As per a documented report on ‘Data Monetization Market and Forecast Research’, the Global Data Monetization market was at a value of USD 1.40 Billion in 2018.
It is said to reach up to USD 4.76 Billion by 2026. The Data Monetization market size shall record a growth at a CAGR of 16.42% from the period of 2019 to 2026.
And this is a small representation of the detailed data and statistics we shall talk ahead as the article progresses.
So, let’s move forth.
The report highlighted basic market developments, the global data monetization market size, the industry challenges and competition faced throughout along with gaps and opportunities trending in the Data Monetization Market.
The survey report bridged the historical data from the period of 2013 to 2018 and forecasted the market size and opportunities till 2026.
It aims to present the studies of Global Data Monetization Market and intends to provide cutting-edge market intelligence to help decision-makers in evaluating investments.
Besides, the Forecast Report also identifies and analyses the emerging trends along with major drivers, opportunities and challenges.
Here we go, answering the most important facts for you…
1) What is Data Monetization?
Data monetization is about generating measurable economic benefits from all available data sources.
In other words, it is simply turning your data resources into revenues.
Every company operating today is a data-driven company that uses data to reduce costs and increase revenues.
2) What does the Data Monetization Market Reveal and Forecast?
In 2016, the Global Data Monetization Market marked the value of approx. $ 44,869 million.
After that, it is projected to reach a figure of approx. $370,969 million by 2023.
This reveals that the Data Monetization market size is growing at a CAGR of 35.4% from a period of 2017 to 2023.
We segment the global data monetization market under two major categories. They are on the basis of:
- End-user and
So, under the ‘end-user segment’; the markets are categorized into manufacturing, e-commerce & retail, energy & utilities, Banking Financial Services and Insurance, telecommunication & IT, healthcare etc.
(Source: Allied market research)
Similarly, ‘region-wise’, it is analyzed across Europe, Asia-Pacific, North America and LAMEA( Latin America, Middle East and Africa).
(Source: Allied market research)
3) What are the main factors that impact the Global Data Monetization Market and Forecast?
Certain factors drive the growth of the market size and prospective outcomes. They include- technological advancements in big data & analytics solutions, continuous rise in the volume of enterprise data, increase in company’s focus to generate new revenue streams and a rise in company’s awareness towards the potential benefits of data monetization.
Let’s discuss them in detail:
Technological Advancements in Data & Analytics Solution:
Data is the most valuable asset for multiple enterprises today. Leveraging technologies such as big data and analytics are now being considered important by vendors to monetize their assets.
With advanced technologies, enterprises can gather a vast amount of data from networks, devices, customer behaviour etc. which they can convert into revenues through the process of data monetization.
This is how continuous advancement in technology and data analytics drives the growth of data monetization market size and revenues.
Continuous Increase in the Volume of Enterprise Data
Generation of the massive volume of unstructured data provides advantageous opportunities for organizations.
Data monetization helps enterprises to convert raw or aggregated data based on multiple data sources into something insightful and valuable.
As a result, it helps them to make the right business decisions. Companies have been witnessing an exponential rise in volume, variety, and speed of data.
This in turn has increased the adoption of data monetization.
Generating New Revenue Streams is the new focus area
There is a massive rise in focus towards creating new income streams from the corporate data altogether.
The idea of revenue generation becoming so important has led to the widespread development of the Data Monetization market size. The market analysis helps in discovering the market potential.
Organizations focus in utilizing data volumes by striking a profitable data resource to make new income streams as against looking for entirely new avenues of revenue.
More Awareness Towards Potential Benefits of Data Monetization
The organizations are becoming more aware of the potential benefits of data monetization.
This involves upgrading the technology, reduction in costs, focusing on the untapped markets, improved scopes of profitability, and its capacity to find new business avenues.
Data Monetization Forecast predicts potential development opportunities in the market and the gaps in the Data Monetization market size.
A holistic data monetization focuses on the existing organizations to upgrade user experience, technology drive, to improve efficiency.
In addition, it uses data as an opportunity to make new income streams.
4) What is the Market Outlook Towards Global Data Monetization?
The market outlook section encircles the fundamental changes of the marketplace, which mainly includes the factors that drive the market, the market constraints, the opportunities and challenges faced by the industry.
The driving factors and the constraints are the internal factors of the market, while the challenges and opportunities are factors external to the market. The data monetization use cases and examples reveal the power that data holds.
Data Monetization does a lot to data and market.
- Firstly, Data monetization helps the company in cost reduction, which indirectly helps in revenue-maximization.
- Secondly, it aims at pulling up data to boost a company’s functioning, its services, productivity and efficiency.
- Thirdly, Data Monetization makes data available to B2B.
- Also, the B2C clients get data benefits from monetization of data.
- In addition, Data Monetization enables better interactions with users.
- Above all, it helps in generating new revenue opportunities.
5) What is the Competitive Scenario Of the Global Data Monetization Market?
Various survey reports and studies on Data Market and Research provide a valuable insight emphasising on the global market.
A continuous rise in the company’s data, advancements in technology and analytics and an increase in a company’s interest to generate new revenue streams drive the growth of the global data monetization market.
However, data security and data privacy concerns adversely affect the growth of the market.
The market analysis provides an idea of the company financial statements. Along with that, it also mentions the opportunity and challenges of the market.
The competitive market scenario includes market share, critical development strategies and market ranking analysis.
6) Data Monetization Market and Forecast: What are the key Benefits for Stakeholders?
Various research studies and surveys on Data Monetization Market and Forecasts incorporates an analytical picture of the worldwide information adaptation.
This is in accordance with the current patterns of data monetization and the future forecasts to decide any unavoidable situations.
So, how is the analysis and forecast helpful in reality?
- Firstly, it presents data identified with key drivers, limitations, and avenues of data monetization and revenue generation.
- Secondly, the present market is quantitatively sectioned from 2016 to 2023 to feature the monetary competency of the business.
- Thirdly, it outlines the intensity of buyers and providers in the worldwide data market.
- Finally, a study of how the data market is and how it will be in future helps in making major strategies and business decisions.
The Final Say On Data Monetization Market…
In conclusion, discussing the facts and figures, revelations and the predictions gives us a detailed insight on how factors like data analytics, technological advancements, revenue-generation goals and other factors drive companies towards high data monetization practices.
Many companies are beginning to build data-driven strategies to pump up growth in the future data economy. Though in its early stages, data monetization has a considerable effect on many industries.
At some or the other stage, every company transforms itself into a data company applying its approaches and strategies.
However, strategies and standards for building a successful data monetization model are still missing in a lot of companies.
The success of data monetization lies in breaking the barriers and practicing consistent innovation.
The Global Data Monetization market seems to surge seamlessly and is predicted to do bigger and better in the coming years.
So, here’s to the companies and data drivers –
“Make great use of the corporate data and turn that data into a million dollar.”
Also, let us know what are your views on this…