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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