Rising Adoption of Advanced Analytics in Businesses Proliferates Data Monetization Industry

In 2021, the data monetization industry contributes $2,092.5 million, and it is projected to generate $9,421.4 million in 2030, advancing at a rate of 18.2%. It is ascribed to the high volume of data generation, and low cost of data storage, resulting in technological advancements. In addition, the wide adoption of advanced analytics, and visualization solutions expands the industry.

The analytics-enables platform-as-a-service contributes a significant revenue share to the industry, accounting for 40%, and it is projected to retain its position in the coming years, acquiring over 50% share in 2030. It is attributed to the flexible nature of the industry that facilitates real-time data analytics with the nosiness intelligence and analytics platform.

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The next-significant technology is embedded analytics, it is projected to rise at a rate of 17.4% in the coming years. It is because developers highly prefer to utilize embedded analytics in their applications to improve customer satisfaction and offer quick, and visually appealing functionality, and hence offer innovative services to customers. In addition, companies are largely adopting embedding analytics in ERP and CRM applications.

Under the end-user segment, the BFSI sector holds a significant share of the industry, accounting for 23%, led by the rising number of accounts in the banks and other financial institutions which results in massive data generation daily. In addition, the payments data monetization led by increasing expectations of customers, rising margin pressure, and competition, along with migration to real-time payment infrastructures boosts the industry growth.

The telecommunications & IT sector is the next-significant revenue contributor to the industry. In addition, manufacturing companies are gaining access to large amounts of data. When combined, this data can facilitate breakthrough insights for advancements in manufacturing systems. For example, Rolls-Royce embedded sensors in the engines for capturing data and analyzing it.

Moreover, large enterprises contribute a significant share to the industry, accounting for 70%, as they are continuously adopting new and developed technologies to advance their position in the industry, and improve efficiency. In addition, they generate a massive amount of data.Small and medium-sized enterprises are projected to experience substantial growth, accounting for 22.7% in the coming year, led by the large numbers of start-ups that rely on data analytics for making effective business decisions.

North America captures an extensive share of the data monetization industry, accounting for 35% revenue share, led by the rising penetration and mass adoption of software, platforms, data monetization services, and the huge presence of data providers in the industry.

APAC is projected to witness the fastest growth, at the rate of 22.3% in the coming years. Moreover, the rising adoption of digital services, such as mobility, AI, cloud, and IoT, and increasing investments in technological upgradation in the region fuels the industry growth.

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China contributes a massive revenue share to the APAC-based data monetization industry, accounting for 40% share, and it is projected to witness the fastest growth, rising at a rate of 27.6% in the coming future. It is caused by the massive presence of MSMEs and major firms, the rising adoption of digitization in business processes, along with a large amount of data generation regularly.

Therefore, the rising deployment of data analytics tools in large-sized enterprises drives industry growth.

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