Data Monetization Market size was valued at USD 6.8 billion in 2022 and is poised to grow from USD 7.53 billion in 2023 to USD 16.98 billion by 2031, growing at a CAGR of 10.70% during the forecast period (2024-2031).
The data monetization market has been witnessing considerably growth in the past years owing to the growing importance of data in decision-making and operational efficiencies. The key factors driving the market comprise increased proliferation of IoT devices, rising focus on data-based strategies in various industries, and improvements in big data analytics. Moreover, the growth of DaaS, integration of AI in data analysis, and regulations and privacy considerations are a few factors impacting the market progress. Also, as companies are growing data-centric, the market is anticipated to continue expansion in the coming years.
DaaS or data-as-a-service enables businesses to offer their information as a service to others, allowing easy access to more insights without needing exhaustive and costly data infrastructure. This democratizes access to data, enabling small businesses to avail big data analytics with no major upfront investment. It encourages collaboration in industries and drives innovations by increasing the availability of data for analysis. Furthermore, growing regulations like CCPA and GDPR are triggering the focus of businesses toward data monetization approaches that emphasize data protection and user consent. Businesses are actively developing strategies to confirm compliance while seeking approaches to monetize data. This comprises adopting a strong consent management architecture, anonymizing data, and maintaining transparency for data use.
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Rise of AI-Based Predictive Analytics Solutions and Focus on Ethical Practices to Aid Market Growth
The growth of AI-based predictive analytics technologies has notably changed how companies monetize data. These solutions enable organizations to predict trends, market dynamics, and user behaviors more precisely. Businesses can use predictive analytics to customize their services, and enhance pricing strategies, and consumer experiences, resulting in increased revenue. This trend is mainly prevalent in marketing, finance, and retail, where comprehending user behavior is important for success. Also, there is an increased emphasis on ethical practices for data monetization with companies becoming aware of the importance of consumer trust and responsible use of data. Businesses are presently implementing an architecture that confirms transparency in data usage and collection, comprising gaining explicit consent from consumers.
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- In August 2024, Oracle announced the availability of an all-inclusive customer experience management product, named ‘Oracle Communications Digital Business Experience’. This offering efficiently drives revenue at nearly every process of the journey of customer. It is specially engineered to allow telcos to leverage the full potential of their automation and AI innovation by housing customer service and experience features in one platform.
- In June 2024, Salesforce announced novel competencies for Revenue Lifecycle Management, enabling organizations to automate and scale the whole quote-to-cash sales procedure like fulfilling order, quoting orders on a simplified platform for finance, sales, and legal teams.
- In November 2023, Microsoft Advertising introduced a novel analytics dashboard to assist publishers evaluate their advertising revenue efficiently. The new dashboard named, ‘Monetizing Insights’ is accessible on the supply side platform, called Microsoft Monetize. It offers performance capabilities and intelligence like comparison charts and graphs, filters for examination, and contextual bid rejection information.
This report covers the following segments:
- A. Component
- Tools
- Services
- B. Data Type
- Customer Data
- Product Data
- Financial Data
- Supplier Data
- C. Business Function
- Sales And Marketing
- Supply Chain Management
- Operations
- Finance
- Others
- D. Deployment Type
- Cloud
- On- Premises
- E. Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
- F. Industry Vertical
- Banking, Financial Services, and Insurance
- Telecommunication
- Consumer Goods and Retail
- Information Technology
- Healthcare
- Manufacturing
- Media and Entertainment
- Transportation and Logistics
- Energy and Utilities
- Others
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The report covers the following players:
- Microsoft (US)
- Oracle (US)
- Salesforce (US)
- SAS (US)
- TIBCO Software (US)
- IBM (US)
- Qlik (US)
- SAP (Germany)
- ThoughtSpot (US)
- Sisense (US)
Implications and Insights to Considerably Revolutionize Data Monetization in Future
The data monetization market is speedily changing, supported by the leading trends and developments that improve the importance and essence of value obtained from data assets. The growth of collaborative frameworks and marketplaces streamline unbroken exchange of data, while AI-based predictive analytics authorizes businesses to take wisest decisions. In addition, the rising emphasis on ethical practices highlights the significance of consumer trust in data networks.
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