Data Monetization Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2027
The Data Monetization Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period, to reach USD 7.3 billion by 2027 from USD 2.9 billion in 2022.
The services aid organizations in gathering and analyzing data for improving the decision-making process, building effectiveness, and reducing costs.
Data monetization providers offer a complete range of services to organizations to conduct different activities required for their business functions. As the data monetization market is expected to grow, the demand for services is also expected to increase. Therefore, data monetization service providers are focusing on delivering dedicated services by understanding buyer demands and needs. The support and maintenance services help in the smooth functioning of deployed data monetization tools by supporting different activities, such as fault handling, product enhancement, product development, and system integration.
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Consulting services enables user to gain deep insights into its data assets which further helps in its business growth
Consulting services help in defining deployable use cases for achieving better business performance. Hence, the consulting segment is predicted to be an important contributor to the overall revenue of the services segment.
Unique Features in the Data Monetization Market
Treating data as a valuable strategic asset as opposed to merely an operational result is the foundation of data monetization. Enterprises endeavour to derive value from their data by investigating novel avenues for revenue generation and commercial prospects.
Data monetization frequently uses sophisticated analytics and data processing methods to extract the most value. Predictive analytics, machine learning, and other techniques for extracting useful information from datasets fall under this category.
Data privacy and compliance are essential to data monetization because of the sensitivity of the data. Effective approaches place a high priority on using data in an ethical manner, adhering to legal requirements, and fostering consumer trust in the use of their data.
To aid with data monetization initiatives, specialised platforms and solutions have evolved. These platforms streamline the process for organisations by providing tools for pricing, distribution, packaging, and data discovery.
A crucial component is API (Application Programming Interface) monetization, which enables businesses to grant restricted access to their datasets and services. This makes it possible for outside developers to create apps or incorporate data into their products.
Subscription-based access to datasets or analytical services is a feature of some data monetization schemes. Businesses that offer useful data products might benefit from a steady cash stream thanks to this recurring revenue model.
Major Highlights of the Data Monetization Market
Companies in a variety of sectors are actively looking for ways to monetize their data in order to generate extra revenue streams as they have come to understand the significance of this strategic asset.
Data monetization tactics have become increasingly industry-specific as businesses have customised their methods to take use of unique datasets and deal with particular problems in industries like telecommunications, healthcare, and finance.
Data monetization initiatives have placed a strong emphasis on the value of data privacy and compliance. Building consumer trust with ethical data practices and strict adherence to data protection legislation are top priorities for organisations.
It is more common to include machine learning and sophisticated analytics into data monetization initiatives. These technological advancements augment the capacity to derive significant understandings and forecasts from datasets.
Organisations may now securely share and monetize data with one other thanks to the emergence of platforms and exchanges devoted to data collaboration. These platforms facilitate advantageous data relationships.
The expansion of Internet of Things (IoT) devices has created new avenues for data generated to be monetized. Industries are looking into methods to profit from the insights that come from IoT devices.
The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Microsoft, Oracle, Salesforce, SAS, and TIBCO have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the data monetization market.
Microsoft focuses on both organic and inorganic business growth strategies to strengthen its position in the market. As part of its organic growth strategies, the organization focuses on product innovations to gain an advantage over its competitors. Microsoft will be a prominent player in the global data monetization market during the forecast period, with its continuous focus on becoming an exclusive vendor in the market. In June 2020, the company partnered with SAS to become the preferred cloud service provider and integrate SAS’s various products with Microsoft’s cloud portfolio. It invests a substantial part of its annual revenue in R&D in enhancing and upgrading its products and services in the data monetization market.
Oracle Monetization Cloud offers robust rating, discounting, billing, and invoicing capabilities and complies with standards such as ASC606 and IFRS15. The company introduces new features and functionalities in its existing offerings through multiple upgrades to offer enterprises the benefits of latest technologies and innovations in the market. It offers robust offerings to monetize the digital economy, has diversified geographic presence in over 175 countries across the globe, and has strong focus on R&D helps strengthen product and service portfolios. The company easily expands its reach worldwide through its partner network. It focuses mainly on organic growth strategies to sustain and grow in the data monetization market. For instance, in November 2019, Oracle announced a new cloud-native deployment option for BRM. These strategies enable Oracle to maintain a leading position in the data monetization market. Furthermore, strong financial performance, heavy investment in R&D, and strong direct and indirect sales channels are expected to strengthen the company’s market position in future.
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