Data Monetization Market 2024, Global Industry Share, Growth Rate, Trends, Business Opportunities, Demand, Competitive Landscape, New innovation, Forecast through 2031 | Cisco Systems Inc. (US), Google, Inc

Data monetization involves generation of revenue from data assets by analyzing and selling them. It enables companies to leverage internal and external data through various platforms and services to produce valuable business insights for various applications.

Market Dynamics:

The Data Monetization Market is expected to witness significant growth during the forecast period owing to surge in demand for data analytics applications across various end use industries. Data analytics enables organizations to gain meaningful business insights by analyzing large volumes of structured and unstructured data. This helps companies to improve operational efficiency and enhance customer experience. Further, rising adoption of IoT devices is also contributing to growth in data volumes. Growing IoT connectivity is allowing devices to collect and share large amounts of data with each other and with central servers. As IoT adoption increases, it will lead to more opportunities for data monetization during the forecast period.

Data Monetization Market Drivers:

The Growing Volume of Data Generated by Organizations is Driving Demand

Organizations across industries are increasingly generating large volumes of data from various sources like customer transactions, website usage analytics, IoT devices, and more. However, a majority of this data goes unused and unanalyzed. Monetizing this underutilized data presents a huge opportunity for organizations. Data monetization helps extract value and insights from data through various means like data marketplaces, analytics services, data as a service and more. This is a key factor driving more companies to invest in data monetization strategies and solutions.

The global data monetization market was valued at US$ 2.4 Bn in 2019 and is expected to reach US$ 12.3 Bn by 2027 at a CAGR of 21.9% between 2020 and 2027.

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Major Key Players:

Cisco Systems Inc. (US), Google, Inc., Microsoft, Inc., IBM Corporation, Microsoft, Salesforce.com, inc., Oracle, Infosys Limited, SAP, SAS Institute Inc., Sisense Inc., QlikTech International AB, Domo, Inc., Virtusa Corporation, Reltio, Openwave Mobility Inc., Thales Group, Adastra Corporation, Ness Technologies, Inc., NetScout Systems, Inc., Paxata, Inc. and others.

Increasing Focus on Customer Analytics is Fueling Data Monetization Initiatives

With the rise of digital interactions and online shopping, companies now have access to immense customer data that can provide valuable insights into preferences, behaviors and trends. Data monetization helps turn this customer data into actionable intelligence through advanced analytics. It allows organizations to gain a deeper understanding of customers to improve targeting, personalization and experiences. As a result, data monetization is enabling data-driven marketing, product development and customer retention strategies. This focus on customer analytics and experiences is a major driver for the market.

Data Monetization Market Restrain:

Regulatory Uncertainty around Data Privacy and Protection Poses Challenges

With data monetization increasing the flow and exchange of customer and organizational data, privacy and security concerns have also risen. Various regulations like Europe's General Data Protection Regulation (GDPR) have been enacted to protect the personal data of individuals. However, ambiguity remains around how some regulations apply to different data monetization models and practices. Ensuring compliance while deriving value from data is challenging for companies. Concerns around data breaches and privacy violations can also reduce customer trust in organizations. If not addressed properly, this regulatory uncertainty poses a restraint for wider adoption of data monetization.

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Data Monetization Market Opportunity:

Demand for Data Marketplaces is Rising

Data marketplaces provide a platform for organizations to publish, discover, access and trade different types of datasets. They help match data suppliers and buyers efficiently at scale. As the volume of monetizable data increases and more use cases emerge, demand for centralized data exchange platforms is on the rise. Data marketplaces address key challenges around data discovery, licensing, pricing and trusted transactions. Their ability to unlock additional value from stored data makes them an efficient opportunity for monetization. The growth of secondary data marketplace models also allows companies without primary data to leverage external datasets. This growing functionality and demand is opening up significant opportunities for data marketplace platforms and solutions.

Data Monetization Market Trends: Adoption of AI and Advanced Analytics is Driving New Monetization Models

Emerging technologies like AI, machine learning and advanced analytics are transforming how organizations extract value from their data assets. AI assisted data preparation helps optimize large, complex datasets for analysis. Advanced analytics then power more predictive and prescriptive use cases across functions. This facilitates new data products and services built around predictive models, analytical reports, and customized AI/ML solutions. Data becomes more contextual and actionable when combined with these technologies. As a result, AI-assisted and insights-driven monetization models are gaining traction. The rising adoption of AI and advanced analytics tools is expected to shape new trends in the data monetization space over the coming years.

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𝗙𝗔𝗤'𝗦:

What is the projected size of the Data Monetization Market by 2031?
Which major countries will experience the greatest impact from the Data Monetization Market?
Which regional market in the Data Monetization Market is the largest?
Which leading companies dominate the majority of the Data Monetization Market?
Which geographic market within the Data Monetization Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Data Monetization Market?
What are the current trends and future predictions for the global Data Monetization Market industry?
What are the key strategies employed in the Data Monetization Market?
What are the main growth prospects for the Data Monetization Market?

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