Surge in volume of enterprise data, technological advancements in big data & analytics solutions, and rise in importance of generating new revenue streams from data volumes drive the growth of the global data monetization market. However, privacy and security concerns restrain the market growth. On the other hand, rise in deployment among telecom service providers and an increase in awareness regarding potential benefits of data monetization create new opportunities in the coming years.
The global data monetization market generated $2.1 billion in 2020, and is expected to reach $15.4 billion by 2030, witnessing a CAGR of 22.1% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
The report offers detailed segmentation of the global data monetization market based on component, deployment type, enterprise size, industry vertical, and region.
Based on component, the software segment accounted for the highest share in 2020, contributing to more than two-thirds of the total share, and is projected to continue its lead position during the forecast period. However, the services segment is expected to witness the largest CAGR of 24.6% from 2021 to 2030.
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Data monetization market trends in Asia-Pacific is expected to exhibit highest growth during the forecast period owing to strong economic growth along with the ongoing development in data monetization and inventory management, which drives organizations to invest heavily in data monetization market to sustain growth and improve productivity. In addition, factors such as major shift toward digital transformation, cloud deployment & technological advancement among small & medium businesses, and continuously ongoing modernization in work force management strategy in emerging economies notably contribute toward the market growth. Furthermore, key players in Asia-Pacific are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities for the growth of the data monetization market share during the forecast period.
Region wise, the data monetization market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to .the fact that banks and financial institutions in this region use data to sell new services by adding net new revenue streams through data monetization. Furthermore, Asia-Pacific region is subjected to grow at the fastest CAGR in the upcoming years. This is attributed to fact that telecom service providers have recognized the value of the collected data and thus have started to monetize the information to improve their profitability-per-user ratio by using data monetization, which majorly drives the market.
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On the basis of industry vertical, the IT & telecommunication segment dominated the overall data monetization industry in 2020, and is expected to continue this data monetization market trends during the forecast period. Massive growth of the data in the telecommunication and IT sector and increase in need to generate other revenue streams through the data monetization services drive the growth of the market. However, the retail and E-commerce segment is expected to witness highest data monetization market growth. E-commerce players increasingly adopt data monetization solutions to sell the data or to join hands with brands to analyze the data and use it to generate additional revenue. Moreover, increase in focus of small and medium businesses toward the data monetization strategy to generate revenue streams fuels the data monetization industry. For instance, Chinese e-commerce behemoth focuses on collection of consumer data. In addition, companies, such as Google, Amazon, LinkedIn, and Netflix, are popular for monetizing information to generate revenue and gain market share.
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Leading players of the global data monetization market analyzed in the research include Accenture, Adastra Corporation, Cisco Systems, Inc., SAP SE, VIAVI Solutions Inc., Monetize Solutions, Inc., Reltio, ALC, Optiva, Inc. (Redknee Solutions Inc.), and Mahindra ComViva.
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