Data Monetization Market Size to Reach USD 11,720 Million by 2026 at CAGR 47.9% | Valuates Reports
BANGALORE, India, March 3, 2021 /PRNewswire/ -- The Data Monetization Market is Segmented Type (On-Premises, Cloud), Application (Telecom, Finance & Banking, E-Commerce & Retail, Network & Software, Manufacturing, Others) : Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Software & Services Category.
The global Data Monetization market size is projected to reach USD 11,720 Million by 2026, from USD 738 Million in 2019, at a CAGR of 47.9% during the forecast period 2021-2026.
Major factors driving the growth of the data monetization market size are increasing enterprise data volume, awareness towards data monetization, adoption of data-driven decision-making approaches, and advancements in big analytics.
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TRENDS INFLUENCING THE DATA MONETIZATION MARKET SIZE
Technological advancements in big data & analytics solutions are expected to fuel the data monetization market size growth. Enterprises are collecting vast amounts of network data, device data, or customer behavior data. These data can be converted into a profitable revenue earner through data monetization integrated with advanced big data technologies. In addition, the ability of data monetization to synthesize and integrate thousands of data, IoT records, and the ability to apply artificial intelligence and advanced analytics have encouraged several players to invest in data monetization.
A continuous rise in the volume of enterprise data is expected to drive the growth of data monetization market size. The generation of massive amounts of unstructured data is expected to provide lucrative opportunities for organizations. Data monetization let's businesses turn raw or aggregated data into something insightful and useful based on various data sources, which helps them make informed business decisions. Companies have experienced an unprecedented increase in data volume, variety, and speed, which has increased data monetization adoption.
The rise in the importance of data monetization to generate new revenue streams is expected to significantly boost the growth of the data monetization market size. Organizations focus on leveraging the current volume of transactions by mining a valuable, under-leveraged asset to generate new revenue streams rather than just to increase the volume of transactions. For example, card and payment companies are forced to reassess their traditional business models and compete against competitors in terms of price and service.
Data monetization offers advantages such as data optimization, customer loyalty, reduced operating costs, improved compliance, increased profitability, strengthened partnerships, and enhanced customer experience and understanding. In turn, these advantages increase the adoption of data monetization by companies, thereby driving the growth of data monetization market size.
However, the quality of data collected by organizations for monetization might create challenges for the organization. The quality of data is one of the significant variables when monetizing dta. With precise data, organizations can make the right decisions. The sharing of data across various industries and the integration of data with existing systems could result in lower data quality. False facts and inconsistency could result in inappropriate data quality. Appropriate data quality, therefore, directly affects the ability of organizations to make the correct choices.
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DATA MONETIZATION MARKET SHARE ANALYSIS
The BFSI segment held the highest data monetization market share in 2019.
This is attributed to the growing presence of most data-rich companies in the banking sector. Huge demand for data monetization is generated because of the growing data generated in the BFSI sector. In BFSI, data monetization helps speed up customer interactions and operating revenue.
The on-premises segment is expected to hold the largest data monetization market share during the forecast period.
On-Premises are the most widely used type which takes up about 67.77% of the global market in 2016. In the on-premises type of delivery model, software or solutions are installed and operated from customers' in-house server and computing infrastructure. In the capital expenditure (CAPEX) of companies, the cost of installing on-site solutions is included. For applications that involve the processing of sensitive and confidential data, this approach is mostly adopted.
The United States is the largest sales region of Data Monetization in the world in the past few years.
The United States market took up about 41.26% of the global market in 2016, while the EU was 26.95%. This is due to the presence of major players in the region. In addition, the development of the region is strongly affected by the investments in emerging technology such as cloud computing, big data, and analytics and are increasingly embracing them.
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TOP COMPANIES IN THE DATA MONETIZATION MARKET
Accenture, IBM, SAS, Infosys, Viavi Solutions, and Adastra are the key suppliers in the global Data Monetization market. Top 3 took up about 44% of the global market in 2016.
Data Monetization Breakdown Data by Type
Data Monetization Breakdown Data by Application
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- Oil and Gas Data Monetization market size is projected to reach USD 21900 Million by 2026, from USD 19670 Million in 2020. Large proven oil reserves in Venezuela, Saudi Arabia, Canada, Iran, Iraq, Kuwait, UAE, Russia, the U.S. and China bring an opportunity to drive growth of the oil and gas data monetization market as there is significant growth opportunity for adoption of indirect data monetization. the software and services for driving insights for development of these fields and direct data monetization
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