Data Monetization: Increase in Adoption of Data Driven Decision Making Software to Have Significant Impact on Data Monetization Market Growth
In today’s digital world, data is the most important asset for any firm. The Global Data Monetization market is experiencing growth due to an increase in worldwide businesses which have generated a wide amount of data within the firms. The Monetization of the data to get valuable and actionable data also to reduce costs and produce new revenues for the firms is generally termed as Data Monetization. Data Monetization is a way by which an unstructured volume of business can be changed into a profitable and money concentric business. Also, it provides the organization with useful information and values. Data Monetization can be carried out in an organization by selling a huge amount of information bundles and insights to the businessmen either directly or indirectly.
The Global Data Monetization Market is expected to reach US$ 708.86 in the forecast period and is expected to grow at a CAGR of nearly around 21.4% during the forecast period 2025. The market is experiencing this boost due to its purpose of sorting out unstructured information into a structured one, storing data in a framework, and distributing the data across the organization. Data Monetization has been the major cause for the recognition of financial value, which is being used in the form of data in many forms.
Due to rapid expansion in the market and developing technologies, many market players are developing their software as well as services. To strengthen their market base and to make their foothold strong many players are engaged in different market activities. For instance, Vodafone and SAP SE had agreed into a partnership to launch the Internet of Things (IoT) so that company would be now able to get in touch with the data of SAP SE for maintenance uses and others. However, other software players are also engaged in these types of activities so that they could reach out to a big pool of customers and increase their market value.
- In April, SAS developed its business analytics platform into an A.I. analytical platform.
- In March, IBM launched its private cloud software, that can make error-free decision making and secured data.
- In February, Reltio a new learning data software has been launched that can combine machine learning with analytics.
- In October, Mnubo partnered with Dawex Systems. This partnership led to the linking of SmartObjects analytics to Dawex’s data and enabled product insights as well as monetization of the data.
On the basis of geography, the Global Data Monetization market has been segmented into five regions North America, Europe, Asia-Pacific, Middle-East & Africa, and Latin America. The North American region is expected to dominate the overall market in the forecast period, followed by, Asia-Pacific and Middle-East & Africa. The market is experiencing a tremendous boost due to strong adaptation and heavy penetration for data monetization platforms, a rise in demand for software and services, and the presence of key data providers. Asia-Pacific region is expected to have the highest CAGR value for the upcoming forecast period due to the rise in digital services such as Cloud, Internet of Things, mobility in data, and Artificial Intelligence. Furthermore, the demand for data monetization is likely to experience a boost in the Middle-East & Africa region also due to rapid technological advancements. Moreover, rising awareness and increasing adaptation of the data monetization platform will be attributed to new opportunities in Asia-Pacific as well as in the Middle-East & Africa regions.
The Global Data Monetization Market has been fluctuating due to the rise in demand for technological advancements and new innovations for the past few years. Various factors are in favor of the North American region due to the largest penetration of data monetization and presence of major market players therefore the region is likely to grow in the forecast period. As people are becoming more aware of the technology and its uses, the demand for the Data Monetization platform has been rising rapidly. Furthermore, due to an increase in technological advancements, the market players will experience a huge competition in the forecast period. Moreover, technological advancements and new innovations will strategize the market demand. Additionally, the increase in data volumes from external sources has resulted in growth within the market. Therefore, market players are adopting new technologies and innovations that can enhance the market growth of a customer base. This has evolved in acquiring Data Monetization platforms in the market.