Data can help gain invaluable insights through discovery, storage, capture, dissemination, analysis. Through the data, companies can make faster & better data-driven strategic & tactical decision-making business process for achieving an optimum response from the customer base. The data monetization market supplies the tools & services that help to reap economic benefits from the available data sources.
These services help for improving the engagement with customers offers the opportunity to explore the models of business & to tap into internal data for building better statistical analysis. The global data monetization market is projected to expand at a CAGR of 15.27% during the forecasting years of 2019-2027.
The growth in the data generated across the globe is expected to increase the demand & adoption of data monetization tools across enterprises. The rising use of external data sources coupled with the focus of market players to develop technologically advanced products is expected to trigger substantial market growth during the forecasting years. However, rising data volume has been considered to be a major factor that is providing traction to market growth.
Furthermore, the total digital data generation across the globe is expected to increase & reach up to XX zettabytes by the end of 2025. Also, the global data monetization market covers segmented analysis of component, data type, organization, business function & industry vertical.
The global data monetization market is bifurcated by geography into several regions, namely, North America, Asia Pacific, Europe and the remaining countries collectively forming the Rest of World regional segment. The North American region is expected to comprise the dominating market in terms of revenue that can be attributed to the mass presence of the majority of the contending market players that offer their services in the region. For instance, Cisco Systems Inc. (U.S.), Google Inc. (U.S.), IBM Corporation (U.S.), Elevondata (U.S.), etc. are some of those companies.
Also, the regional market has heavy integration of big data across major verticals like that of defense, healthcare, IT & telecommunication, e-commerce, etc. that further boosts the necessity for data monetization solutions.
Virtusa Corporation, Openwave Mobility, Inc., International Business Machines Corporation, Reltio Inc., Google Inc., Infosys Limited, 1010Data, Elevondata, Gemalto, SAS Institute, Cisco Systems, Inc., Dawex Systems SAS, Paxata, Accenture and SAP SE are some of the companies operating in the global market. The focus of market players is to develop technologically advanced products in data monetization that can prompt spontaneous growth of the market.