According to a new market research report “Data Monetization Market by Component (Tools and Services), Data Type, Business Function, Deployment Type (On-Premises and Cloud), Organization Size, Industry Vertical (BFSI, Consumer Goods and Retail, and Telecom), and Region – Global Forecast to 2023”, published by MarketsandMarkets™, the market size is expected to grow from USD 1.42 Billion in 2018 to USD 3.12 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.
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The rapid adoption of advanced analytics and visualization, and the increasing use of external data sources are the major drivers of the Data Monetization Market growth. Moreover, the adoption of data-driven decision-making, and the increasing volume and variety of business data are important for enterprises to create new revenue and data sources, which drive the Data Monetization Market growth.
The rapid adoption of data monetization tools, owing to the presence of robust and well-established economies, is expected to make North America the largest regional market.
In the US and Canada, organizations have rapidly adopted and invested in emerging technologies, such as analytics, big data, and cloud platforms. North America has the first-mover advantage of adopting new technologies, such as big data and cloud platforms. Moreover, there has been an increasing demand among enterprises to automate the business decision-making process and increase productivity in the region. Several companies willingly invest in North America due to the presence of numerous large enterprises in the region. The factors driving the growth of the Data Monetization Market in North America are stable economy, technology enhancements, and optimized infrastructure costs.
The BFSI industry vertical is expected to account for the largest market size during the forecast period.
The Banking, Financial Services, and Insurance (BFSI) industry vertical includes commercial banks, insurance companies, non-banking financial companies, stock brokerage firms, and payment gateway providers. This industry vertical deals with critical financial data and credit risks; hence, it is a good contributor to the Data Monetization Market. Owing to the continuous changes in the competitive environment, companies need to enhance their operational efficiencies. Hence, data monetization tools empower financial institutions to identify consumer spending patterns and provide personalized products to enhance the customer experience. Furthermore, the increasing adoption of data-driven decision-making is expected to drive the demand for Data Monetization Market.
The large enterprises segment is expected to gain a larger market share during the forecast period.
Organizations with more than 1,000 employees are categorized as large enterprises. Large enterprises have their customers across various regions and account for high market shares, technical expertise, and effective business strategies. Large enterprises are expected to invest in new and latest technologies to run their business effectively. The market size of the Data Monetization Market is larger in the large enterprises segment. Moreover, the adoption of data monetization tools in large enterprises has become an integral part of these large-scale organizations to sustain in the competitive market. Furthermore, large enterprises prefer implementing tools and services that are expected to assist them in increasing their profits.
The major vendors in the Data Monetization Market include 1010data (US), Accenture (Ireland), Adastra (Canada), Cisco (US), Dawex (France), Elevondata (US), Emu Analytics (UK), Gemalto (Netherlands), Google (US), IBM (US), iConnectiva (Hong Kong), Infosys (India), Mahindra Comviva (India), Monetize Solutions (US), Narrative (US), NESS (US), NETSCOUT (US), Openwave Mobility (US), Optiva (Canada), Paxata (US), Reltio (US), SAP (Germany), SAS (US), and Virtusa (US).