The major drivers for the global data monetization market are the swift adoption of technologically advanced devices, reduced costs of data storage, and a large amount of data generation. In 2021, the market stood at $2,092.5 million, and it is predicted to reach $9,421.4 million by 2030, advancing at an 18.2% compound annual growth rate from 2021 to 2030. Furthermore, greater deployment of visualization solutions and data analytics will augment the growth of the market.
Within the method segment, analytics-enabled platform-as-a-service dominates the data monetization market, accounting for approximately 40% share. Moreover, the demand for this service will continue to exhibit the same trend in the forecast period as well, attaining half the market share by 2030. This can be attributed to its ability to offer the assistance of an analytics platform and business intelligence in real-time data analytics, on account of its fewer operation restrictions.
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| Data Monetization Industry Analysis and Growth Forecast 2030 |
In addition, embedded analytics will generate the second-highest revenue in the coming years, as it helps developers in improving customer satisfaction. Furthermore, the category in the data monetization market will advance at an over 17% CAGR in the coming years. This can be ascribed to its extensive utilization in developers’ applications because it offers better visually appealing analytics functions and provides technologically advanced services. Data discovery, machine learning, predictive analytics, data analytics, and reporting are some of the most commonly used embedded analytics. Additionally, it is infused in CRM and ERP applications by corporations for utmost customer satisfaction and enhanced market position.
In 2021, the BFSI sector generates about 23% revenue for companies offering data monetization services and software. This is credited to snowballing count of financial institutions and banks, leading to a voluminous data generation. Additionally, the ISO 20022 standardization, migration to real-time payment infrastructures, rise in the level of competition, and paradigm shifts in preferences of consumers will propel market growth in this category. Furthermore, the telecommunications & IT sector holds the second position in the market, as this sector generates huge amounts of data, due to the increasing number of mobile devices such as smartphones.
Within the enterprise size segment, the data monetization market is bifurcated into SMEs and large enterprises. Between the two, the large enterprises hold the greater share, of 70%. This is because of the gradual attempts being made to improve efficiency, maximize production, and acquire a larger share by the swift deployment of technologically advanced devices by large organizations. In addition, big companies have several revenue streams and intricate corporate networks, as a result, there is voluminous data generation, which, in turn, drives the market in this category.
Geographically, North America leads the data monetization market with a 35% share. This is due to the existence of a huge number of data providers, coupled with a swift integration of data monetization platforms, software, and services. Being home to the highest count of data monetization vendors within the country, the U.S. generates a higher revenue in the regional market. Moreover, an approximately 14% CAGR will be witnessed by the Canadian market in the region, due to the skyrocketing infusion of digital innovations into organizational techniques within numerous sectors and industries.
Hence, the lower costs of data storage and the high amount of data generation will provide lucrative opportunities to the market players.
