The global data monetization market was valued at US$ 2.4 Billion in 2019 and is expected to surpass US$ 12.3 Billion by 2027, registering a CAGR of 21.9% during the forecast period (2019-2027), according to the Global Data Monetization Market Report, By Component (Tools and Services), By Deployment Type (On-premise and Cloud- based), By Organization Size (SMEs and Large Enterprises), By Vertical (Government & Defense, BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Energy & Utility, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The increasing need to create insights from a pool of data is expected to drive the market growth during the forecast period. A large volume of data is generated by various data sources such as Facebook, Inc., Google, Inc., Gemalto, and Fitbit, Inc. For instance, Gemalto launched Sentinel fit, a secure licensing solution for embedded software and internet of things (IoT) devices. Sentinel fit provides a complete management solution to maximize the monetization of software-based products and internet of things (IoT) devices. The use of data is integral for digital transformation of any business. IoT and generating insights from all incoming data is the need of every organization. For instance, according to IBM Corporation, 23% of the global IT companies have an enterprise-wide big data strategy. Various organizations are using data monetization tools to create new revenue streams and generate meaningful insights from the sources. Most of the unstructured data such as account information, old documents, email correspondences obtained from various sources are not used to add more value to the business decisions.
Moreover, companies are heavily investing in data collection in order to optimize the use of their data. For instance, banks need to know how customers land on the application page so that they can take measures to attract more customers. The utilization of unused data can help companies get valuable insights into their business. For instance, in July 2017, Oracle launched a monetization cloud to support digital transformation to analyze business performance through robust reporting. Data monetization tools can integrate and refine all data types such as structural and unstructured data generated from various sources. This, in turn is increasing the need to create insights from unused data and create growth opportunities for the data monetization market.
Data Monetization Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdowns. The pandemic has affected all industries across the globe. Companies are utilizing this time to provide training and e-learning to their employees. The gaming software offers modules that are easy to learn and help employees to gain insight about the company and its process. Hence, this can help organizations to guide their employees and offer advanced skills for regular employees. Moreover, rising investments in various business strategies such as business expansion, merger & acquisition, product launch and many others. For instance, in July 2020, IBM Corporation has collaborated with Government of India. Through this collaboration, IBM launched SkillsBuild Reignite platform that offer online courses to help entrepreneurs to establish their business. These factors are expected to drive market growth during the forecast period.
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Key Trends and Analysis of the Global Data Monetization Market:
- North America held dominant position in the global data monetization market in 2019 and is expected to retain its dominance throughout the forecast period due to rising awareness regarding data monetization and adoption of data monetization. For instance, in January 2020, Cisco System, Inc. launched IoT security architecture that offers enhanced visibility across IT and IoT environment. This new solution can collect and extract data from IoT edge, an IoT service that builds on top of IoT Hub and enables users to carry out edge computing, so that business organizations can increase their efficiency, draw meaningful insights, and increase digitization projects.
- Asia Pacific is expected to show significant growth during the forecast period owing to increasing demand for data monetization solution from the BFSI sector. For instance, according to Coherent Market Insight analysis, BFSI organizations have to manage 3.7 petabyte of data and this has created considerable demand for data monetization. Moreover, it also increases customer interaction and operating income by more than 50%. Such factors are expected to drive the market growth during the forecast period.
- Based on Vertical, the healthcare segment held a dominant position in the market in 2019 and is expected to retain its dominance during the forecast period due to consumer rising inclination towards data monetization. Healthcare companies are focusing on launching new programs to monetize patients’ medical data by providing access to researchers. For instance, GE Healthcare launched Edison Datalogue, a new management solution to help clinicians to share data and images across the care delivery network. This new solution integrates data from multiple sources and uses artificial intelligence to get meaningful insights.
- Major players operating in the global data monetization market are Cisco Systems Inc., Google, Inc., Microsoft, Inc., IBM Corporation, Microsoft, Salesforce.com, Inc., Oracle, Infosys Limited, SAP, SAS Institute Inc., Sisense Inc., QlikTech International AB, Domo, Inc., Virtusa Corporation, Accenture, Reltio, Openwave Mobility Inc., Thales Group, Adastra Corporation, Ness Technologies, Inc., NetScout Systems, Inc., Paxata, Inc.