Farmington, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The global Data Monetization market size was US$2,092.5 Million in 2022 and is expected to reach US$ 9,421.4 Million by 2030, growing at a CAGR of 18.2% between 2022 and 2030. Data monetization is the transformation of enormous quantities of underutilized or unstructured company data into valuable insights and the conversion of those insights into revenue or the exchange of services. Investing in analytics solutions that transform unstructured data into actionable insights on demand enables firms to cut operating expenses and enhance revenue streams.
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It is the process of releasing the enormous financial value held by data in the enterprise systems of a firm. Growing awareness of the potential benefits of data monetization, increased emphasis by organizations on establishing new growth and income opportunities, and other factors have contributed to the rise in acceptance of these solutions throughout time.
Data Monetization Market Recent Developments:
- In March 2022, Domo entered into a new agreement with Moss Adams, one of the largest accounting, consulting and wealth management firms in the United States. The partnership will enable Moss Adams to assist its clients in implementing analytics utilizing Domo's modern BI platform, further enhancing its client-centric strategy.
- In April 2022, Eaxct Corporation announced an OEM partnership with Exact to deliver Qlik Sense enterprise-grade analytics capabilities to small and medium businesses around the world.
Data Monetization Market Segmentation Analysis:
During the forecast year, most of the market is likely to be made up of tools. Data monetization tools are used in business applications to make them more useful and get insights from business data, which helps businesses make better business decisions. The data monetization platform has built-in ways to combine structured and unstructured data from different technologies.
In the coming year, the customer data segment will have the largest market size. The important information about the customer helps businesses figure out how to run their businesses. Customer Relationship Management (CRM) systems help organizations gather customer data from campaigns, surveys, social media, and websites. The data is then put together.
In today's highly competitive world, big businesses are always using new and emerging technologies to get a bigger share of the market and improve their overall productivity and efficiency. Large businesses have a wide range of ways to make money and a large corporate network. Because of this, they make a huge amount of data. Large businesses are eager to spend money on the newest and best technologies so they can run their businesses well. Their customers are in many different places, so they need to use data monetization to meet customer needs, manage supply chains, and keep their businesses running efficiently in a competitive market.
During the time frame of the forecast, the telecom industry vertical will have the largest market share. Because of improvements in technologies like 3G and 4G, there is more data being created in the telecom industry. When 5G technology comes out in the near future, it is expected to make a lot of data.
Regional Outlook:
North America had 34% of the world market share, and it is expected to keep its lead over the next few years. Rising oil production and shale gas activities are likely to increase the need for indirect data monetization to improve operational efficiency. This will drive the growth of the oil and gas data monetization market in the region. Also, it is expected that the Middle East and Africa will hold 26% of the global oil and gas data monetization market. There are a lot of proven oil reserves in Saudi Arabia, Iran, Iraq, Kuwait, and the UAE. This gives the oil and gas data monetization market in these places a chance to grow.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 18.2% from 2023 to 2030 |
| Market Size in 2022 | USD 2,092.5 Million |
| Revenue Forecast by 2030 | USD 9,421.4 Million |
| By Component | Tools, Services, Consulting, Support and Maintenance, Implementation and Integration |
| By Data Type | Customer Data, Product Data, Financial Data, Supplier Data |
| By Data Vertical | BFSI, Telecom, Consumer Goods and Retail, Media and Entertainment, Manufacturing, IT, Transportation and Logistics, Energy and Utilities, Healthcare |
| By Companies | Accenture, Viavi Solutions, Infosys, SAP, Adastra, Mahindra Comviva, Alepo, EMC, ALC, Redknee, SAS, Monetize Solutions, Reltio, IBM, Teradata, CellOS Software, Altruist India/Connectiva, Samsung ARTIK, 1010DATA, Dawex Systems., and others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Data Monetization Market dynamics:
Drivers:
Data is being used by organizations to help them make important decisions. Traditionally, data analysis decisions were made based on intuitions, hunches, or opinions. However, with the help of Business Intelligence (BI) software and tools, organizations have started to realize that these practices increase profits and can be used to make better strategic decisions. Many organizations are following suit and using BI. According to the U.S. Central Bureau Surveys, the number of data-driven decisions made by US manufacturers tripled from 2005 to 2010. Forbes says that 53% of companies are using big data analytics and that by 2019, 60% of IT professionals will be using descriptive and predictive statistics from big data.
Restraints:
The biggest problems with using big data are how organizations work and what they value. The implementation of data monetization tools is likely to be slowed down by things like not having enough roles and responsibilities, having inefficient organizational procedures, not having the focus and support of management, and not having enough procedures and quality measurements. To make money off of data, you need a certain set of processes, resources, skills, and, most importantly, a culture that encourages the creation of new products and services. To find new ways to make money from data and monetize it, you need a clear business strategy, a strong business unit leader, and a strong team. Data monetization is all about creating a new line of business.
Opportunities:
Organizations have had to use new technologies like AI, IoT, machine learning, and deep learning because they have to deal with a lot of data and have to analyze it in real-time. Organizations are putting a lot of effort into getting BI tools because they are very useful for collecting and analyzing a lot of data. Data monetization solutions can handle a lot of data and help people get useful information from it. Companies have started using BI tools in order to get to the top of the market. For example, many companies use BI tools to analyze their products, services, and customers' behavior patterns based on a huge amount of data. They also use BI tools to analyze large data sets and get analytical insights that can be used to find market opportunities and potential threats and make business plans.
Data Monetization Market Key Segments Covered:
Top Market Players:
Accenture, Viavi Solutions, Infosys, SAP, Adastra, Mahindra Comviva, Alepo, EMC, ALC, Redknee, SAS, Monetize Solutions, Reltio, IBM, Teradata, CellOS Software, Altruist India/Connectiva, Samsung ARTIK, 1010DATA, Dawex Systems., and others.
Based on the Component:
- Tools
- Services
- Consulting
- Support and Maintenance
- Implementation and Integration
Based on the Data Type:
- Customer Data
- Product Data
- Financial Data
- Supplier Data
Based on the Business Function:
- Sales and Marketing
- Operations
- Finance
- Others (Legal, R&D, and HR)
- Supply Chain Management
Based on the Deployment Type:
- On-premises
- Cloud
Based on the Organization Size:
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
Based on the Vertical:
- BFSI
- Telecom
- Consumer Goods and Retail
- Media and Entertainment
- Manufacturing
- IT
- Transportation and Logistics
- Energy and Utilities
- Healthcare
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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- Oil And Gas Data Monetization Market - Global Oil And Gas Data Monetization Market Size Is Expected To Reach US$ 65.12 Bn By 2029, At A CAGR Of 16.45% During The Forecast Period. North America holds 34% of the global market share and is expected to continue to dominate throughout the forecast period. Growing oil production and shale gas activities, which are expected to increase demand for indirect data monetization to achieve superior operational efficiencies, are fueling the growth of the oil and gas data monetization market in the region.
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