The Worldwide Data Monetization Industry is Expected to Reach $7.3 Billion by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Data Monetization Market by Component (Tools and Services), Data Type (Customer Data, Financial Data), Business Function, Deployment Type (On-Premises and Cloud), Organization Size, Industry Vertical, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The data monetization market size is expected to grow from USD 2.9 billion in 2022 to USD 7.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period. The increase in volume of data generation and lower cost of data storage, rapid adoption of advanced analytics and visualization are a few factors driving the growth of the data monetization market.

The services can help organizations reduce costs by applying effective data maintenance strategies

Services form an integral part of the data monetization software life cycle. Services assist the software functionalities, ranging from its deployment to management, such as implementation and integration, training and consultation, product upgradation, and support and maintenance. The complex nature of data monetization tools and solutions is expected to boost the demand for data monetization services. The services covered in this section are consulting, support and maintenance, and implementation. These services assist organizations in easily deploying data monetization tools on their premises or cloud.

The capability to capture emerging opportunities to generate new revenue and profit streams using consulting services is the major factor driving the adoption of consulting data monetization services

Service providers offer consulting services to help their clients in implementing new methodologies for recognizing additional revenue streams from the existing data. Thus, clients can use massive data sets to build a foundation for new products that they can then sell at a profit to other companies, which would benefit from data intelligence

Data monetization tools enable companies to determine their revenue and profitability and analyze their business segments

Financial data constitutes of historical and current data related to financial transactions of enterprises. These transactions include income, expenses, bank balance, contracts, and other financial data. The increasing amount of valuable financial data through internal and external sources and special online transactions is expected to boost the adoption of financial data monetization.

The increasing need to launch data-driven marketing campaigns to improve brand equity is the major factor driving the data monetization market growth

Data provides a way to evaluate the performance of marketing campaigns, content, programs, and employees, among others. Surface-level data such as sales figures is capable of providing product performance. Companies can utilize sales and marketing data to make decisions about exiting a product from a particular market and developing new products in the market. Data is the epicenter of every department in an organization. It facilitates immediate decision-making and paves the way for innovative products.

Cloud-based data monetization tools offer quick implementation, which is expected to drive the adoption of cloud-based data monetization tools

In recent times, due to the increased adoption of data-driven decision-making and advanced analytics, organizations have started to adopt data monetization solutions. SMEs are majorly moving toward the adoption of the cloud deployment type, due to its major benefits such as lower costs, no requirement of manpower for hardware maintenance, faster and efficient results, and complete flexibility and scalability, which result in reduced Operational Expenditure (OPEX) and CAPEX.

North America to dominate the data monetization market in 2022

The presence of two major economies in North America: the US and Canada are expected to boost the adoption of data monetization tools in the region. Moreover, the end-use industries in the region such as BFSI and retail are focusing on improving customer experience and reducing sales cycle, which is expected to drive the market during the forecast period. The adoption of the data monetization solution is expected to be the highest in North America due to the rapid adoption of data monetization tools and services among insight-intensive enterprises in this region as compared to other regions.

Market Dynamics

Drivers

• Increase in Volume of Data Generation and Lower Cost of Data Storage
• Rapid Adoption of Advanced Analytics and Visualization
• Increase in Use of External Data Sources
• Growth in the Adoption of Data-Driven Decision-Making
• Rise in Business Data Volume and Variety

Restraints

• Varying Structure of Regulatory Policies
• Lack of 0Rganizational Capabilities and Cultural Barriers

Opportunities

• Increasing Need to Create Insights from a Pool of Data
• Rising Adoption of AI for Data Processing

Challenges

• Quality of Data Collected by Organizations for Monetization
• Privacy and Security Concerns
• Increase in Complexities in Data Structures

Companies Mentioned

• 1010Data
• Accenture
• Adastra
• Comviva
• Domo
• Elevondata
• Emu Analytics
• IBM
• Infor
• Information Builders
• Infosys
• Looker
• Microsoft
• Narrative
• Ness
• Netscout
• Openwave Mobility
• Optiva
• Oracle
• Paxata
• Qlik
• Reltio
• Salesforce
• SAP
• SAS
• Sisense
• Thoughtspot
• Tibco Software
• Virtusa

For more information about this report visit https://www.researchandmarkets.com/r/251pnn