Data Monetization Market Growth Goes High with 21.9% CAGR during the forecast Period 2020-2027

 

Data Monetization Market

Data Monetization is the process of sharing data among businesses. It is the process of generating revenue or creating revenue-generating streams through the use of data. Data Monetization can be classified into two types: direct and indirect Monetization. The process of selling raw data is known as direct Monetization. Companies can generate revenue in this process by selling data directly to other companies or third parties. Direct Monetization entails selling, bartering, or trading data from companies and developing one or more application programming interfaces (API). Companies use indirect Monetization to analyse their own data to generate insights that will improve their business performance. Indirect Monetization assists businesses in improving efficiency, lowering costs, developing new products and services, and discovering new customer types and business categories, among other things.

The global Data Monetization Market is expected to grow significantly during the forecast period (2020-2027) due to increased data volumes and low data storage costs. Many businesses use data to improve and increase sales. As digital technologies advance, a massive amount of data is expected to be generated, driving demand for data Monetization. Companies use digital technologies to collect massive amounts of data such as consumer demographics, product preferences, and sales performance. 5G technologies will be adopted in the near future, generating massive amounts of data that can be used to derive meaningful insights. Furthermore, a large volume of data generates numerous business opportunities.

The global Data Monetization Market was valued at US$ 2.4 Bn in 2019 and is expected to reach US$ 12.3 Bn by 2027 at a CAGR of 21.9% between 2020 and 2027.

The varying structure of regulatory policies is the major factor impeding growth in the global data Monetization market. Employees must be given accurate and collaborative data details in order to generate valuable insights. Regulatory bodies implement new policies, and all organisations must follow these regulations and policies. This process takes time, and authorities must be made aware of any changes to policies. For example, the European Union parliament has approved the General Data Protection Regulation (GDPR), which has replaced Directive 95/46/EC. Organizations must constantly change their data Monetization tools after GDPR implementation to keep up with changing policies. During the forecast period, this is expected to impede the growth of the data Monetization market.

The large enterprises segment is expected to dominate the global data Monetization market during the forecast period, based on organisation size. Large enterprises have extensive corporate networks and can generate significant revenue streams. As a result, large enterprises generate a large volume of data, and these organisations prefer to implement Monetization services on-premise. On-premise deployment can help organisations increase profits while maintaining data confidentiality. Salesforce.com, Inc., an American software company, for example, launched Salesforce data studio, a data sharing platform designed to connect data owners with buyers and create new marketing opportunities for data owners to securely monetize their data assets and empower data owners to directly provide their data to buyers.

Top Companies involved are - Cisco Systems, Inc. (US), Google, Inc., Microsoft, Inc., IBM Corporation, Microsoft, Salesforce.com, inc., Oracle, Infosys Limited, SAP, SAS Institute Inc., Sisense Inc., QlikTech International AB, Domo, Inc., Virtusa Corporation, Accenture, Reltio, Openwave Mobility Inc., Thales Group, Adastra Corporation, Ness Technologies, Inc., NetScout Systems, Inc., Pax

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