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Global Alternative Data Market to Reach US$ 35,198.7 Million by 2027, Bolstered by Significant Growth in BFSI Industry

Published on Oct 11, 2022

According to the latest report by IMARC Group, titled “Alternative Data Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global alternative data market reached a value of US$ 2,771.7 Million in 2021. Alternative data refers to non-traditional data sets utilized by enterprises to gain insight into future performance outside traditional sources, such as company filings, broker forecasts, and management guidance. It includes credit card transaction data, web-scrape social media, satellite imagery, mobile application usage, email receipts, and the Internet of Things (IoT) sensors. Alternative data is widely used in predictive modeling, demand forecasting, investment research and deal sourcing, due diligence, portfolio management, and online activity insight. It assists in getting more accurate, faster, and granular insights and metrics into a company’s performance. Alternative data also helps organizations to compare and measure information in real time, generate truly innovative indicators, and improve self-knowledge.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Alternative Data Market Trends:

Significant growth in the banking, financial services, and investment (BFSI) industry across the globe is creating a positive outlook for the market. Alternative data is widely used by banks, investment firms, and financial institutions to acquire and retain customers, improve relationships, identify ideal prospects, and expand the small business portfolio. In line with this, it also assists in preventing fraud and unlocks improvement in growth, productivity, and risk management, which, in turn,s is favoring the market growth. Furthermore, the widespread product utilization by several governments for public health statistics, policymaking, achieving sustainable development goals (SDGs), and analyzing the needs of most marginalized classes are providing a considerable boost to the market growth. Apart from this, the integration of artificial intelligence (AI), machine learning (ML), and natural language process (NLP) to analyze alternative data, unlock its insight and value, and gain a competitive edge is propelling the market growth. Moreover, the widespread product utilization in the commercial aviation industry to derive accurate forecasts, analyze customers’ interests in specific flights and destinations, and mitigate risks of aviation accidents, is providing an impetus to the market growth. Other factors, including significant improvements in the information technology (IT) infrastructure, widespread product adoption for predicting weather conditions, and proliferation of connected devices, such as smartphones and smart wearables, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 35,198.7 Million by 2027, exhibiting a CAGR of 51.6% during 2022-2027.

Market Summary:

  • On the basis of the data type, the market has been divided into mobile application usage, credit and debit card transactions, email receipts, geo-location (foot traffic) records, satellite and weather data, social and sentiment data, web scraped data, web traffic, and others.
  • Based on the end use industry, the market has been classified into transportation and logistics, BFSI, retail and eCommerce, energy and utilities, IT and telecommunications, media and entertainment, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being 1010Data Inc. (Advance Communication Corp.), Advan Research Corporation, Dataminr Inc., Eagle Alpha, M Science, Nasdaq Inc., Preqin, RavenPack, The Earnest Research Company and Thinknum Inc.
     

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