The global market for data monetization is deriving growth from the augmenting volume of data piling up in enterprises across a number of industries. By effectively releasing the important financial value, which is held by data in the enterprise systems of an organization, data monetization has created a niche for itself in the global market.
Nowadays, when companies are focusing aggressively on creating novel opportunities for growth and revenue generation, the preference for data monetization solutions is rising across industries since these solutions are available with anonymization and collection of data into an ethically and legally acceptable form.
The declining costs of data storage, increase in the volume of under-utilized data and information in enterprise atmosphere, and the growing importance of new streams for the generation of data revenue from the ever-rising data volume of organizations across a number of industries are likely to boost the growth of the worldwide market for data monetization in the forthcoming years.
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Latin America, Asia Pacific, Eastern Europe, Western Europe, the Middle East and Africa, and North America have surfaced as the prime regional markets for data monetization across the world. With a high volume of enterprise data, North America is anticipated to lead the global market in the near future.
Increasing large volume of enterprise data generated by organizations across various industries, is the key factor contributes the growth of global data monetization market. Data monetization is the process of unlocking the significant financial value held by the data in an organization’s enterprise systems. Data stored in an organization’s enterprise systems is valuable to their employees, also the same data may be valuable to business partners and customers. The process of converting the unused/unstructured large volume of enterprise data into valuable insights and monetizing the data to in to currency or exchange of service is called data monetization. Data monetization can help organizations to reduce costs or increase revenue by investing in analytics platform which converts unstructured data into valuable insights based on the requirements. For example, if a telecommunication company has large volume of information, either the company can sell the data by converting the data into valuable insights or charge a fee for the ability to access and analyze the data. An effective data monetization output is based on the factors, such as technology factor, business factor, and execution factor.
Today’s enterprises are continuously focusing on create new opportunities for revenue and growth, since, data monetization solutions are available with anonymization& aggregation of data into a legally & ethically acceptable form, preference for data monetization solutions is increasing across industries. Decreasing data storage coasts, increasing large volume of under-utilized data in enterprise atmosphere , and growing importance generate new data revenue streams from the ever increasing data volume of organizations across various industries, are the prominent factors drives the growth of global data monetization market. Additionally, rapid technological advancements in Big Data and analytics solutions, and expanding internet of things (IoT) applications coupled increasing volume of sensor data accelerates the growth of global data monetization market. Also growing trend on monetizing customer data to upstream cash flow by various telecom service providers, further fuels the growth of global data monetization market. However, confusion related to privacy and security issues and lack of understanding about the potential benefits of data monetization, are the factors identified as restraints likely to deter the progression of global data monetization market.
The global data monetization market is segmented on the basis of component, industry vertical, and by region. On the basis of component, the global, the global data monetization market can be segmented into software and services. On the basis of industry vertical, the global data monetization market can be segmented into telecommunication & IT, media & entertainment, e-commerce & retail, healthcare, manufacturing, travel & logistics and others. Regionally, the global data monetization market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan and Middle East & Africa.
Among all region, data monetization market in North America is expected to dominate the market, due to expanding volume enterprise data across various industries and increasing preference for data driven business strategies. . In terms of revenue, Asia Pacific is identified as the fastest growing data monetization market, due expanding telecommunication sector and growing preference IoT solutions across various industries.
Some of the prominent vendors in the global data monetization market, includes SAP, Accenture, Comviva Technologies Limited (Mahindra Comviva), Adastra, Redknee Inc., Monetize Solutions, Inc., Viavi Solutions Inc., Allot, ALC, and Reltio
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