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Market Trend Analysis: The Impact of Recent Innovations on the Data Sharing Platform Market
Data Sharing Platform Market
Expected Growth Trajectory of the Data Sharing Platform Market
The data sharing platform market is projected to experience substantial growth, reaching a value of $34.92 billion by 2030. This impressive increase is supported by a high compound annual growth rate (CAGR) of 27.7%. Several factors contribute to this expansion, including the rise of data monetization strategies, the broadening scope of data marketplaces, an increasing demand for secure data collaboration, stronger regulatory oversight, and the formation of industry-specific data ecosystems. Key trends anticipated to influence the market during this period involve enterprise data exchange platforms, enablement of data marketplaces, secure multi-party data access, data federation and virtualization, as well as monetized data collaboration.
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Notable Emerging Players in the Data Sharing Platform Sector
The competitive landscape of the data sharing platform market includes prominent companies such as Amazon Web Services Inc., Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Snowflake Inc., Hitachi Vantara LLC, Databricks Inc., Teradata Corporation, Informatica LLC, Cloudera Inc., Qlik Technologies Inc., Collibra NV, Alation Inc., Actian Corporation, Dawex Systems SAS, Harbr Group Limited, Lyftrondata Inc., and Monda Labs Inc. These industry leaders are continually innovating to strengthen their offerings and expand their share in this fast-growing market.
Strategic Acquisition to Enhance Data Sharing Capabilities
In a significant move in August 2024, Datasite Global Corporation, headquartered in the US, acquired Ansarada Group Limited for approximately AUD 240 million (or $0.16 billion). This acquisition is positioned to boost Datasite's data sharing platform and secure collaboration features by integrating Ansarada's cloud-based virtual data room, information governance, and transaction workflow technologies. Ansarada, an Australia-based firm, specializes in cloud-based data sharing solutions, virtual data rooms, and AI-powered tools that facilitate secure transactions and effective information governance. The integration aims to better support enterprises and advisors managing complex deal lifecycles.
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Key Trends Shaping Innovation in the Data Sharing Platform Industry
Leading companies in this market are focusing on developing cutting-edge data product sharing platforms to address the growing necessity for secure, scalable, and well-governed data collaboration within large organizations. These modern platforms allow organizations to publish, discover, govern, and securely share curated data products seamlessly across teams and systems, aiding collaboration, analytics, and data-driven decision-making. For example, in June 2024, IBM introduced the IBM Data Product Hub. This comprehensive platform empowers data producers to create, manage, and govern data products from various sources, integrates with IBM watsonx.data and external systems, enforces data contracts for compliance, and offers self-service access to data consumers. This innovation significantly reduces delays, enhances data democratization, and incorporates embedded governance, security, and automated delivery to unlock the value of siloed data while minimizing operational burdens.
Detailed Segmentation of the Data Sharing Platform Market
This report divides the data sharing platform market into several important segments:
1) By Component: Software and Services
2) By Deployment Mode: Cloud and On-Premises
3) By Organization Size: Large Enterprises and Small and Medium Enterprises (SME)
4) By Application: Data Collaboration, Secure Data Exchange, Data Monetization, Regulatory Data Sharing, and Cross-Organizational Data Integration
5) By Industry Vertical: Banking, Financial Services, and Insurance (BFSI); Healthcare; Government; Information Technology and Telecommunications; Retail; Manufacturing; Energy and Utilities; and Other Industry Verticals
Further Subcategories Within Software and Services
Software subsegments include Data Integration Platforms, Data Exchange Platforms, Data Management Software, Data Security and Privacy Software, Data Monetization Platforms, and Data Analytics and Visualization Software. Service subcategories cover Consulting Services, Implementation and Integration Services, Managed Data Sharing Services, Support and Maintenance Services, as well as Training and Education Services. These classifications provide a comprehensive view of the market's structure and its diverse offerings.
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