As per the report published by Kings Research, the Global Data Monetization Market was valued at USD 3.38 billion in 2023. The market is projected to reach USD 13.09 billion by 2031, growing at a CAGR of 18.43% from 2024 to 2031.
Major Industry Players Ink Lucrative Deals to Strengthen Market Foothold
The global data monetization market is fragmented with key players such as Sisense Ltd., Dawex Systems, Trianz, Oracle, Microsoft, Cisco Systems, Inc., Salesforce, Inc., Adastra, Infosys Limited, NETSCOUT, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.
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The emergence of Data-as-a-Service (DaaS) represents a significant development in the data monetization landscape. DaaS offers a subscription-based model for accessing and managing data, allowing businesses to tap into vast repositories of data without the need for significant upfront investments in infrastructure or expertise. This model enables organizations to access high-quality, curated datasets from third-party providers, supplementing their own data assets and enhancing their analytical capabilities. Moreover, DaaS enables companies to rapidly prototype and deploy data-driven applications and services, accelerating innovation and time-to-market.
Key Insights
- Based on component, the services segment is expected to register the highest CAGR of 18.81% over the forecast period
- Based on deployment, the on-premises segment generated the highest revenue of USD 2.23 billion in 2023
- By vertical, the manufacturing segment is expected to witness the highest CAGR of 21.39% over the forecast period
- On the basis of region, Asia-Pacific is anticipated to record the fastest growth at a CAGR of 19.19% over the forecast period
Personalized Customer Experiences to Offer Lucrative Opportunities for Market Expansion
The rise of personalized customer experiences presents lucrative opportunities for market expansion in the data monetization landscape. Personalization enables businesses to deliver targeted recommendations, promotions, and content across various touchpoints, driving conversion rates and customer loyalty.
Moreover, personalized experiences foster stronger relationships with customers, leading to increased lifetime value and higher retention rates. As organizations increasingly prioritize customer-centricity and seek to differentiate themselves in a competitive market, the demand for data monetization solutions that enable personalized customer experiences is expected to grow, creating significant opportunities for market expansion.
Rise of the Internet of Things (IoT) to Augment Market Growth
The rise of the Internet of Things (IoT) is poised to augment the growth of the data monetization industry. IoT devices, sensors, and connected systems generate vast amounts of real-time data, offering unprecedented insights into various aspects of business operations, consumer behavior, and the physical environment. By leveraging IoT data, organizations optimize processes, improve efficiency, and drive innovation across industries such as manufacturing, healthcare, transportation, and smart cities.
IoT data enables predictive maintenance, asset tracking, and supply chain optimization, leading to cost savings and operational efficiencies. Moreover, IoT-driven insights empower businesses to deliver personalized experiences, enhance product offerings, and uncover new revenue streams. As the adoption of IoT technologies accelerates and the number of connected devices proliferates, the demand for data monetization solutions capable of harnessing IoT data is expected to rise, driving market growth and fostering innovation.
Asia-Pacific Set to Record a Staggering CAGR of 19.19% between 2024 and 2031
Asia-Pacific is poised to record a staggering CAGR of 19.19% over the forecast period in the data monetization market. The region's rapid economic growth, expanding digital infrastructure, and increasing adoption of data-driven technologies are fueling the demand for data monetization solutions. With a vast and diverse population, Asia-Pacific presents immense opportunities for businesses to leverage data analytics and monetize their data assets across various industries, including retail, finance, healthcare, and manufacturing.
Moreover, initiatives such as smart cities projects and digital transformation agendas in countries like China, India, and Singapore are driving investments in data analytics and IoT technologies, further accelerating market growth. Additionally, the region's evolving regulatory landscape is supporting data privacy and cybersecurity, thereby enhancing trust and confidence in data-driven initiatives.
As businesses in Asia-Pacific recognize the value of their data assets and seek to gain a competitive edge in the digital economy, the demand for data monetization solutions is expected to surge, driving substantial regional industry growth in the foreseeable future.
