization Market Restraint
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The Data Monetization Market is characterized by the presence of a few well-established players. New product launches, partnerships, and investing in research & development have been key business strategies.
Data Monetization Market Top Player's Company Profiles
Data Monetization Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, North America had the largest Data Monetization Market share of more than 35%. This is due to the presence of major players in the area. the Asia Pacific region is expected to grow at the fastest CAGR of more than 30%. The region's growing adoption of cloud, IoT, and big data solutions is expected to fuel Data Monetization Market growth over the forecast period. the BFSI segment had the highest share of 20%. This is due to the increasing presence of data-rich businesses in the banking sector. This has resulted in huge demand for data monetization in the BFSI sector. Furthermore, data monetization in BFSI speeds up customer interactions and operating income by more than 50%. Companies have seen an exponential increase in the quantity, variety, and speed of data, which has boosted data monetization adoption.
|Market size value in 2021||USD 2.78 Billion|
|Market size value in 2028||USD 10.9 Billion|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Data Monetization Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Data Monetization Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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