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Data Monetization Market - The Emergence of Over-The-Top Services
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Data monetization is helping organizations to reduce costs or increase revenue by investing in an analytics platform, which converts unstructured data into valuable insights from the real-time data streams. For example, a telecommunication company with large volume of information can either sell the data by converting it into valuable insights or charge a fee for the ability to access and analyze the data.
The data monetization market is driven by the increase in data volume as well as enhanced capabilities to collect a wide range of data types. Large amount and variety of data is available with companies. Therefore, companies are more focused on utilizing this data in their business processes in order to enhance the processes and identify or estimate future trends. The global data monetization market is anticipated to expand significantly during the forecast period, due to the strong adoption of data monetization by mobile carriers and the BFSI sector. The mobile data traffic increased nearly 40 times from 2008 to 2015. The revenues associated with it tripled during the period. Additionally, many companies are inclined toward the use of data monetization in order to attain enhanced customer experience and expand market reach at a fast pace.
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Globally, telecom operators are facing competition due to the gradual loss of their core infrastructure revenues. The emergence of Over-The-Top (OTT) services has led to the gradual loss of top line revenues of communication service providers (CSP). Thus, the need for a strong infrastructure setup has grown significantly. However, concerns related to data privacy and ownership are relatively high. This is a major factor affecting the large-scale monetization of big data. The framework for the collection of personal data is fragmented based on national and regional laws & regulations that govern the extent of permissible processing/analysis and transfer to third parties with and without consent.
Rapid advancement in big data and analytics solutions is a key trend boosting market growth. Monetizing utility data is likely to be the next logical step in the evolution of data generated from automation technology in sources such as connected home and smart utility meters. Through the use of smart meter data, utility companies have high possibility of improving operational cost structure, customer experience, and overall performance. For instance, Google’s smart thermostat product, Nest, monetizes the collected data by providing it to utility providers.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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