Press release
Alternative Data Market 2023, Share, Size, Demand, Opportunity and Forecast 2028
What Are The Growth Prospects Of The Alternative Data Industry?
According to the report, The global alternative data market size reached US$ 4,232.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 52,197.1 Million by 2028, exhibiting a growth rate (CAGR) of 50.9% during 2023-2028.
What is Alternative Data?
Alternative data refers to non-traditional, unstructured, and unconventional data sources that are used to supplement and enhance traditional data sets for business insights and decision-making. This data can be derived from a wide range of sources, including social media platforms, web scraping, satellite imagery, sensors, and online transactions. The components of alternative data include data collection, data cleansing, data storage, data analysis, and data visualization. The unique aspect of alternative data lies in its ability to provide a fresh perspective and unique insights into market trends, consumer behavior, and economic indicators. It works by leveraging advanced technologies, such as machine learning (ML) and data analytics, to process and analyze vast amounts of unstructured data. By extracting meaningful patterns, correlations, and trends, businesses can gain valuable insights that can drive informed strategies and decisions.
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What are the growth prospects and trends in the Alternative Data industry?
The growing recognition of the advantages of alternative data brings, the increasing availability of digital data sources, and advancements in data analytics technologies are some of the key factors providing a boost to the market growth. Businesses are realizing the limitations of relying solely on traditional data sources and are turning to alternative data to unlock hidden patterns, identify emerging trends, and make data-driven decisions. Moreover, the surging demand for alternative data and the growing product application across industries, including finance, retail, healthcare, and marketing, are facilitating the market growth. In line with this, key market players are developing innovative ways to leverage alternative data to optimize operations, enhance customer experiences, and mitigate risks, which is providing a positive outlook for the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Data Type:
Mobile Application Usage
Credit and Debit Card Transactions
Email Receipts
Geo-location (Foot Traffic) Records
Satellite & Weather Data
Social and Sentiment Data
Web Scraped Data
Web Traffic
Others
Breakup by End Use Industry:
Transportation and Logistics
BFSI
Retail and eCommerce
Energy and Utilities
IT and Telecommunications
Media and Entertainment
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
1010Data Inc. (Advance Communication Corp.)
Advan Research Corporation
Dataminr Inc.
Eagle Alpha
M Science
Nasdaq Inc.
Preqin
RavenPack
The Earnest Research Company
Thinknum Inc.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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