Data Monetization Market Revenue To Hit $9,421.4 Million Value by 2030, says P&S Intelligence
NEW YORK, June 21, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, in 2021, the data monetization market was worth around $2,092.5 million, which is predicted to hit $9,421.4 million by 2030, growing at an 18.2% compound annual growth rate from 2021 to 2030. The vast volume of data created and the lowering price of data storage as a consequence of technical improvements are two significant factors credited to the market expansion. Furthermore, the market is growing due to the increasing use of visualization and advanced analytics technologies.
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Analytics-Enabled Platform-as-a-Service Holds over 40% Share
The analytics-enabled platform-as-a-service category has a market share of over 40%, and it is predicted to retain its dominance in the next few years, with a share of more than 50% by 2030. This is due to its adaptability, which allows for real-time data analyses with the support of business analytics and intelligence platform.
Moreover, the insight-as-a-service form of data monetization holds an over 15% share in the data monetization market. This is due to the expanding trend of big data analytics, personalized insights, and cloud computing; booming IoT sector, as well as the increasing market competition and rising need for customer management.
Telecommunications & IT and BFSI Sectors Are Major End Users
The telecommunications & IT industry is the second-largest end user of such methods, accounting for over 19% share in the market, and it is predicted to advance at a rate of around 20% throughout the forecast period. The growing volume of data being transmitted via telecom networks as a result of the rising count of smartphones can be credited for this.
Moreover, due to the rising number of accounts in banks and other financial institutions, which results in the daily collection of vast amonts of data, the BFSI sector is the largest user of data monetization solutions, accounting for a roughly 23% of the data monetization market share. Furthermore, the trend of monetizing payments data is fueled by the changing consumer expectations, migration to real-time payment infrastructure, and increasing margin pressure and competitiveness.
Browse detailed report on Global Data Monetization Market Size, Share, Growth Drivers and Regional Forecast Analysis 2030
Geographical Analysis of Data Monetization Market
Owing to the increasing penetration of data monetization services, software, and platforms, as well as the existence of a significant number of data providers, the North American data monetization market generates around 35% of the global revenue. Within the region, the Canadian market is predicted to witness a CAGR of 13.9% over the forecast period.
During the projection period, APAC is expected to grow at a CAGR of 22.3%. The growing usage of digital services, such as mobile apps, IoT, cloud, AI, and over-the-top services, as well as the increasing expenditure on technological upgrades, is driving the market expansion. In the regional market, China is the major revenue generator, accounting for an about 40% share.
Data Monetization Market Segmentation Analysis
By Deployment Mode
By Enterprise Size
By End-User Vertical
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SOURCE P&S Intelligence