Data monetization is the process of transforming the large unstructured volume of enterprise data into valuable insights for drawing economic value or exchange of service. Data monetization is the use of data assets for generating value to an organization. Monetization can be carried out in two ways: indirectly and directly. The large amount of data generated can be packaged into data products and sold (direct monetization) or processed to extract insights (indirect monetization) and can be used to support business decisions. The data monetization market has been expanding due to the increase in volume of data across a number of industries. Monetization of data has led to realization of the significant financial value, which is held by data in any organization. This has created a niche for data monetization in the global market. The market for data monetization is expected to expand to reach US$ 708.86 Bn by 2025 at a CAGR of 21.4% during the forecast period.
Data monetization is helping organizations to reduce costs or increase revenue by investing in an analytics platform, which converts unstructured data into valuable insights from the real-time data streams. For example, a telecommunication company with large volume of information can either sell the data by converting it into valuable insights or charge a fee for the ability to access and analyze the data.
The data monetization market is driven by the increase in data volume as well as enhanced capabilities to collect a wide range of data types. Large amount and variety of data is available with companies. Therefore, companies are more focused on utilizing this data in their business processes in order to enhance the processes and identify or estimate future trends. The global data monetization market is anticipated to expand significantly during the forecast period, due to the strong adoption of data monetization by mobile carriers and the BFSI sector. The mobile data traffic increased nearly 40 times from 2008 to 2015. The revenues associated with it tripled during the period. Additionally, many companies are inclined toward the use of data monetization in order to attain enhanced customer experience and expand market reach at a fast pace.
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Globally, telecom operators are facing competition due to the gradual loss of their core infrastructure revenues. The emergence of Over-The-Top (OTT) services has led to the gradual loss of top line revenues of communication service providers (CSP). Thus, the need for a strong infrastructure setup has grown significantly. However, concerns related to data privacy and ownership are relatively high. This is a major factor affecting the large-scale monetization of big data. The framework for the collection of personal data is fragmented based on national and regional laws & regulations that govern the extent of permissible processing/analysis and transfer to third parties with and without consent.
Rapid advancement in big data and analytics solutions is a key trend boosting market growth. Monetizing utility data is likely to be the next logical step in the evolution of data generated from automation technology in sources such as connected home and smart utility meters. Through the use of smart meter data, utility companies have high possibility of improving operational cost structure, customer experience, and overall performance. For instance, Google’s smart thermostat product, Nest, monetizes the collected data by providing it to utility providers.
Based on component, the report segments the market into platform, software (standalone and suite), and services (professional service and data as a service). Based on method, the market has been bifurcated into direct monetization and indirect monetization. In terms of industry vertical, the market has been divided into telecom, e-commerce & retail, BFSI (consumer finance/banking, business banking, capital markets, and insurance) healthcare, travel & logistics, and others. Based on application, the market has been split into sales & marketing, supply chain management, capital asset management, remote equipment monitoring, and others. The report provides in-depth segment analysis of the global data monetization market, thereby providing valuable insights at the macro as well as micro levels.
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The report also highlights the competitive landscape of the global data monetization market, positioning all the major players according to their presence in different regions of the world and recent key developments initiated by them in the data monetization market. The comprehensive data monetization market estimates are the result of an in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, and technological factors along with the current market dynamics affecting the data monetization market.
This report provides all the essential information required to understand the key developments in the data monetization market, growth trends of each segment, and region. It also includes companies’ strategies, financial information, SWOT analysis, and developments under the company profile section. Furthermore, the report provides insights related to trends and their impact on the market. Porter’s Five Forces analysis explains the five forces, namely bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition. The report also provides the comprehensive ecosystem analysis for the data monetization market. It explains the various participants including software & platform vendors, system integrators, data providers and data marketplaces within the ecosystem of the market.
