The surge in the volume of enterprise data, technological advancements in big data & analytics solutions, and the rise in the importance of generating new revenue streams from data volumes drive the growth of the global data monetization market.
However, privacy and security concerns restrain the market growth. On the other hand, rise in deployment among telecom service providers and an increase in awareness regarding the potential benefits of data monetization create new opportunities in the coming years.
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The report offers detailed segmentation of the global data monetization market based on component, deployment type, enterprise size, industry vertical, and region.
Based on component, the software segment accounted for the highest share in 2020, contributing to more than two-thirds of the total share, and is projected to continue its lead position during the forecast period. However, the services segment is expected to witness the largest CAGR of 24.6% from 2021 to 2030.
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Based on industry vertical, the IT & telecommunication segment contributed to the largest share of the global data monetization industry in 2020, and is expected to maintain its leadership status during the forecast period. However, the retail & e-commerce segment is estimated to manifest the fastest CAGR of 27.0% from 2021 to 2030.
Based on region, North America held the highest share in 2020, accounting for more than one-third of the total share, and is projected to continue its dominant share by 2030. However, Asia-Pacific is projected to portray the largest CAGR of 25.6% during the forecast period.
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Leading players of the global data monetization market analyzed in the research include Accenture, Adastra Corporation, Cisco Systems, Inc., SAP SE, VIAVI Solutions Inc., Monetize Solutions, Inc., Reltio, ALC, Optiva, Inc. (Redknee Solutions Inc.), and Mahindra ComViva.
Covid-19 Scenario:
- Many government organizations and FinTech market players focused on generating revenue streams by monetizing the data as changes in work culture and adoption of cloud infrastructure led to the continuous rise in the volume of enterprise data. This factor positively impacted the data monetization market during the Covid-19 pandemic.
- Moreover, many buyers preferred e-commerce platforms for shopping. This led to generation of a massive amount of data. So, market players tapped on monetization opportunities.
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