Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Global Alternative Data Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Alternative Data market demonstrates a substantial evolution, transforming operational approaches and investment strategies across various industries. With a commendable Compound Annual Growth Rate (CAGR) of 37.3%, businesses worldwide are integrating Alternative Data to leverage their decision-making processes.
North America leads this market, with significant contributions from the financial services and investment sector, capitalizing on alternative data sources for advanced market analytics and investment decisions. Advancements in data analytics and artificial intelligence (AI) technologies further propel the market by providing sophisticated tools to discern patterns and predict trends from large data sets.
Key Market Drivers and Challenges
The increasing demand for non-traditional data sources, such as satellite imagery, IoT device outputs, and social media analysis, plays a pivotal role in the market's expansion. Adoption of these services has surged due to their potential to provide deeper insights into consumer behavior and market conditions, aiding businesses in navigating a data-driven environment efficiently.
However, the market faces considerable challenges, notably in terms of data privacy and compliance with rigorous global data protection regulations. The intricacies of assuring data quality and reliability also present obstacles that need to be meticulously addressed to maintain the integrity of Alternative Data insights.
Trending Movements in the Alternative Data Market
Investment firms are increasingly relying on alternative data to enhance their decision-making capabilities. The interplay of AI and ML with alternative data analysis has introduced an era of accelerated, refined data interpretation, leading to more informed business strategies and investment planning.
Amidst the technology boom, data privacy and regulatory scrutiny become more pronounced. The market is adapting with heightened focus on data governance, ensuring that ethical and legal standards govern the utilization of Alternative Data.
Segmental Highlights and Leading Players
Subscription-based models are witnessing significant preference as they offer consistent access to Alternative Data, highlighting a dominant segment in the market. Financial services dominate the end-user landscape, signifying a robust appetite for data-driven insights in fine-tuning investment decisions and market analyses.
The market’s growth is further exemplified by major players like Bloomberg LP, S&P Global Inc., and Thomson Reuters Corporation, who are pivotal in propagating Alternative Data's significance across sectors.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $3.24 Billion |
| Forecasted Market Value (USD) by 2028 | $22.79 Billion |
| Compound Annual Growth Rate | 37.3% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Bloomberg L.P.
- FactSet Research Systems Inc.
- S&P Global Inc.
- Thomson Reuters Corporation
- IHS Markit Ltd.
- QUANDL INC.
- YIPITDATA Inc.
- Eagle Alpha Ltd.
- 1010data Inc.
- Thinknum Alternative Data Inc
For more information about this report visit https://www.researchandmarkets.com/r/s255vb
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