New York, July 05, 2023 (GLOBE NEWSWIRE) -- The Datafication Market recorded a valuation of USD 285 billion in 2022 and is expected to reach USD 883 billion by the end of 2032, expanding at a CAGR of 12.3% over the decade.
Datafication terminology is formed in 2013. It changes social data into a mathematical equation form that can be effortlessly obtained later on. Such types of data are changed from analog to digital to create ease of access. Furthermore, datafication assists to increase services and products by data use in real-time. Moreover, it collects customer feedback and plan data based on strategies to fulfill customer need.
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Key Takeaway
- By component, the services segment is anticipated to remain lucrative in the forecast period with a market share of 60%.
- By end-user type, the BFSI segment is lucrative in the market in 2022 with a market share of 33% and is anticipated to dominate in the forecast period.
- By deployment type, the cloud segment is lucrative in the market in 2022 with a market share of 53% and is anticipated to be dominant in the forecast period.
- North America is the most lucrative market with the largest revenue share of nearly 34% in 2022.
- Europe region acquired the market share with the second highest revenue share of 25%.
- By region, the Asia Pacific region is anticipated to grow at a lucrative rate in the market share from 2023 to 2032.
Datafication market growth can boost innovations and reduces privacy and data monetization. Data collecting and data analyzing are significant processes of datafication, in addition to that providing efficient, intelligent, and effective solutions.
Factors affecting the growth of the datafication industry?
Several factors can affect the growth of the datafication industry. Some of these factors include:
- Streamlining the Several Operations: Streamlining the various operations of the organizations from big manual tasks into efficient automated tasks by decreasing time and reducing skill requirements.
- Need to improve Old Exam Patterns: Datafication can enhance old exam patterns to check analytical or personality thinking by the usage of datafication technology.
- Research and development in covid 19: Research and development for datafication is rising which aided the market growth during the covid 19.
- Automation demand boost: Automation of datafication further aided to decreased several costs and labor needed to execute tasks.
Top Trends in Global Datafication Market
Data is more significant compared to other several types of software or various physical assets. A top company like Facebook is producing no content on social media but is dominating the social media market because of datafication. Hence, digitization to datafication is a new trend in the market.
Market Growth
Various economic factors such as streamlining the operations, the need to improve old exam patterns, research and development in covid 19, and increasing automation demand are expected to increase the market growth during the forecast period. Thus, these types of factors will boost the market growth of the global datafication market.
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Regional Analysis
Global datafication market based on region segregated into Latin America, Europe, MEA, North America, and APAC. In 2022, the North American market share has dominated the market share, which is 34%, and will expect to grow at a very high CAGR rate during the forecast period from 2023 to 2032. Owing to its several business presences in North America and high acceptance of datafication.
Moreover, the APAC region will expand at a high CAGR rate during the forecast period, mainly due to the rise in various sectors in the Asia region owing to India and China as big economy countries. Europe has the second dominant market share all over the world because of the comprehensive usage of advanced communication, datafication analysis, and social media.
Competitive Landscape
Key players with a heavy presence in the market are utilizing strategies such as collaborations, mergers, acquisitions, and expansion that are expected to boost competition among the competitors. Such types of strategies are aiding in increasing its reach and quality across the market. Services such as cloud-based data platforms can be utilized for data storage, and access is available from any place that further upgrades the datafication industry’s reach.
The competitive landscape of the market has also been examined in this report. Some of the major players include,
- The Coleman Company
- Simex Outdoor International
- Oase Outdoors
- North Face, Inc.
- Newell Brands
- Khyam
- Kampa
- Johnson Outdoors
- Hilleberg
- Gelert
- Force Ten
- Exxel Outdoors
- AMG GROUP
- Other Key Players
Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 285 billion |
| Market Size (2032) | USD 883 billion |
| CAGR (from 2023 to 2032) | 12.3% |
| North America Revenue Share | 34% |
| Europe Revenue Share | 25% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Datafication is boosting their significance in contrast to digitalization because of its advancement in governing real-time data of services and products to improve the business. Datafication is streamlining the various operations arrangement of the organizations from enormous manual tasks into simple automated tasks by decreasing time and reducing skill requirements. Furthermore, datafication automation further aids in decreasing various labor and costs of performing tasks. Furthermore, datafication of with a comprehensive business view aids to discovers trends of customers and demands of enriching several places. Such types of analytics can aid companies in making superior decisions, thus, boosting market growth.
Market Restraints
The absence of skilled resources decreases to gain large datafication potential. Skilled resources search for the individual that can manage such technology can be highly difficult. Owing to the demand for adding various systems in one form of cohesiveness. The possibility of not being present in individuals is very high in these types of integration. Furthermore, a lot of time and large money to obtain and accept novel technology is needed. Hence, a lot of investment is needed. Furthermore, infrastructure, licenses, and training are in high demand for the new technology. Data security issues for datafication significantly about privacy. Moreover, there is a chance of internal and external dangers owing to employee error or the terrible intent of others.
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Market Opportunities
E-government has various uses of broad interaction between society and government but significantly provides superior services. E-government is significantly using digital services to give technology-dependent services. In e-government, various technology necessary to incorporate technology, such as robots, the Internet of Things, big data analytics, and blockchain. Thus, various opportunities for datafication for the e-government in the forecast period from 2023 to 2032. The rising demand for technology for computers, chips, and telecom, in society, in addition to the form of datafication, can improve the market growth of the global datafication market. Datafication can advance old exam patterns of testing personality or analytical thinking by the usage of datafication. From that, several companies will examine risk-taking personalities, characters, potential, and special characteristics. Thus, such reasons will boost the datafication need during the forecast period from 2023 to 2032.
Report Segmentation of the Global Datafication Market
Component Insight
Based on components, the services segment is the most dominant in the global datafication market, with a market revenue share of 60% all over the globe, because of remote access and online services delivering as per customer need. The market for datafication is based on components segregated into solutions and services. Moreover, solutions in the market are anticipated to increase during the forecast period with a large CAGR. Because of high solutions demand for the datafication across the all over the world.
Deployment Insight
Based on deployment, the cloud segment is anticipated to be the most dominant segment in the global datafication market, with a market revenue share of 53%, and is expected to increase in the forecast period because of resource availability like storage by cloud and processors. The datafication market is based on deployment further segmented into cloud and on-premises. Moreover, on-premises are anticipated to increase with a large CAGR rate in the forecast period. Owing to on-premises liking compared to cloud. Furthermore, it has obtained almost similar levels of market share.
End User Insight
Based on end-user, the BFSI segment is anticipated to be the most dominant segment in the datafication market, with the highest revenue share of 32.5%. Because the datafication demand is great in the BFSI sector owing to the always increasing customer base all over the globe. The datafication market is based on end-user segregated into BFSI, healthcare, IT & telecom, retail, education, government, and other end-users.
The retail segment is anticipated to increase with the largest CAGR in the forecast period from 2023 to 2032. Because of customer desire, analyze to enhance customer experience. Furthermore, education, healthcare, government, and IT& telecom such types of sectors are accommodating datafication on a larger scale to enhance the experience of the customers and simplify the data management of the various sector.
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Market Segmentation
Based on Component
- Solutions
- Services
Based on Deployment
- Cloud
- On-Premises
Based on End-User
- BFSI
- Healthcare
- IT & Telecom
- Retail
- Education
- Government
- Other End-Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Global Datafication Market
- In Mar 2023, Datarobot formed an AI platform that simplifies the data solution with greater integration, and their services are
- In Sep 2022, Coalesce Automation created a data transformation toolkit for enterprise level Such types of developments helped to reduce 57% of the time which is used in analytics owing to data transformation issues.
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- Data Converter Market size is expected to be worth around USD 9 Billion by 2032 from USD 5.1 Billion in 2022, growing at a CAGR of 6.00% during the forecast period from 2023 to 2032.
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