Increase in Data Volumes to Influence Growth of Data Monetization Market
On the back of growing digitisation and adoption of technologies such as Internet of Things (IoT), machine learning, and Artificial Intelligence (AI), a significant increase in the volume of data generated has been witnessed. Devices linked to internet have also been significant contributors of generation of huge volumes of data. This generated data is stored at various locations and in different formats owing to which easy access to data has become complex. Albeit this increase in volume, companies have been facing challenges apropos to decoding unstructured data. As a result, need for managing and integrating data from sources has become imperative to gain real-time visibility. In this background, use of data monetization solutions owing to their benefits such as enhanced decision making by monetizing data in the available format and gain vision on new revenue streams is expected to increase. This is predominantly driving the growth of global data monetization market.
Data has always been pivotal in driving digital transformation of businesses. Organisations can leverage data monetization solutions and tools to gain insights and generate new revenue streams form dissimilar sources of data. Data monetization solutions can modulate and integrate all structured and unstructured data and generate insights. This is expected to present momentous opportunities for solution vendors providing data monetization services. That said, data monetization is expected to proliferate across industries such as banking, insurance, telecom, retail, healthcare, manufacturing, logistics and transportation, consequently contributing towards growth of the data monetization market in the coming years.
Analytics-enabled Platform as a Service to Prevail as a Widely Used Data Monetization Method
Analytics-enabled platform as a service is expected to gain significant traction in the coming years. This is mainly owing to the ability of this method to facilitate flexible data monetization. With analytics-enabled platform as a service, real time insights on consumers can be gained. Moreover, this method is highly compatible with cloud based solutions and supports a wide range of data formats. By deploying this data monetization method, it is possible to provide data-driven services. For instance, Predix platform by GE adds value by offering data-centric services that can enhance machine efficiency. Customers can leverage Predix to gain prescriptive and predictive analytics regarding maintenance, usage, and other parameters, in turn facilitating significant money savings by simplifying processes. In this backdrop, it is likely that analytics-enabled platform as a service can largely contribute towards value growth of the data monetization market.
Asia Pacific Likely to Showcase an Optimistic Scenario for Data Monetization
Adoption of dynamic and advanced technologies has prevailed across emerging nations in Asia Pacific since past couple of years. This is mainly owing to increasing acceptance towards modern new age tech in a bid to enhance routine and operational efficiency along with productivity. This has translated into commercialisation of technologies such as big data, AI, and IoT that are being leveraged across various industries. This factor remains instrumental in driving growth of the data monetization market in the region.
Several financial service institutions in Asia Pacific have huge volumes of invaluable data that can be monetized. By allowing data-to-digital, financial service institutions can enhance their digital competency and can generate potential external revenue streams. These institutions can monetize data using analytics and can produce data-based products alongside generating platforms for services and insights. For instance, China Unicom deployed blockchain technology to create data monetization revenue streams. The main objective of Unicom was to securely share data with enterprise customers alongside complying with privacy and security regulations. In addition, regulatory bodies have been focusing on improving financial data quality and security. For instance, CBIRC (China Banking and Insurance Regulatory Commission) initiated new campaign in 2020 to enhance the data quality further to issuing fines on banks for inappropriate reporting. These factors are likely to pave potential pathways for data monetization market in Asia Pacific and companies can expect an optimistic scenario in the region in the coming years.
Data Monetization Market: Competitive Landscape
A few of the major players in the data monetization market include Accenture PLC, SAP SE, TIBCO Software, Microsoft Corporation, Oracle Corporation, Sisense Inc., Virtusa corporation, Cisco Systems Inc., IBM Corporation, Google, Infosys Limited, Gemalto NV, and Monetize.
The global data monetization market is segmented as below:
By Type of Method
By Data Type
By Business Function
By Organization Size
Key Elements Included In The Study: Global Data Monetization Market
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