Press release
Datafication Market: Insights into Market Size, Growth Forecast, and Emerging Trends
Datafication Market
Datafication Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $636.07 billion In 2028 At A CAGR Of 12.8% :
The datafication market size has grown rapidly in recent years. It will grow from $347.03 billion in 2023 to $392.39 billion in 2024 at a compound annual growth rate (CAGR) of 13%. The growth in the historic period can be attributed to proliferation of internet connectivity, exponential growth of data volumes, development of advanced analytics tools, emergence of cloud computing, increasing digitization of businesses.
The datafication market size is expected to see rapid growth in the next few years. It will grow to $636.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to emphasis on data privacy and security, acceleration of 5G networks, evolution of quantum computing, rise of data regulation and compliance measures, expansion of internet of things (IoT) devices. Major trends in the forecast period include augmented analytics, personalized customer experiences, smart cities and urban planning, enhanced cybersecurity solutions, sustainable and ethical data practices.
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Datafication Market Major Segments
The datafication market covered in this report is segmented -
1) By Type: Behavioral Datafication, Social Datafication, Geospatial Datafication, Transactional Datafication, Sensor Datafication
2) By Component: Solutions, Services
3) By Deployment: Cloud, On-Premises
4) By Application: Blockchain, Artificial Intelligence For IT operations (AIOps), Cognitive Computing, Edge Computing, FinOps, Other Applications
5) By Vertical: Banking Financial Services And Insurance (BFSI), Healthcare, IT And Telecom, Retail, Government And Defense, Manufacturing, Media And Entertainment, Other Verticals
Key Driver - Increasing Volume Of Data Generation Propels Datafication Market Growth
An increasing volume of data generation is expected to propel the growth of the datafication market going forward. Data generation refers to creating or producing new data through various means, such as collecting data from sources, conducting surveys, performing experiments, or generating data through algorithms and simulations. It arises due to the influence of digital technologies and the growing interconnectedness of the global economy. Datafication is used in data generation because it transforms various aspects of businesses, customers, and users into quantifiable, usable, and actionable data, thereby facilitating the collection, analysis, and utilization of vast amounts of information. For instance, in March 2021, according to reports published by The World Bank Group, a US-based international organizations, global internet traffic surged from over 3 zettabytes in 2020 to a projected 4.8 zettabytes in 2022, representing a 50% increase and equivalent to 150,000 gigabytes per second, which underscores the escalating volume of data creation. Therefore, the increasing volume of data generation is driving the growth of the datafication market.
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Prominent Trend - Leading Companies Developing Advanced Solutions For Datafication Market Edge
Major companies operating in the datafication market are concentrating on the development of advanced solutions, such as new IBM business analytics enterprise software to break down data silos, to gain a competitive edge in the market. This software refers to software that helps organizations consolidate data from disparate sources and eliminate data silos, enabling them to make data-driven decisions quickly and navigate unpredictable disruptions. For instance, in November 2023, the International Business Machines Corporation (IBM), a US-based multinational technology company, launched IBM business analytics enterprise, a new software to break down data silos and streamline planning and analytics. This platform offers features including data silo breakdown and business intelligence capabilities, alongside technological advancements such as AI-powered planning and multidimensional analysis. Its significance in the datafication market lies in enabling enterprises to become more data-driven by providing comprehensive access to analytics tools and breaking down data and analytics silos, fostering streamlined planning and data-driven decision-making.
Datafication Market Players
Major companies operating in the datafication market are Amazon Web Services Inc., Alphabet Inc, Microsoft Corporation, Dell EMC, The International Business Machines Corporation, Oracle Corporation, SAP SE, ABB Group, Hewlett-Packard Enterprise (HPE), Emerson Electric Co., SAS Institute Inc., Teradata Corporation, Workiva Inc., DataRobot Inc., Xceptor, Matillion Limited, Dbt Labs Inc., mParticle, Veryfi Inc., Coalesce.io, Search Discovery Inc., Crosser Technologies, Decodable, Osmos, Precog, Flatfile Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the datafication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the datafication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Datafication Market Report Structure
3. Datafication Market Trends And Strategies
4. Datafication Market - Macro Economic Scenario
5. Datafication Market Size And Growth
…..
27. Datafication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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