Product Code: KSI061612184
The data monetization market was valued at US$199.982 billion in 2022 and is projected to expand at a CAGR of 6.33% over the forecast period to reach US$307.303 billion by 2029.
Data monetization is the process in which the data is shared between companies. The rapid adoption of digitization of businesses, rise in enterprise data volume, growing awareness towards the potential benefits of data monetization, and huge investments by key players operating in the market are anticipated to drive the market growth. For instance, ride-hailing companies such as Uber, Lyft, and Ola use location-based analytics to gather information related to their customer's data that is extracted from pick-up and drop locations. Companies such as Uber and Ola sell this data to other organizations or businesses with the user's permission. This data can be further used by other companies to provide different vouchers, promotions, or discounts that encourage consumers to spend money on their products.
The rising adoption of cloud computing worldwide propels the market.
One of the prime reasons supporting the growth of the overall market growth is the increasing adoption of cloud technology worldwide. The governments of various countries are making huge efforts to increase the adoption of advanced technologies such as IoT, cloud computing, and AI. For instance, the Singapore government has launched the Government Commercial Cloud Service that will introduce the innovations and capabilities of commercial cloud computing platforms to less sensitive government systems. Telecom providers in various developed nations are also adopting cloud technology for the growth of their businesses and to provide cloud services to end-users which will further augment the demand for data monetization solutions and services during the forecast period. Additionally, the increasing shift of organizations towards the adoption of digital transformation is expected to drive the adoption of cloud computing services, which in turn is anticipated to drive the overall market growth.
Furthermore, according to the data published by Internet Telecom Union, the number of Internet users in 2022 was 5.1 billion which has increased to 5.4 billion in 2023. Growing penetration of the internet globally is anticipated to generate huge data which will increase the demand for data monetization services. Additionally, all healthcare executives increased their projected investments in AI for outcome prediction, from 30% in 2021 to 39% in 2023. Moreover, in 2023, 39% of healthcare executives intend to invest in artificial intelligence (AI) to predict outcomes, up from 30% in 2021, according to the Philips Future Health Index report.
Moreover, the growing use of advanced technologies, such as edge computing, AI, and the Internet of Things, is further augmenting the adoption of data monetization services. For instance, Canada is making a significant investment in Artificial Intelligence in its federal budget for 2021 the country has announced that it will invest $185 million to support the commercialization of AI research. The investments are made to support the Pan-Canadian Artificial Intelligence Strategy to $443.8 million over 10 years which is anticipated to have a positive impact on the overall market growth (Source: ITA).
The market is projected to grow in the North American region.
The well-developed economies, rapidly growing digitalization and competitively advancing technologies in the United States of America, coupled with the swift adoption of IoT, big data, and AI, are propelling the demand for data monetization services. The market is rapidly adapting and evolving to meet the changing demands of smart business services. Amid such a scenario, multiple market players are scaling up to meet the emerging demands and offer better services and solutions. The collaboration between the data monetization platform UBDI and AXIA in July 2021 is another example. The partnership has helped advance AXIA's efforts to democratize money, giving the users more control over their data and monetizing it in fresh and creative ways. Together, the duo intends to be able to take advantage of one another's infrastructure to build vital new tools for users.
In the present digital era, the size of their first-party data is one of the main issues that many brands are currently dealing with. The growing privacy concerns and impending restrictions on consumer identifiers have made this situation much worse. To provide a potent identity resolution tool that complies with the current privacy rules, Data has become indispensable value for businesses of all sizes to make decisions, analyze market trends, reduce losses, and increase profits. Exploiting this growth, many start-ups in the region are also rapidly emerging in the market, making it even more competitive. Instrematic, Frame AI, OctoML, and PostEra are a few major start-ups in the United States. At the same time, the roles of a Data Scientist and research analyst has become the most sought-after profession due to the increase in data and in multiple connected industries. For instance, according to the US Bureau of Labor Statistics, there are about 105,980 data scientists in the country as of May 2021, reflecting the need for the importance of data in the market.
Key Market Developments:
- Leading IT firm Tata Consultancy Services (TCS) introduced the TCS Dexam data marketplace platform on Google Cloud in June 2023. The platform, according to the company, ensures compliance with data consent, privacy, and security regulations while enabling enterprises to democratize and monetize data by offering a continuous data exchange for enterprises and their ecosystem partners.
- John Snow Labs, the Healthcare AI and NLP startup that created the Spark NLP library, revealed enhancements to its automated de-identification system in October 2022. John Snow Labs helps healthcare organizations all over the world to automatically de-identify large datasets, empowering product innovation and cost savings. Custom de-identification needed for data monetization is provided by the company's automatic de-identification solution.
- Partnership announced between Google Cloud and Palantir in June 2022. Business success depends on the ability to efficiently handle data while converting analysis into improved decisions and results as the world becomes more complicated. To deal with such complexities, Palantir and Google Cloud announced their partnership to offer the former's commercial customers an end-to-end data solution, enhancing operational decision-making with the latter's analytics, artificial intelligence, and machine learning capabilities. This will enable data-driven transformation for its clients while providing a quick time-to-value link between front-line business users, IT, and technical experts, enabling them all to use their data more effectively
- BDEX and InfoSum have teamed up in February 2021, leading identity infrastructure supplier InfoSum and BDEX entered into a partnership. As a result of the new partnership, InfoSum clients were able to access BDEX's extensive identity graph and other data assets, allowing them to generate targeted audiences and gain fresh insights into their first-party data while protecting the privacy of those consumers.
Key Players:
- Accenture is a prominent player, offering a range of services aimed at helping businesses extract value from their data assets. Leveraging advanced analytics, artificial intelligence, and machine learning capabilities, Accenture assists clients in optimizing their data strategies to drive revenue generation and improve operational efficiency. With a strong global presence and a reputation for innovation, Accenture delivers tailored solutions to various industries, empowering organizations to unlock insights, enhance decision-making processes, and capitalize on emerging opportunities in the rapidly evolving data economy.
- Adastra specializes in data management and analytics solutions, catering to businesses seeking to harness the full potential of their data for monetization purposes. With a focus on data governance, integration, and quality, Adastra enables organizations to transform raw data into actionable insights, driving revenue growth and competitive advantage. Through a combination of cutting-edge technologies and industry expertise, Adastra empowers clients to unlock the value of their data assets while ensuring compliance with regulatory standards and privacy regulations. As a trusted partner in the data monetization space, Adastra helps businesses navigate complex data ecosystems and capitalize on emerging opportunities in the digital marketplace.
- Infosys is a leading global consulting and technology services firm that offers comprehensive data monetization solutions to enterprises worldwide. Leveraging its expertise in cloud computing, analytics, and digital transformation, Infosys assists organizations in unlocking the value of their data assets to drive revenue growth and innovation. By harnessing advanced analytics, machine learning, and artificial intelligence capabilities, Infosys helps clients derive actionable insights from their data, enabling them to make informed decisions and capitalize on emerging market trends. With a focus on delivering measurable business outcomes, Infosys empowers businesses to monetize their data assets effectively, gaining a competitive edge in today's data-driven economy.
Segmentation:
By Offering Type:
By Deployment Model:
By Enterprise Size:
By End-User Industry:
- Retail
- Manufacturing
- Automotive
- BFSI
- Media and Entertainment
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
TABLE OF CONTENTS
1. INTRODUCTION
- 1.1. Market Overview
- 1.2. Market Definition
- 1.3. Scope of the Study
- 1.4. Market Segmentation
- 1.5. Currency
- 1.6. Assumptions
- 1.7. Base, and Forecast Years Timeline
- 1.8. Key benefits for the stakeholders
2. RESEARCH METHODOLOGY
- 2.1. Research Design
- 2.2. Research Process
3. EXECUTIVE SUMMARY
- 3.1. Key Findings
- 3.2. Analyst View
4. MARKET DYNAMICS
- 4.1. Market Drivers
- 4.2. Market Restraints
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers
- 4.3.2. Bargaining Power of Buyers
- 4.3.3. Threat of New Entrants
- 4.3.4. Threat of Substitutes
- 4.3.5. Competitive Rivalry in the Industry
- 4.4. Industry Value Chain Analysis
- 4.5. Analyst View
5. DATA MONETIZATION MARKET BY OFFERING TYPE
- 5.1. Introduction
- 5.2. Solution
- 5.2.1. Market Trends and Opportunities
- 5.2.2. Growth Prospects
- 5.2.3. Geographic Lucrativeness
- 5.3. Services
- 5.3.1. Market Trends and Opportunities
- 5.3.2. Growth Prospects
- 5.3.3. Geographic Lucrativeness
6. DATA MONETIZATION MARKET BY DEPLOYMENT MODEL
- 6.1. Introduction
- 6.2. On-Premise
- 6.2.1. Market Trends and Opportunities
- 6.2.2. Growth Prospects
- 6.2.3. Geographic Lucrativeness
- 6.3. Cloud
- 6.3.1. Market Trends and Opportunities
- 6.3.2. Growth Prospects
- 6.3.3. Geographic Lucrativeness
7. DATA MONETIZATION MARKET BY ENTERPRISE SIZE
- 7.1. Introduction
- 7.2. Small
- 7.2.1. Market Trends and Opportunities
- 7.2.2. Growth Prospects
- 7.2.3. Geographic Lucrativeness
- 7.3. Medium
- 7.3.1. Market Trends and Opportunities
- 7.3.2. Growth Prospects
- 7.3.3. Geographic Lucrativeness
- 7.4. Large
- 7.4.1. Market Trends and Opportunities
- 7.4.2. Growth Prospects
- 7.4.3. Geographic Lucrativeness
8. DATA MONETIZATION MARKET BY END-USER INDUSTRY
- 8.1. Introduction
- 8.2. Retail
- 8.2.1. Market Trends and Opportunities
- 8.2.2. Growth Prospects
- 8.2.3. Geographic Lucrativeness
- 8.3. Manufacturing
- 8.3.1. Market Trends and Opportunities
- 8.3.2. Growth Prospects
- 8.3.3. Geographic Lucrativeness
- 8.4. Automotive
- 8.4.1. Market Trends and Opportunities
- 8.4.2. Growth Prospects
- 8.4.3. Geographic Lucrativeness
- 8.5. BFSI
- 8.5.1. Market Trends and Opportunities
- 8.5.2. Growth Prospects
- 8.5.3. Geographic Lucrativeness
- 8.6. Media and Entertainment
- 8.6.1. Market Trends and Opportunities
- 8.6.2. Growth Prospects
- 8.6.3. Geographic Lucrativeness
- 8.7. Others
- 8.7.1. Market Trends and Opportunities
- 8.7.2. Growth Prospects
- 8.7.3. Geographic Lucrativeness
9. DATA MONETIZATION MARKET BY GEOGRAPHY
- 9.1. Introduction
- 9.2. North America
- 9.2.1. By Offering Type
- 9.2.2. By Enterprise Size
- 9.2.3. By Development Mode
- 9.2.4. By End-User Industry
- 9.2.5. By Country
- 9.2.5.1. United States
- 9.2.5.1.1. Market Trends and Opportunities
- 9.2.5.1.2. Growth Prospects
- 9.2.5.2. Canada
- 9.2.5.2.1. Market Trends and Opportunities
- 9.2.5.2.2. Growth Prospects
- 9.2.5.3. Mexico
- 9.2.5.3.1. Market Trends and Opportunities
- 9.2.5.3.2. Growth Prospects
- 9.3. South America
- 9.3.1. By Offering Type
- 9.3.2. By Enterprise Size
- 9.3.3. By Development Mode
- 9.3.4. By End-User Industry
- 9.3.5. By Country
- 9.3.5.1. Brazil
- 9.3.5.1.1. Market Trends and Opportunities
- 9.3.5.1.2. Growth Prospects
- 9.3.5.2. Argentina
- 9.3.5.2.1. Market Trends and Opportunities
- 9.3.5.2.2. Growth Prospects
- 9.3.5.3. Others
- 9.3.5.3.1. Market Trends and Opportunities
- 9.3.5.3.2. Growth Prospects
- 9.4. Europe
- 9.4.1. By Offering Type
- 9.4.2. By Enterprise Size
- 9.4.3. By Development Mode
- 9.4.4. By End-User Industry
- 9.4.5. By Country
- 9.4.5.1. United Kingdom
- 9.4.5.1.1. Market Trends and Opportunities
- 9.4.5.1.2. Growth Prospects
- 9.4.5.2. Germany
- 9.4.5.2.1. Market Trends and Opportunities
- 9.4.5.2.2. Growth Prospects
- 9.4.5.3. France
- 9.4.5.3.1. Market Trends and Opportunities
- 9.4.5.3.2. Growth Prospects
- 9.4.5.4. Italy
- 9.4.5.4.1. Market Trends and Opportunities
- 9.4.5.4.2. Growth Prospects
- 9.4.5.5. Spain
- 9.4.5.5.1. Market Trends and Opportunities
- 9.4.5.5.2. Growth Prospects
- 9.4.5.6. Others
- 9.4.5.6.1. Market Trends and Opportunities
- 9.4.5.6.2. Growth Prospects
- 9.5. Middle East and Africa
- 9.5.1. By Offering Type
- 9.5.2. By Enterprise Size
- 9.5.3. By Development Mode
- 9.5.4. By End-User Industry
- 9.5.5. By Country
- 9.5.5.1. Saudi Arabia
- 9.5.5.1.1. Market Trends and Opportunities
- 9.5.5.1.2. Growth Prospects
- 9.5.5.2. UAE
- 9.5.5.2.1. Market Trends and Opportunities
- 9.5.5.2.2. Growth Prospects
- 9.5.5.3. Israel
- 9.5.5.3.1. Market Trends and Opportunities
- 9.5.5.3.2. Growth Prospects
- 9.5.5.4. Others
- 9.5.5.4.1. Market Trends and Opportunities
- 9.5.5.4.2. Growth Prospects
- 9.6. Asia Pacific
- 9.6.1. By Offering Type
- 9.6.2. By Enterprise Size
- 9.6.3. By Development Mode
- 9.6.4. By End-User Industry
- 9.6.5. By Country
- 9.6.5.1. Japan
- 9.6.5.1.1. Market Trends and Opportunities
- 9.6.5.1.2. Growth Prospects
- 9.6.5.2. China
- 9.6.5.2.1. Market Trends and Opportunities
- 9.6.5.2.2. Growth Prospects
- 9.6.5.3. India
- 9.6.5.3.1. Market Trends and Opportunities
- 9.6.5.3.2. Growth Prospects
- 9.6.5.4. South Korea
- 9.6.5.4.1. Market Trends and Opportunities
- 9.6.5.4.2. Growth Prospects
- 9.6.5.5. Indonesia
- 9.6.5.5.1. Market Trends and Opportunities
- 9.6.5.5.2. Growth Prospects
- 9.6.5.6. Thailand
- 9.6.5.6.1. Market Trends and Opportunities
- 9.6.5.6.2. Growth Prospects
- 9.6.5.7. Others
- 9.6.5.7.1. Market Trends and Opportunities
- 9.6.5.7.2. Growth Prospects
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
- 10.1. Major Players and Strategy Analysis
- 10.2. Market Share Analysis
- 10.3. Mergers, Acquisition, Agreements, and Collaborations
- 10.4. Competitive Dashboard
11. COMPANY PROFILES
- 11.1. Accenture
- 11.2. First Quantum (Adastra)
- 11.3. Dawex Systems
- 11.4. Elevondata
- 11.5. EMU Analytics
- 11.6. Gemalto NV (Thales Group)
- 11.7. Infosys
- 11.8. MonetizeMore
- 11.9. IBM
- 11.10. Google
- 11.11. SAP
- 11.12. SAS AB