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Global Data Monetization Market Size to grow by US$ 12.47 Bn in 2030

The global data monetization market is projected to grow USD 12.47 Billion in 2030, at a CAGR of 19.4%. Due to the fact that the data created by these sources is stored in multiple forms at numerous physical locations, timely access to data is a challenging procedure. Cloud, Software-as-a-Service (SaaS), and Internet of Things (IoT) advancements are contributing to massive amounts of data. As a result, managing and integrating data from diverse sources is essential if you want real-time data availability. Solutions for data monetization have advantages including better decision-making and a variety of ways to monetize the available data to discover new revenue streams. These are a few of the key elements that are anticipated to fuel the market for data monetization's overall expansion.

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New technologies have arisen that provide their clients predictive and prescriptive information, enabling them to make judgments about cost reduction by streamlining their business operations. Customers receive the most value from this method of data monetization, which also enables product teams to develop and expand actionable analytics apps and combine them with other applications. Despite the decline in the world economy, the COVID-19 epidemic has had no detrimental effects on the growth of subscription businesses, which is about 50% of them.


The goal of data monetization is to maximize revenue from available data sources. It manages data produced by corporate processes, technological devices, and sensors. Companies can use these data to generate insightful new business categories. The rise of cutting-edge technologies like artificial intelligence (AI), big data from the Internet of Things (IoT), and cloud computing has opened up new commercial opportunities. Several players have made investments in data monetization due to its capacity to synthesize and incorporate countless data sets, IoT records, and the ability to use advanced analytics and artificial intelligence.

The market is expected to grow as a result of a number of factors, including increasing enterprise data volume, awareness of data monetization, and external data sources. Additionally, the adoption of data-driven decision-making methodologies, improvements in big analytics, and increased utilization of artificial intelligence and data processing, among other factors, are anticipated to fuel growth over the forecast period.

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Massive volumes of data, including consumer demographics, product preferences, and sales success, are increasingly being collected by digital technology. The globe will quickly adopt 5G technology on a large scale. It produces enormous amounts of data that can be leveraged to provide insightful data despite having more computational power. Data from diverse data sources are being generated on a massive scale. The usage of data has developed and is now recognized as a crucial component of any company's digital transformation, whether it be Fitbit, Google, or Facebook.


The large enterprises segment is expected to dominate the market share of global data monetization market owing to growing influence of powerful international corporations. Companies that have made a significant impact in the retail, BFSI, and telecoms verticals are present in the data monetization market. The retail segment is expected to dominate the market share of global data monetization market owing to due to growing popularity of e-commerce. E-commerce players are using data monetization strategies more frequently to sell data or work with businesses to analyses data and utilize it to increase sales.


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North America region is expected to dominate the market share of global data monetization market owing to usage of data by banks and other financial organizations in this region to market new services and generate net new revenue streams. This is a result of the presence of significant players in the area.


KEY INDUSTRY DEVELOPMENTS:


  • January 2022- Optiva announced long-term strategic alliance with Google Cloud to support telecom operators and service providers in accelerating their digital transformations and migration to the private and public cloud, as well as edge deployment.


  • August 2021- Adastra and PaymentComponents has made a strategic partnership has been formed to allow Open Banking and Payments Capabilities in Canada and the USA.


Read More Details On This Report: https://www.extrapolate.com/Information-Technology-Communication-IoT/data-monetization-market/26032


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