2024 Market Report on Datafication: Trends Shaping the Digital Economy

"The Business Research Company recently released a comprehensive report on the Global Datafication Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The datafication market size has grown rapidly in recent years. It will grow from Customise$347.03 billion in 2023 to $392.39 billion in 2024 at a compound annual growth rate (CAGR) of 13%. Customise 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 Customise$636.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. Customise 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.Customise

Datafication Market 2024 Key Insights:

• The datafication is expected to grow to Customise$636.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. Customise
• CustomiseIncreasing Volume Of Data Generation Propels Datafication Market GrowthCustomise
• Rising Focus Towards Product Advancement To Attain Maximum Revenues
• CustomiseNorth AmericaCustomise was the largest region in the datafication market in 2023. CustomiseAsia-PacificCustomise 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.

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