The global data monetization market is expected to generate $9,421.4 million revenue by 2030, advancing at a considerable rate of 18.2% during 2021–2030. The major factors influencing the market include an increase in the volume of data generated and a decrease in the cost of data storage, as a consequence of technical advancements. Furthermore, the growing usage of advanced analytics and visualization is also propelling the market expansion.
Analytics-as-a-Service Method Leads the Market
The analytics-as-a-service method accounted for around 40% of the market share in 2021, and the category is predicted to maintain its position, by growing at a CAGR of 21.0%, during the forecast period as well. However, embedded analytics is also one of the significant methods used by end users to monetize data. This is because it reduces unavoidable losses, enables uninterrupted operations to save expenses, and gives real-time information to improve efficiency, all of which have a favorable impact on the market growth in this category throughout the analysis period.
BFSI Sector Is the Largest End User in the Market
BFSI is the largest end-user category, which accounted for around 23% of the market revenue in 2021, and it is expected to grow at a CAGR of more than 20.8% during the forecast period. This growth can be largely attributed to the monetization of payment data.
Furthermore, the healthcare sector is also expected to gain momentum, rising at a CAGR of more than 15%, during the forecast period, owing to the massive amount of data generated in the industry. This data is not precisely generated by measuring health but might be associated with it. For instance, companies, such as Amazon, Google, and Apple, through their products track individual health data related to physical activity, heart rate, etc. Moreover, the COVID-19 pandemic has accelerated this trend.
Large Enterprises Are Larger Share Holders in the Market
Large enterprises dominate the market, holding more than 70% revenue share in 2021; whereas, the SMEs category is projected to witness a higher growth rate in the coming years. This growth can be attributable to the increasing adoption of data monetization solutions by SMEs, to sustain in the competitive market.
North America Leads the Market
The North American data monetization market generated around 35% revenue share in 2021, with the U.S. leading the regional market. Whereas, the APAC market is projected to witness the fastest growth, propelling at a CAGR of 22.3%, during the forecast period, with China and India being the leading markets in the region. The growing telecommunications sector and the rising preference for IoT solutions across industries are expected to generate massive amounts of data. As a result, promoting the usage of data monetization solutions in the region.
Technological Innovations Are Driving the Market
In recent years, data monetization companies have been involved in technological advancements to improve their market position. For instance:
- In May 2022, ThoughtSpot announced an update to the organization’s platform with new capabilities, including new Liveboard capabilities, CodeSpot, ThoughtSpot Sync, Bring Your Own Charts, and multiple new SpotApps.
- In April 2022, Google integrated Looker and both Connected Sheets and Data Studio to form a more unified BI platform called Big BI.
Major players operating in the data monetization market include Microsoft Corporation, IBM Corporation, Oracle Corporation, Salesforce, SAS, TIBCO, Qlik, SAP, Looker, and ThoughtSpot.