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Data Enrichment Solutions Market 2024: Key Insights and Growth Trends
Data Enrichment Solutions Market 2024
Data Enrichment Solutions Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The data enrichment solutions market size has grown rapidly in recent years. It will grow from $2.30 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to rising big data analytics, increase in demand for personalized marketing, growth in digital transformation initiatives, rise in need for enhanced customer insights, and the proliferation of IoT and connected devices.
The data enrichment solutions market size is expected to see rapid growth in the next few years. It will grow to $4.13 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to the expansion of AI and machine learning technologies, growing emphasis on data-driven decision-making, increasing adoption of cloud-based solutions, the rise of data privacy regulations, and the demand for enhanced customer experience. Major trends in the forecast period include integration of AI and machine learning, adoption of real-time data enrichment, innovations in privacy-compliant data enrichment solutions, and enhance predictive analytics.
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Scope Of Data Enrichment Solutions Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Data Enrichment Solutions Market Overview
Market Drivers -
The rapidly growing volume of data worldwide is expected to propel the growth of the data enrichment solutions market going forward. The volume of data proliferates due to the increasing use of digital devices, the rise of social media, advancements in technology, and the proliferation of IoT devices, which all generate vast amounts of data continuously. Data enrichment solutions enhance the value of the enormous and growing volume of global data by improving its accuracy, context, and usability, thus making it more actionable and insightful. For instance, in March 2024, Edge Delta, a US-based software company, the global data generation volume would increase 150-fold by 2027 compared to the 97 zettabytes (ZB) generated in 2022. Further, by 2032, this figure is anticipated to grow 300 times larger than the data volume in 2027. Therefore, the rapidly growing volume of data worldwide is expected to drive growth in the tailoring and data enrichment solutions market.
Market Trends -
Major companies operating in the data enrichment solutions market are focused on developing innovative solutions, such as data normalization solutions, to improve data accuracy, enable advanced insights, and support more informed decision-making processes. Data normalization solutions refer to methods and tools that standardize and structure data into a consistent format, ensuring uniformity across datasets. For instance, in May 2024, JP Morgan, a US-based financial services company, launched Fusion, an advanced data normalization solution. This solution provides institutional investors with a comprehensive data management system that integrates and normalizes data from various sources, enabling advanced analytics. Fusion offers a unified view of custody, fund accounting, and middle office data, including public and private assets. It features an intuitive tool for in-depth data analysis and visualization and supports flexible, cloud-based access through API, Jupyter Notebook, Snowflake, and Databricks.
The data enrichment solutions market covered in this report is segmented -
1) By Deployment: Cloud, On-Premise
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
3) By End-User: Banking, Financial Services, and Insurance (BFSI), Information Technology (IT) And Telecom, Retail, Manufacturing, Healthcare, Energy And Utilities, Transportation And Logistics, Construction, Other End-Users
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Regional Insights -
North America was the largest region in the data enrichment solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data enrichment solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies -
Major companies operating in the data enrichment solutions market are, Oracle Corporation, Salesforce Inc., Experian Information Solutions Inc., TransUnion LLC, Dun & Bradstreet Holdings Inc., HubSpot Inc.(Clearbit), Informatica Inc., Flatworld Solutions Inc., ZoomInfo Technologies LLC, Alteryx Inc., Acxiom LLC, Neustar Inc., Demandbase Inc., Talend S.A., 6Sense Insights Inc., Apollo.io, Lusha Systems Inc., Crunchbase Inc., Anchor Computer Inc., Leadspace Inc., CCMP Capital Advisors LP (Data Axle), Openprise Inc., LeadGenius Inc.
Table of Contents
1. Executive Summary
2. Data Enrichment Solutions Market Report Structure
3. Data Enrichment Solutions Market Trends And Strategies
4. Data Enrichment Solutions Market - Macro Economic Scenario
5. Data Enrichment Solutions Market Size And Growth
…..
27. Data Enrichment Solutions Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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