data monetization market

Data Monetization Market Share, Size, Trends, Industry Analysis Report, By Data (Customer, Product, Financial, Supplier); By Vertical; By Component; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jul 2022
  • Pages: 111
  • Format: PDF
  • Report ID: PM2517
  • Base Year: 2021
  • Historical Data: 2018-2020

Report Summary

The global data monetization market was valued at USD 2.63 billion in 2021 and is expected to grow at a CAGR of 19.6% during the forecast period. Data monetization generates quantifiable economic benefits from available information sources. The monetization process is carried out in direct or external and indirect or internal methods.

Data Monetization Market Size
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The internal monetization methods comprise utilizing information to make assessable business performance enhancements and take corrective resolutions. Whereas the external methods include information sharing to gain beneficial terms or conditions from business partners, selling information outright, or offering information products and services.

The companies are generating revenues through a new channel, i.e., by introducing analytics for products with information as their basis, like dashboards that provide metrics on customer choices or their product usage. Although, selling information outright in the form of customer loyalty information was in any way in the companies' pathways for years. Therefore, both such methods can be considered under the direct data monetization market.

The COVID-19 pandemic has affected almost every industry and is experiencing risks, volatility, and changes in customers’ buying behaviors. To thrive in the post-pandemic world, financial services firms and banks require an information-driven approach to create more value for the business and customers. Hence, the scope of data monetization, once the pandemic era is over, is bound to increase further.

Industry Dynamics

Growth Drivers
Various companies and industry players are increasingly using data monetization methods; owing to the increasing amount of information that is streamed and processed daily, the companies have been open to shifting from traditional to non-traditional and innovative processes. This method is a procedure where company-generated information is used to create a measurable financial profit by selling customers' information to third-party vendors.

Further, this process creates huge opportunities and opens ways for innovations. Additionally, the factors stimulating the growth of the data monetization market are cost reduction, increase in revenue, and innovative opportunities for new information-related services such as IoT, digitalization, and developments in traditional technologies.

Report Segmentation

The market is primarily segmented based on component, data, vertical, and region.

By Component

By Data

By Vertical

By Region

  • Software
  • Services
  • Customer
  • Product
  • Financial
  • Supplier
  • BFSI
  • Telecom
  • Consumer Goods & Retail
  • Media & Entertainment
  • Manufacturing
  • IT
  • Transportation & Logistics
  • Energy and Utilities
  • Healthcare
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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The software segment accounts for the largest market share in 2021

The software segment accounted for the largest market share and is expected to grow further during the forecast year. There has been a drastic shift towards the data monetization method due to the advancement of the cloud and cloud-based technology, wherein the information cannot be stored or operated on physical hardware as this is an expensive procedure.

Therefore, utilizing cloud-based solutions provides scalable computing power and garners the software data monetization market. Further, IoT and other cloud technology allow companies to share real-time information at scale by introducing capture, analysis, discovery, storage, and dissemination.

Customer data accounted for the largest market share in 2021

The customer data segment has the largest market size and is estimated to grow even further over the forecast period. Large-scale companies gather and analyze the information before progressing to selling information to third parties. This information can be used to increase knowledge of consumer behavior significantly.

Therefore, these information sets could be important for better conversions and customer retention rates. Further, the growing adaption of the data monetization market by many companies across the globe is fueling the overall growth of the industry and is expected to boost further over the forecast period.

The telecommunication sector is expected to hold a significant revenue share

The telecommunication industry vertical accounts for a significant market share and is expected to grow further during the forecast period. This is attributed to the growing interest in the telecom industry due to the intricacy of selling and delivering a diverse range of products and extremely variable revenue prospects depending on the vertical.

The telecom information includes information on customers’ location, internet usage, behavioral and buying patterns, applications, OTT consumption, travel patterns, and so on. This aids in improving sales and customer experiences and creating innovative marketing strategies based on such information. Therefore, by sourcing the information, the telecom industry is making lucrative opportunities by building new revenue channels and thereby contributing to the growth of the industry.

The demand in the Asia Pacific is expected to witness significant growth

Asia Pacific region accounts for the largest market share and is expected to grow further during the forecast period. It is owing to the increase in the volume of enterprise information and technological advancements in analytics solutions across the region. Further, the rising importance of generating new revenue streams from the information volume of organizations drives the growth of the industry in the Asia Pacific region.

Further, there has been increased adoption of the data monetization market across various countries in the Asia Pacific region, such as India, China, Japan, and others. For instance, the Indian government recently, at the beginning of 2022, informed various ministries and departments to share all information collected among themselves, along with other companies such as start-ups and individual researchers.

Competitive Insight

Some of the major players operating in the global market include Adastra Corporation, Accenture, ALC, Cisco Systems, Inc., Domo, IBM, Infosys, Mahindra ComViva, Microsoft Corporation, Monetize Solutions, Inc., Optiva, Inc, Oracle, Reltio, SAP SE, and Virtusa.

Recent Developments

In March 2022, Domo & Moss Adams made a new agreement. Moss Adams is of the nation's largest consulting, accounting, and wealth management firms. This partnership will lead Moss Adams to leverage Domo's for assisting its clients in implementing analytics modern BI platform to enhance its client-centric strategy further.

In February 2022, Yieldbroker and New Zealand debt securities & derivatives collaborated with Sisense to use its AI-driven interactive data visualization capabilities for Yieldbroker's new data and analytics product, "YBEdge."

Furthermore, In March 2022, Data Apps was launched by Domo. It has new low-code data tools for everyone across an organization, designed to bring the benefit of information-driven decisions and actions to those underserved by traditional analytics and business intelligence (BI).

Data Monetization Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 2.63 billion

Revenue forecast in 2030

USD 12.22 billion

CAGR

19.6% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments covered

By Component, By Data, By Vertical, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

Accenture, ALC, SAP SE, Adastra Corporation, Cisco Systems, Inc., Domo, IBM, Infosys, Microsoft Corporation, Mahindra ComViva, Monetize Solutions, Inc.,  Oracle, Optiva, Inc., Reltio, Virtusa , and VIAVI Solutions Inc.,

Key Take-Away
Polaris Market Research
Global Data Monetization Market Size Report, 2022 - 2030