by The global data monetization market is poised for significant expansion, driven by the exponential growth in data volumes stemming from the increasing digitization and the adoption of cutting-edge technologies such as Internet of Things (IoT), machine learning, and Artificial Intelligence (AI). As the world becomes increasingly connected, devices linked to the internet are contributing significantly to the generation of vast amounts of data. However, the challenge lies in managing and decoding this data, particularly in unstructured formats. Companies are now recognizing the imperative need to manage and integrate data from diverse sources to gain real-time insights, and this is fueling the demand for data monetization solutions.
Unlocking the Power of Data
Data has always played a pivotal role in driving digital transformation across businesses. Organizations are now turning to data monetization solutions and tools to harness valuable insights and generate new revenue streams from various data sources. These solutions are adept at modulating and integrating both structured and unstructured data, ultimately providing actionable insights. This presents substantial opportunities for solution vendors offering data monetization services, with the trend set to proliferate across industries such as banking, insurance, telecom, retail, healthcare, manufacturing, logistics, and transportation, thereby contributing to the growth of the data monetization market.
Analytics-Enabled Platform as a Service Gains Momentum
One of the methods expected to gain significant traction in the data monetization landscape is analytics-enabled platform as a service. This approach offers the flexibility needed for effective data monetization. It empowers organizations to gain real-time insights into consumer behavior and is highly compatible with cloud-based solutions, accommodating a wide range of data formats. By deploying this method, businesses can provide data-driven services, optimizing processes, and delivering substantial cost savings. For example, GEs Predix platform enhances machine efficiency by offering data-centric services, allowing customers to access prescriptive and predictive analytics regarding maintenance, usage, and other critical parameters.
Asia Pacific: A Promising Market
The Asia Pacific region is set to showcase an optimistic scenario for the data monetization market. Emerging economies in the region have embraced dynamic and advanced technologies, seeking to enhance routine operations and productivity. The commercialization of technologies like big data, AI, and IoT across various industries has been instrumental in driving market growth. Financial service institutions in Asia Pacific possess vast amounts of invaluable data that can be monetized. By digitizing data, these institutions can bolster their digital competency and create potential external revenue streams. Regulatory bodies in the region are also focusing on improving data quality and security, further paving the way for the data monetization markets growth.
Competitive Landscape
Leading players in the data monetization market include Accenture PLC, SAP SE, TIBCO Software, Microsoft Corporation, Oracle Corporation, Sisense Inc., Virtusa Corporation, Cisco Systems Inc., IBM Corporation, Google, Infosys Limited, Gemalto NV, and Monetize.
As the global economy continues to evolve in the digital age, data monetization is becoming a critical driver of innovation and revenue generation. Organizations that effectively harness the power of their data are poised to thrive in this data-driven landscape.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/data-monetization-market
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This press release first seen on Brilad
COMTEX_442041514/2840/2023-10-17T20:07:23
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.