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Alternative Data Market Size, Share, Industry Analysis, Segments And Forecast To 2033
Alternative Data Market Size
As per the report, the alternative data market size has grown exponentially in recent years. It will grow from $4.67 billion in 2023 to $6.72 billion in 2024 at a compound annual growth rate (CAGR) of 44.0%. The alternative data market size is expected to see exponential growth in the next few years. It will grow to $26.28 billion in 2028 at a compound annual growth rate (CAGR) of 40.6%.
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5G Networks As Catalysts For Growth In The Alternative Data Market
The increasing adoption of 5G networks is expected to drive the alternative data market in the forecast period. 5G networks would accelerate the uptake of alternative data applications and services and enable new use cases. The increased bandwidth offered by 5G allows more data to be sent during a given period, and the lower latency allows data to reach its destination faster. These networks provide increased coverage which supports multiple network topologies allowing alternative data to communicate easily. 5G will also lead to an increase in data traffic, not only from smartphones but also Internet-of-Things (IoT) enabled devices. According to Ericsson's latest Mobility Report Q2 2021, the number of worldwide 5G smartphone subscriptions in 2021 was forecast to increase to 600 million, a three-fold increase of the 2020 total. By 2022, 5G subscriptions are expected to surpass the one-billion mark, thus driving demand for alternative data.
Strategic Collaborations And Acquisitions Driving Alternative Data Development
Companies, governments, and research bodies are increasingly entering into strategic collaborations and partnerships for the development of alternative data, offering better insights into customers across a varied range of industries. In September 2021, Equifax announced the acquisition of a US l firm in alternative credit data, Teletrack for an undisclosed amount. The acquisition is expected to create a US specialty consumer reporting agency with more than 80 million data on thin file, unbanked, underbanked, and credit-rebuilding consumers provided by Teletrack. Teletrack is a specialty consumer reporting agency that provides non-traditional credit data and insights into the alternative financial services industry.
The alternative data market covered in this report is segmented -
1) By Data Type: Credit and Debit card Transactions, Email Receipts, Geo-Location (foot traffic) records, Mobile Application Usage, Satellite And Weather Data, Social And Sentiment Data, Web Scraped Data, Web traffic, Other Data Type.
2) By Industry: Automotive, BFSI, Energy, Industrial, IT and Telecommunications, Media and Entertainment, Real Estate and Construction, Retail, Transportation and Logistics, Other Industries.
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Major companies operating in the alternative data market report are Ravenpack International SL, 1010data, Inc, Vortexa Ltd., Eagle Alpha Ltd., Audit Analytics,Thinknum Inc., Thasos Group, Yewno, Inc., Advan Research Corporation, Exante Data, LLC., Eoitek,, Sam Technology, WakeData, Oracle, Microsoft, IBM, SAP, Plaxonic, Teradata, Amazon Web Services, Quiver Quantitative, S&P Global, AlphaSense, Kantar, Quandl, InfoTrie, Running Alpha, Unity, Maxilect, Caretta, Exceed Team, Quexopa, Inventale, Tableu Software, Deep Data Science, Experion Technologies, Clariba Consulting, Nice Software solutions, Sigma Data Systems, Preqin Ltd
Contents of the report:
1. Executive Summary
2. Alternative Data Market Report Structure
3. Alternative Data Market Trends And Strategies
4. Alternative Data Market - Macro Economic Scenario
5. Alternative Data Market Size And Growth
…..
27. Alternative Data Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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