Pune, India., Aug. 30, 2023 (GLOBE NEWSWIRE) -- The growth in consumer disposable income and changes in their lifestyle and purchasing patterns are contributing to the increased purchasing of goods and products from online platforms. Consumers prefer shopping online as it offers a wide range of products and saves time and money compared to brick-and-mortar stores. In addition, the increasing penetration of the internet and smartphones is boosting customers’ preference for online shopping, fueling the growth of the e-commerce industry. According to India Brand Equity Foundation, the online shopper base in India was 150 million in 2021 and is expected to reach 350 million by 2026. Therefore, alternative data helps e-commerce enterprises make better decisions by providing product and service insights and predictive analysis of consumer demand; obtaining demographic information; tracking popular brands; refining SEO and content-making strategies; allowing them to expand locations and optimize operating hours; and analyzing trends. Consumers are majorly making their opinions regarding the products via online reviews. In such cases, web scraping helps alternative data providers analyze large volumes of reviews by extracting large amounts of data and using specialized analytic tools to extract critical insights. Thus, the rising e-commerce industry generates huge amounts of data, which creates the demand for alternative data by the e-commerce market players to efficiently analyze consumer behavior, contributing to the alternative data market growth.
Alternative Data Market in terms of revenue was estimated to be worth $5.54 billion in 2022 and is poised to reach $156.23 billion by 2030, growing at a CAGR of 51.8% from 2022 to 2030 according to a new report published by The Insight Partners.
Government support for the development and deployment of robotics and rapid expansion in the manufacturing industry are fueling the alternative data market size. However, a relatively slow production rate is hindering the market's growth.
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Browse Comprehensive TOC on "Alternative Data Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Data Type (Credit and Debit Card Transactions, Email Receipts, Geo-location (Foot Traffic) Records, Mobile Application Usage, Satellite and Weather Data, Others); Industry (Automotive, BFSI, Energy Industrial, IT and Telecommunications, Media and Entertainment) , and Geography (North America, Europe, Asia Pacific, and South and Central America)"
List of Tables - 65
List of Figures - 64
No. of Pages - 151
Global Alternative Data Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 5.54 Billion in 2022 |
| Market Size Value by | USD 156.23 Billion by 2030 |
| Growth rate | CAGR of 51.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Data Type, Industry, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Advent of IoT, Big Data, and Machine Learning Drives Global Alternative Data Market:
The Internet of Things (IoT), big data, and machine learning generate massive amounts of data, require low latency processing, and demand localized computing resources. IoT devices are expected to surpass US$ 15 billion in 2023, a 55% increase from 2020. According to IoT Express Technologies Pvt. Ltd., these devices are expected to generate 79.4 zettabytes (ZB) of data in 2025. IoT generates a huge amount of data that must be processed, stored, and analyzed in real time. IoT devices are becoming increasingly prevalent, connecting various physical objects, and enabling data collection and communication. It generates vast amounts of data that need to be processed, analyzed, and acted upon in real time. The integration of machine learning in the IoT sensor helps collect data, process it, and analyze it to bring out actionable insights from alternative data sources. Big data and machine learning help generate predictive analysis and provide enhanced and actionable insights to the enterprises from the alternative data, which helps the enterprises grow their revenue. Hence, companies are strategically investing in bringing solutions to simplify the alternative dataset in a reliable, timely, and efficient manner. For instance, in April 2022, Exabel and Eagle Alpha announced their strategic partnership to evaluate multiple new alternative datasets. Through this partnership, the investment team can use the Exabel Platform to effectively discover and test the sample alternative data preloaded into the platform by Eagle Alpha from its extensive data catalog. Thus, the advent of IoT, big data, and machine learning is expected to simplify the data processing and analysis for alternative data sources, further leading to alternative data market growth.
Global Alternative Data Market: Segmental Overview
Based on data type, the alternative data market is segmented into credit and debit card transactions, email receipts, mobile industry usage, satellite and weather data, social and sentiment data, and others. The credit and debit card transactions segment held the largest alternative data market share in 2022. The same segment is anticipated to register the highest CAGR in the alternative data market during the forecast period. Based on industry, the alternative data market is segmented into automotive and transportation, BFSI, retail, IT and telecommunications, media and entertainment, and others. The BFSI segment held the largest alternative data market share in 2022. The same segment is expected to register the highest CAGR in the alternative data market during the forecast period.
Global Alternative Data Market: Competitive Landscape
Dataminr Inc, FactSet Research Systems Inc, Moody's Analytics Inc, Preqin Ltd, RavenPack International SL, Refinitiv Ltd, Eagle Alpha Ltd, RetailStat, Visible Alpha LLC, and Yipit LLC are among the key companies operating in the global alternative data market. The market leaders in the global alternative data market focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
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Global Alternative Data Market - Key Industry Dynamics:
Drivers:
- Rising E-Commerce Industry
- Increasing Demand from Hedge Funds
- Growing Digitalization
Restraints:
- Regulatory Concerns
- Data Security Issues
Opportunities:
- Shift Towards Artificial Intelligence
- Growth of Energy Industry
Future Trends:
- Advent of IoT, Big Data, and Machine Learning
Recent Developments:
- In August 2022: Dataminr launched its global partner ecosystem, the Dataminr Partner Program. The program dramatically expanded Dataminr's customer reach across the corporate market while also financing better enterprise workflow integration and the tractability to procure Dataminr's products through trusted partners.
- In December 2022: Preqin announced the launch of its aggregated and new anonymized asset-level benchmarks as part of the latest update to its market-leading benchmark offering. Preqin benchmarks allowed alternative asset professionals to compare their investments and those of other market players through a solution from the asset level to private capital and hedge fund benchmarks across funds, companies, fund managers, and investors.
- In October 2019: RavenPack raised US$ 10 million from technology advisory and investment firm GP Bullhound, as the company wanted to expand sales of its analytics platform in Asia.
Report Spotlights:
- Progressive industry trends in the Alternative Data market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the Alternative Data market from 2022 to 2030
- Estimation of global demand for Alternative Data
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the Alternative Data market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Size of the Alternative Data market size at various nodes
- Detailed overview and segmentation of the market, as well as the Alternative Data industry dynamics
- Size of the Alternative Data market in various regions with promising growth opportunities
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