A Comprehensive Analysis of Top Companies 2023: Data Broker Service Market Size, Share, and Future Growth 2030
Data broker is a company that collects data or purchases data from other companies, crawls useful information about users on the Internet-legal or otherwise-and aggregates the information using data from other sources, such as offline sources. Sources of data collection include social media, web history, online and offline purchase history and warranty information, credit card information, and government record like driver's license and motor-vehicle records, census data, birth certificates, marriage licenses, voter-registration information, etc.Influence of COVID-19 Outbreak on Data Broker Service Industry DevelopmentCovid-19 forced many unprepared enterprises and processes to digitize at a tortuous speed. Internet has become the foundation of successful economic transformation in COVID-19 era. All-in-one service provides a powerful driving force for the Internet and a large number of services to continue to play an economic and social role.When faced with the fear and pain of COVID-19 outbreak, it is difficult for people to consider certain situations in advance. Business leaders should not only focus on how to survive, but also think about how to develop under the background of COVID-19 era, because "COVID-19 era" is not the past, but a new reality.COVID-19 has accelerated the social and technological changes, and has an impact on other aspects. This era is a technology-driven era, and people are forced to work at home, retail online, serve and entertain, and accept the trends of telemedicine and machine learning. This change reflects a profound behavioral change, which cannot be achieved even in ten years. What makes these situations come true is the ability of digitization, which can come from data, platform or experience.In recent years, the digital economy is developing at an unprecedented speed, spreading widely and influencing deeply, and it is becoming a key force to reorganize the global factor resources, reshape the global economic structure and change the global competition pattern. The outbreak of the epidemic has further accelerated the development of the digital economy, which will effectively promote the growth of data broker services after the epidemic improves.For countries under the epidemic, data brokers will help open up public data and social data, promote the free flow of data elements, promote the establishment of new formats of "data elements", and give birth to more new scenes and new occupations.For many years, data brokers have provided funds to well-known applications to obtain relevant information and data. When dealing with a public health crisis of this scale, relying on data from brokers can also help fight this worrying epidemic. In many cases, these data are very useful for many local authorities trying to track the citizens' movement in various provinces and regions and test the effectiveness of measures such as home isolation.However, privacy supervisors usually oppose this type of measures. They warn against taking unethical actions to collect data, and warn about the possibility of errors in data collection. One example is that devices can manipulate their website data relatively easily, so legislators have called website data brokers in the past to learn how to collect and publish sensitive information about individuals.Data Broker Service DriversData Broker Service generally refer to institutions engaged in data collection, processing and providing data services to the outside world. Data Broker are enterprises that aggregate information from various sources, such as buying information from other companies or crawling useful information about users on the Internet; Processing this information, adding dimensions to enrich it, cleaning or analyzing it; Licensed to legally own or "sell" to other organizations.The earliest data broker are commercial credit bureaus and consumer personal credit bureaus. Since the late 20th century, the development of Internet, the improvement of computer processing ability and the reduction of data storage cost have made it easier for companies to collect, analyze, store and transmit a large amount of personal data. This has led to the development of Data Broker Service industry.Data Broker Service Market ChallengesData Broker Service is bound by law. The legality of data brokerage and the laws for selling personal information vary from country to country, and the legal situation is not always clear. Generally speaking, if data brokers use public records to obtain information, their activities are legal, but there is still a gray area in Data Broker Service business.In the EU, there is the General Data Protection Regulation (GDPR), which is a data privacy and security law that covers any organization that targets or collects consumer data in the EU. This indicates that consumers must explicitly give their consent before collecting their data. GDPR also gives consumers the right to ask organizations to delete stored data about them. Other countries have similar laws-for example, the corresponding law in Brazil is LGPD ;The corresponding law in South Africa is the Protection of Personal Information (POPI) Act.In the United States, the situation is more dispersed, because there is no general federation equivalent to GDPR. The law varies from state to state, and some states are more interested in data brokerage than others. For example, Vermont passed a law in 2018, requiring all businesses that sell or share data of residents in the state to register in the public database and share information about their working methods. California Consumer Privacy Act (CCPA) allows residents to obtain copies of information found on them by data brokers. The bill also allows California consumers to request deletion of information and choose not to sell their data. New York State is considering its own bill to force data brokers to register in New York State. The bill will also instruct the state attorney general to maintain a website listing these data brokers.A few data brokers operate in the dark, bypassing laws and regulations and operating in legal gray areas. Like many cyber crimes in the 21st century, laws often lag behind technological progress. Many participants-from shady cybercriminals to large data agencies-stay ahead of the curve in unethical practices.Therefore, the Data Broker Service industry suffers from moral and legal disputes. The strengthening or change of regional or national legal constraints is likely to bring favorable or unfavorable influence to the Data Broker Service industry.
Data Broker Service market reached a value of USD 247410.08 million in 2022. It's expected that the market will achieve USD 407451.0 million by 2028, exhibiting a CAGR of 8.67% during the forecast period.
A thorough understanding of the Services sector and its commercial potential is the aim of the market study. The Data Broker Service Market Report has 119 pages and has a detailed table of contents, a list of data, tables, and charts, along with an in-depth analysis.
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Leading Players in the Data Broker Service Industry:
Dun & Bradstreet
IBM Watson Health
LiveRamp (Formerly Acxiom)
To preserve their position, these big corporations relied on primary growth tactics such as product portfolio expansion, current trends, financing, mergers and acquisitions, partnerships, new product invention, and geographical development.
Based on Type:
Pay per Use Paid
Based on Application:
Retail and FMCG
Inquire or Share your Questions If any before the Purchasing this Report - https://www.precisionreports.co/enquiry/pre-order-enquiry/22903531
Key Factors Considered:
COVID-19 - Amid the COVID-19 crisis, the Data Broker Service market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research. The epidemic is still causing tremendous disruption in industries throughout the world. We've been tracking the direct and indirect consequences of the COVID-19 outbreak on the Data Broker Service market. To Know How Covid-19 Pandemic will Impact this Industry - https://www.precisionreports.co/enquiry/request-covid19/22903531
Regional Conflict / Russia-Ukraine War - The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it's going to evolve in the years to come.
Challenges & Opportunities - Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.
Organization: Precision Reports
Phone: US: +1 424 253 0807 | UK: +44 203 239 8187
Market is changing rapidly with the ongoing expansion of the industry. Advancement in the technology has provided today's businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategize better. An efficient strategy offers the companies with a head start in planning and an edge over the competitors. Precision Reports is the credible source for gaining the market reports that will provide you with the lead your business needs.
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