Global Data Monetization Market Size, Share, Growth Analysis, By Organization Size(Large Enterprises, SMES), By Method(Data As A Service, Insight As A Service), By Vertical(BFSI, It & Telecom) - Industry Forecast 2022-2028

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.

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.

Data Monetization Market Driver

• Data is used to improve the performance of sales and marketing. Old sales reports are used to implement predictive business intelligence, allowing access to customer data that improves efficiency and builds customer relationships. Digital technologies now collect massive amounts of data, such as consumer demographics, product preferences, and sales performance. In the near future, 5G technology will be widely adopted around the world. It has more computing power, but it generates a massive amount of data that can be used to generate meaningful insights.
• On a large scale, data is being generated from various data sources. Whether it's Fitbit, Google, or Facebook, the use of data has evolved and is now regarded as an essential factor of any company's digital transformation. The use of IoT is increasing, and the generation of insights from all incoming data is critical. In today's business environment, organizations are utilizing data monetization solutions to generate new revenue streams and insights from disparate data sources in order to make faster and more critical decisions.

Data Monetization Market Restraint

• Companies are recognizing the value of their data. As a result, data monetization is expected to spread across industries, creating a new source of revenue and a new business line. When it comes to monetizing data, one of the most important factors to consider is data quality. With accurate data, organizations can make sound decisions. Data sharing across industries and the integration of data products with existing systems may result in lower data quality.
• There is a requirement to share collaborated and refined data with employees based on the privileges granted to them for assisting them in generating valuable insights. Regulatory bodies are implementing new regulation policies in order to incorporate them into the normal operation of businesses. Employees may have access to certain types of information while being denied access to others. Organizations must exercise extreme caution when integrating data from multiple sources and making it available to employees.

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

• Microsoft Corporation (US)
• Salesforce (US)
• Oracle (US)
• SAP (Germany)
• SAS (US)
• Sisense Inc, (US)
• TIBCO Software (US)
• IBM (US)
• Qlik (US)
• Domo (US)
• Accenture (Ireland)
• Virtusa (US)
• Infosys (India)
• 1010DATA (US)
• Infor (US)

Data Monetization Market Recent Developments

• In May 2022, NielsenIQ launched NielsenIQ Activate, a software-as-a-service (SaaS) solution that helps retailers to increase revenue by leveraging retail media and complete consumer analytics to activate shoppers with targeted promotional offers.
• In January 2022, Ensemble Travel Group developed a Data Monetization Center (DMC), which will allow Ensemble to spot Data Monetization industry trends early and ensure that members can benefit fully from that information.
• In February 2021, Google has launched a data analytics solution in order to increase vaccine access. The Intelligent Vaccine Impact solution from Google Cloud makes use of data analytics tools to increase vaccine availability and access. COVID-19 forecasting and analysis is the first step in the Intelligent Vaccine Impact solution. Researchers created a novel time-series machine learning approach that combines artificial intelligence with an epidemiological foundation.

• Large amounts of unstructured data are expected to generate profitable opportunities for businesses. Businesses can use data monetization to transform raw or aggregated data from multiple data sources into something useful and insightful, allowing them to make better business decisions. Companies have seen an exponential increase in the quantity, variety, and speed of data, which has boosted data monetization adoption.
• The importance of data monetization in generating new revenue streams from an organization's data volume has grown dramatically, fueling the growth of the data monetization market. Instead of focusing solely on increasing transaction volume, organizations should concentrate on leveraging current transaction volume by mining a valuable, underutilized asset to generate new revenue streams. Card and payment companies, for example, are being pushed to rethink their existing business models and compete with competitors on price and service.
• As data has become the most valuable asset for many businesses, data monetization vendors are now investigating how to monetize their assets by leveraging technologies such as big data and analytics. Data monetization, in conjunction with advanced big data technology, can turn a large amount of network data, device data, or consumer behavior data into a viable revenue source for businesses. Furthermore, the data monetization market is expected to grow as a result of continuous technological advances in big data and analytics solutions.

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.