The global data monetization market size is expected to reach USD 12.22 billion by 2030, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Data monetization is the method in which company-generated information is used to create a computable economic profit. This process helps businesses understand their revenue flow, whether it is increasing or reducing expenses. The companies adopting this monetization method create new partnerships by sharing their information with third parties in a mutually beneficial arrangement.
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Further, it has been observed that certain companies release their information on open platforms and provide a free offering of information services to a sufficient number of outside companies. For instance, companies such as Google and Facebook were free platforms to create enormous information assets to sell worldwide. Therefore, monetization was a platform for sharing information between two companies to generate revenue or create new revenue-generating streams.
Factors such as enhanced decision-making that leads to real-time crowd-sourced research, improved profits, decreased costs, reduced risk, and improved compliance are the few factors driving the growth of the industry.
Further, the factors stimulating the growth of the industry are cost reduction, increase in revenue, and innovative opportunities for new information-related services such as IoT, digitalization, and developments in traditional technologies.
Data Monetization Market Report Highlights
Polaris Market Research has segmented the data monetization market report based on form, product, application, and region:
Data Monetization, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Data Monetization, Data Outlook (Revenue - USD Billion, 2018 - 2030)
Data Monetization, Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Data Monetization, Regional Outlook (Revenue - USD Billion, 2018 - 2030)