Data analytics continues to become more pervasive with businesses aiming to leverage consumer data to improve bottom-line. The bulk of data that is being generated from offline and online platforms is being utilized by enterprises to monitor operation and analyse consumer actions. Such data is typically retrieved for understanding trends, opportunities and patterns. However, the task can be quite complicated and may require external assistance. Data broker products are emerging as the go-to solution for such complex analytic requirements. Moreover, moderate regulations on data protection provisions a freehand collection, selling and exchange of data pertaining to details of individuals. Data brokers assist their clients in analyzing the buying pattern of the customers by providing them vital customer data. This, in turn, enables organizations to better plan marketing strategies and identify potential customers. The aforementioned factors are expected to create lucrative business opportunities for data brokers in the near future. A recent report published by Transparency Market Research (TMR) reveals that the global data broker market is set to exhibit a robust CAGR of 11.5% during the forecast period (2017-2026).
North America will remain at the Forefront of Global Data Broker Market Over 2026
North America is expected to remain the most attractive market for data brokers throughout the forecast period. Increased use of data in business applications in both the U.S. and Canada is likely to augur well for the prospects of data brokers operating in the region. The data broker market in the region is expected to accounts for a significant share of the global market and the trend is expected to continue beyond 2017. The region’s market is projected to witness a strong growth in the forthcoming years. Meanwhile, Europe and Asia Pacific excluding Japan (APEJ) are likely to remain the other key markets for data brokers during the assessment period. Rising level of awareness about the imminent benefits of having a robust database is driving the demand in various end-user industries.
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Consumer Data Emerges as the Leading Data Category
On the basis of data category, the consumer segment will remain highly lucrative over 2026. The segment currently accounts for nearly 36% revenue share of the market. Demand for consumer related data is consistently increasing from various commercial sectors. For business, gathering and maintaining consumer data has become extremely crucial for developing growth strategies. Consumer data allows customer-facing businesses to track latest market trends and understand consumer purchasing pattern. Consumer data may include customer’s email address, contact details and other pertinent online and offline activities. Business are buying consumer data that may reveal an individual’s interest areas in order to understand his/her requirements. Consumer data also helps brands to determine the practicality of marketing particular products to a target group.
Preference for Structured Data Continue to be High
Based on data type, the structured segment currently accounts for the largest share of the market. Between 2017 and 2026, the segment is projected to exhibit a CAGR of 13.9%. For the most part, structured data offers information that is organized and comprehensive. Moreover, the information present is seamless and readily searchable by simple search tools. In the unstructured format, the compilation is usually uncordial and might consume additional time for information segregation.
Leading companies operating in the global data broker market include Acxiom Corporation, Experian Plc, Equifax, Inc., CoreLogic, Inc., TransUnion LLC, Oracle Corporation, Lifelock, Inc., H.I.G. Capital, LLC, PeekYou LLC, TowerData Inc., Alibaba Group Holdings Limited, Bloomberg L.P, Datasift Inc., Fair Isaac Corporation (FICO), RELX Group Plc., Moody’s Corporation, Nielson Holdings PLC, Thomson Reuters Corporation, Wolters Kluver N.V., Ignite Technologies, Inc., HG Data Company, IBM Corporation, Morningstar, Inc., Qlik Technologies Inc., and IHS Markit.
Rising Use of Data Analytics Promotes the Expansion of Data Broker Market
In recent few years, there is remarkable growth in the use of mobile devices. This scenario has resulted into the generation of massive amount of consumer data, which can serve as a great tool for boosting many businesses across the globe. With growing awareness about this fact, many worldwide enterprises are increasing interest in using these data from digital as well as non-digital platforms in order to designing their business marketing strategies. This scenario is creating prodigious expansion avenues for vendors in the global data broker market.
Many customer-facing businesses today are inclined toward the use of data analytics to gain knowledge on changing consumer behavior, purchasing patterns, trends, and growth avenues. As this is a complex task, many enterprises are taking assistance from professionals in this field. Thus, there is remarkable growth in the use of data broker products to perform complex analysis of huge volume of data. The data gathered by data brokers is not just utilized to gain critical customer data but also for operation management and for keeping track of potential buyers.
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Owing to extensive applications of this collected data in many developed regions such as North America, the vendors working in the global data broker market are projected to experience lucrative avenues in the forthcoming years. The North America data broker market is also expected to gain the advantage of growing adoption of advanced technologies in the region.
The recent COVID-19 pandemic has impacted negatively on the overall growth of many sectors including the global data broker market. Many players working in the global market for data broker are experiencing declined sales as well as disruption in regular operational activities due to lockdowns imposed by many government authorities across the globe. Major companies in the global data broker market are growing focus toward strategizing their business moves in order to recover from this critical situation. Owing to this, the global market for data broker is likely to bounce back in the upcoming few months.
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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