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Cost Advantages coupled with Revenue Gains Bolsters Demand in Data Monetization Market - TMR Study
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The valuation of the data monetization market is expected to reach US$ 708.86 Billion during the forecast period from 2018 to 2025, according to new market research insights by TMR. The compound annual growth rate (CAGR) of the market is anticipated to rise at 21.4% during the forecast period that ends in 2025.
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Data monetization helps organizations in cost reduction and increase in revenue with the investment. This process helps to convert unstructured data into valuable market insights from real-time streaming of data.
Ownership and Privacy Concerns lead Big Data Adoption that Boosts Data Monetization Market
The increasing amount of data and the enhancement in the capabilities for different types of data collection from a wide range is driving the data monetization market. The companies have data in a large amount and with a wide variety. So companies are concentrating to utilize the data in their respective business processes and identify prospects for themselves. The rapid adoption of data monetization systems by the BFSI sector and mobile carriers are creating lucrative opportunities in the market. There is nearly 40 times increase in the mobile data traffic during the period from 2008 to 2015. Further, the companies are taking initiatives to use data monetization systems for the attainment of improved consumer experience and the expansion of market reach at a speedy pace.
The telecom operators are coming across with increasing competition because of the continuous loss of their central infrastructural revenues. The OTT (Over-The-Top) services have resulted in the loss of CSP (communication service providers). So, there is a crucial requirement for a strong infrastructure setup for significant growth. Still, the ownership and data privacy concerns are relatively high among industries. The key trends on data monetization market have marked this factor as a major force to boost the adoption of big data. The foundation for personal data collection is divided on the basis of national as well as regional laws and regulations. These govern the range of permissible processing and transfer of data to third parties without and with consent.
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In the data monetization market, the players are trying to develop a comprehensive suite of services and software for various industries. These companies are attracted by the rapidly expanding market, the growing trend of using data as a service, and underlying technological advancements. As per the key trends in data monetization market, there are some companies, who are also working hard to strengthen their hold in the industry. Some of the major players in the data monetization market include Adastra Group, ALC, Virtusa Corporation, Paxata, Inc., Netscout Systems, Inc., SAP SE, and Infosys Limited.
Analytics Solutions and Big Data Boost Data Monetization Market
The advancement in analytics solutions and big data serves as a key driver to boost the data monetization market. Monetizing utility data has been assumed to become the next logical step for the evolution of data integration driven by automation technology. The application of smart meter data can serve utility companies with the increased possibility to improve overall performance, consumer experience, and operational cost structure. These factors as a unit may create lucrative growth opportunities in the data monetization market.
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The data monetization market is segmented on the basis of application, industry vertical, method, and component. North America is dominating region in the market with the adoption and penetration of data monetization platforms, services, and software. Further, the presence of a large number of data providers is also boosting growth in the market. Increasing awareness related to data monetization and adoption of the same in Asia Pacific may bolster growth in the regional data monetization market.
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