Press release
Data Monetization Market is anticipated to grow up to USD 33.3 Billion, at a CAGR of 35.3% during the forecast period 2023-2032
Data Monetization Market
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Data monetization is the process of converting data into a revenue-generating asset. This can be done through a variety of means, such as selling access to data, using data to drive sales or marketing efforts, or using data to develop new products or services. Monetizing data can be a lucrative way for companies to generate new revenue streams and grow their business.
Market Trends and Drivers:
In the current technological scenario, independent software vendors have turned to self-service business intelligence to increase application revenue and differentiate their offerings. Similarly, for enterprises developing applications, self-service BI can contribute to application ROI by increasing adoption and improving operational efficiencies. Data visualization offers companies an effective and easily accessible way to identify crucial patterns through visual representation.
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Visualizing data is a concept that is used in different terms and technologies, including dashboards, infographics, scorecards, analytics, Big Data, and business intelligence. The increase in data has been accelerated by emerging technologies powered by and contributing to exponential data growth. These technologies are Edge Computing, 5G networking, the Internet of Things (IoT), Artificial intelligence and machine learning (AI/ML), Augmented and virtual reality (AR/VR), and Blockchain. Such an unprecedented increase in data volume, variety, and speed has increased data monetization adoption.
Global Data Monetization Market Segmentation
By Organization
• Large Enterprises
• SMEs
By Method
• Data as a Service
• Insight as a Service
• Analytics-enabled Platform as a Service
• Embedded Analytics
By Vertical
• BFSI
• E-commerce & Retail
• Telecommunications & IT
• Manufacturing
• Healthcare
• Energy & Utilities
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COVID-19 Impact:
Because of the COVID-19 pandemic, almost every industry is experiencing volatility, risks, and changes in customers' buying behaviors. Businesses worldwide are compelled to make substantial changes to their operations, such as downsizing and product and service diversification. To address these changes quickly, companies adopted or capitalized on their business intelligence strategies through agile risk management, artificial intelligence systems, and data analytics to help make informed decisions to enhance business operations amid the pandemic.
Major Players in the Global Data Monetization Market:
The key players in the Data Monetization Market SAP SE, Adastra Corporation, Monetize Solutions, Inc., VIAVI Solutions Inc., ALC, Reltio, Optiva, Inc., Cisco Systems, Inc., and Mahindra ComViva., among others.
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Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.
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