According to the latest report by IMARC Group, titled "Data Monetization Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global data monetization market exhibited strong growth during 2015-2020. Data monetization is the process that involves the usage of company-generated data to create a measurable economic benefit. This increases the economic value of data using internal, external or indirect methods that assists in making measurable business performance improvements. It includes utilizing, identifying, and marketing data to boost profitability, enhance customer experience, minimize operating costs and optimize data in a proper manner. The data is also used for generating valuable insights for the organization that further assists in generating new revenue streams. Moreover, this process is widely deployed to maximize the value of products and services, mitigate risks and create numerous growth opportunities in the market.
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 Data Monetization Market Trends:
The global market is majorly driven by the large volumes of data generated from various organizations. The deployment of data monetization assists in planning, improving collaborations and sharing data among internal and external stakeholders while marketing services and supporting customer care in an effective manner. Apart from this, these services aid in providing business intelligence support, including mobile marketing, to the companies, thereby creating numerous growth opportunities in the market. The market is further driven by the introduction of advanced technologies, including the Internet of Things (IoT), artificial intelligence (AI) and big data. This has encouraged companies from diverse industrial verticals to focus on data monetization. Some of the other factors contributing to the market growth include the rising demand for generating revenue streams from various organizations, the increasing awareness regarding the potential benefits of data monetization and the shift toward the adoption of cloud-based solutions. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of around 18% during 2021-2026.
- On the basis of the method, the market has been divided into data as a service, insight as a service, analytics-enabled platform as a service, and embedded analytics.
- Based on the organization size, the market has been bifurcated into large enterprises and small and medium enterprises.
- On the basis of the end use, the market has been classified into BFSI, e-commerce and retail, IT and telecommunications, manufacturing, healthcare, energy and utilities, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 1010DATA (Advance Communication Corp.), Accenture Plc, Adastra Corporation, Comviva (Tech Mahindra), Infosys Limited, International Business Machines Corporation, Monetize Solutions Inc., Optiva Inc., Paxata Inc. (Datarobot Inc.), Reltio, SAP SE, Thales Group and TIBCO Software Inc.
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