Data Monetization Market Outlook by Method (Analytics-as-a-Service, Embedded Analytics, Insight-as-a-Service, Data-as-a-Service), Component (Software, Services), Deployment Mode (On-Premise, Cloud), Enterprise Size (Large Enterprises, SMEs), End-User Vertical (BFSI, Telecommunications & IT, Manufacturing, E-Commerce & Retail, Healthcare, Energy & Utilities) – Forecast to 2030

Market Overview

The global data monetization market size was valued at $2,092.5 million in 2021, and it is expected to advance at a CAGR of 18.2% during 2021–2030, to reach $9,421.4 million by 2030. The major factors credited for the growth of the market include the huge volume of data generated and decreased cost of data storage, as a result of technological advancements. Moreover, the rapid adoption of advanced analytics and visualization solutions is also driving the market growth.

Analytics-as-a-Service Is Preferred Method for Data Monetization

The analytics-as-a-service method accounted for the largest market share of around 40% in 2021, and the category is also expected to maintain its dominance in the coming years, with a share of above 50% by 2030. This is owing to its flexible nature, which provides data analytics in real-time with the help of business intelligence and analytics platform.

Embedded analytics is the second-largest revenue-generating method in the market, and the category is likely to advance at a CAGR of 17.4% during the forecast period. This is because developers are using embedded analytics in their applications to increase customer satisfaction and offer more robust, visually appealing analytics functions, along with leveraging competitive advantage so as to offer innovative services to their customers and upscale their market position. The most popular use cases of embedded analytics include reporting, data analytics, predictive analytics, machine learning, and data discovery. Moreover, enterprises are largely embedding analytics in their ERP and CRM applications.

The insight-as-a-service method of data monetization accounted for more than 15% of the market share in 2021. This is owing to the increasing trend of big data analytics, cloud computing, and customized insights, and the evolution of the IoT sector along with the swelling market competitiveness and the growing necessity for customer management. Furthermore, firms are focusing on providing specific services in order to offer better customer experience, and attaining operational efficiency at a lower cost and reduced time are also increasing the need for insights services in the data monetization market.

BFSI, Telecommunications & IT, and Manufacturing Sectors Are Major End Users in the Market

The BFSI sector is the largest end user of data monetization solutions, contributing around 23% of the market share in 2021, owing to the increasing number of accounts in banks as well as other financial institutions, resulting in the daily generation of massive amounts of data. Moreover, the payments data monetization trend is driven by the evolving customer expectations, growing margin pressure and competition, and migration to real-time payment infrastructures and ISO 20022, is also boosting the market growth.

The telecommunications & IT sector is the second-largest end user in the market, which accounted for around 19% share in 2021, and the category is expected to witness a growth rate of approximately 20% during the forecast period. This growth can be attributed to the increasing volume of data flowing through telecom networks, as a result of the rising number of smartphones and other mobile devices. Also, telecom operators are using data monetization to reduce customer churn rate.

The manufacturing sector has also been using data monetization largely after the advent of Industry 4.0. Moreover, manufacturing companies gained access to large amounts of data. This data, when combined, can provide breakthrough insights for the transformation of their manufacturing systems. For instance, Rolls-Royce fitted engines with sensors to capture data and analyze it in real-time so as to provide aftersales services and support for its aircraft engines to its customers.

Market Outlook Based on Enterprise Size

Large enterprises accounted for a market share of more than 70% in 2021, as they are continually adopting new and developed technologies, in order to get a larger market share and boost overall production and efficiency. Moreover, large corporations have large corporate networks and numerous revenue streams. As a result, they generate a massive amount of data. Whereas, the SMEs category is projected to witness a higher CAGR, of 22.7%, during the forecast period, owing to the large numbers of startups that utilize data analytics for business decisions.

Regional Outlook

The North American data monetization market generated around 35% revenue share in 2021, due to the rise in the penetration as well as the adoption of data monetization services, software, and platforms, and the presence of a large number of data providers in the region.

In North America, the U.S. is a larger revenue contributor with a maximum number of data monetization vendors headquartered in the country. However, the Canadian market is expected to grow significantly at a CAGR of 13.9% during the forecast period. This can be ascribed to the surging integration of digital technologies into organizational processes across industries and the increasing need for data monetization solutions to acquire actionable insights from massive volumes of data generated by digitized business operations every day.

On the other hand, the APAC market is projected to gain momentum at a CAGR of 22.3% during the forecast period. The increasing adoption of digital services, such as IoT, mobility, AI, cloud, and over-the-top services, and the rising investments in technological updates in the region are the major factors boosting the market growth.

China is the largest revenue generator in the regional market, holding a share of around 40% in 2021, and the country market is likely to project the fastest growth, advancing at a CAGR of 27.6%, during the forecast period. This is attributed to the presence of a large number of MSMEs and major firms, as well as the constant digitization of business processes, and the increase in the volume of data generated every day. The growing enterprise rivalry is also pushing organizations to capitalize on the value of data, which, in turn, increases the adoption of data monetization solutions.

India is also one of the significant economies in the region, which is expected to capitalize on data monetization, owing to the favorable government regulations. For instance, in February 2022, the national government published a policy ‘Draft India Data Accessibility & Use Policy 2022’ for all the data collected, generated, and stored by every government ministry and department, under which all the data will be open and shareable barring certain exceptions.

Also, the Ministry of Electronics and Information Technology (MeitY) has floated a contemporary draft coverage known as the ‘National Data Governance Framework Policy’, which recommends that non-public firms be stimulated to share non-personal information with startups and Indian researchers via a proposed initiative known as the India Datasets program.

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Key Strategic Developments of Market Players

In recent years, major players in the data monetization market have been actively involved in launching innovations in their products and geographical expansions, along with other developmental activities to enhance their capabilities and offerings. For instance, in December 2021, Larsen & Toubro Infotech launched Fosfor, the Data-to-Decision platform to help companies monetize data.

Key Players in the Data Monetization Market Are:

• Microsoft Corporation
• Oracle Corporation
• Salesforce
• SAS
• TIBCO
• IBM Corporation
• Qlik
• SAP
• Looker
• ThoughtSpot

Market Size Breakdown by Segment

The study offers comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Method

• Analytics-as-a-Service
• Embedded Analytics
• Insight-as-a-Service
• Data-as-a-Service

Based on Component

• Software
• Services

Based on Deployment Mode

• On-Premise
• Cloud

Based on Enterprise Size

• Large Enterprises
• SMEs

Based on End-User Vertical

• BFSI
• Telecommunications & IT
• Manufacturing
• E-Commerce & Retail
• Healthcare
• Energy & Utilities

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific (APAC)
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  •  Saudi Arabia
  • South Africa