Dublin, June 18, 2021 (GLOBE NEWSWIRE) -- The "Data Monetization Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for data monetization is expected to reach a CAGR of 15.7% during the forecast period (2021-2026). Data has become a central resource for the majority of the organization to stay competitive by extracting maximum value from various types of data. The exponential growth of IoT devices, growing internet penetration, data accessibility at lower rates, increasing adoption of external data sources is resulting in the generation of big data at an increasing rate allowing businesses to harness this data through advanced analytical and visualization tools for efficient data-driven decision making resulting in increased profitability.
Moreover, data can be monetized directly by selling raw data, or by taking out insights from processed and analyzed data. For instance, big giants like Google monetize data through real-time bidding and continue to optimize their platform's experience by reinvesting data into their platform. Additionally, by analyzing consumer behavior, creating new data-based features such as reviews, suggestions, and personalized content makes more customers come back to the platform.
Furthermore, continuous rise in the volume of enterprise data, increased focus to generate new revenue streams, and a rise in awareness towards the potential benefits of data monetization are also proliferating the growth of the market. For instance, ride-hailing companies such as Uber, Lyft, and Ola use location-based analytics to gather insight about it's customer's data that is extracted from pick-up and drop-off locations. Uber might sell this data to other businesses with user's permission that can be further used by other companies to provide different vouchers, promotions, or discounts, that encourage consumers to spend money on their products.
The spread of the Covid-19 pandemic has impacted all the end-user industries across the globe but in a different manner. Manufacturing has impacted negatively, whereas the need for healthcare has increased. These variations have a noticeable impact on data generated and monetized. With most of the businesses taking the support of online services, work from home practices, customer's indulgence in online platforms have increased hence growing the number of opportunities for data monetization.
For instance, in June 2020, The National Institutes of Health has launched a centralized, secure enclave as a part of National COVID Cohort Collaborative (N3C) initiative to store and study vast amounts of medical record data from people diagnosed with coronavirus disease and is made available to researchers and healthcare providers which is further used for developing treatments.
Key Market Trends
Increasing Volume and Variety of Business Data is Expected to Boost the Market Growth
As per the Cisco Annual Internet Report (2018-2023), Nearly two-thirds of the global population will have Internet access by 2023. There will be 5.3 billion total Internet users (66 percent of the worldwide population) by 2023, up from 3.9 billion (51 percent of the global population) in 2018. This will increase the extent of data generated and thus indicate an upward trend for data monetization.
Moreover, A growing number of M2M applications, such as smart meters, video surveillance, healthcare monitoring, transportation, and package or asset tracking, are contributing in a significant way to the growth of devices, connections and data monetization. By 2023, M2M connections will be half or 50 percent of the total devices and connections.
On the other hand, consumer data has been growing in both structured as well as unstructured formats. The rise of E-commerce and social media has changed consumer buying behavior. Hence, industry players are leveraging this data to improve their business strategies by gaining real-time insights. These insights are generally used to optimize supply chain management, operations, sales, and marketing, etc. For instance, in 2019, Google LLC registered advertisement revenue of 134.81 billion US dollars an increase of 15.76% as compared to 2018, which indicated a rise in advertisements.
Furthermore, the continuously evolving artificial intelligence and machine learning technology, along with IoT, has enhanced the capability of big data as the latter depends heavily on the former for success. For instance, In December 2019, Amazon launched Transcribe Medical, an application that converts patient and physician conversation into digital text format, including advanced clinical terminology, in real-time. EHR and medical data resources can be enriched with precise information generated by Transcribe Medical.
North America is Expected to Hold Major Share
The data monetization market is growing in the region owing to the presence of major companies such as Google LLC, Amazon, IBM Corporation, among others. According to the Electronic Frontier Foundation, Google controls about 62% of mobile browsers, 69% of desktop browsers, and the operating systems on 71% of mobile devices in the world. 92% of internet searches go through Google, and 73% of American adults use YouTube. Google runs code on approximately 85% of sites on the Web and inside as many as 94% of apps in the Play store. It collects data about users' every click, tap, query, and movement from all of those sources and more.
The country, being a significant market for various technologies, has immense demand from almost all the end-users in the region. In the case of the United States, the recent John S. McCain National Defense Authorization Act (NDAA), for the fiscal year 2019, approved the spending of USD 716 billion, of which USD 1.46 billion is dedicated to the country's GPS program which is expected to provide opportunities to data monetization in the region.
Moreover, companies in the region are partnering with technology companies having expertise in data monetization to enhance their offerings better. For instance, GE Healthcare, partnered with clinicians at the University of California, San Francisco to create a library of deep learning algorithms centered around improving traditional x-ray imaging technologies like ultrasounds and CT scans by incorporating a variety of data sets including patient-reported data, sensor data, and numerous other sources to allow physicians to treat patients quickly, cutting costs and also improving outcomes. For this, GE Healthcare's partnership with Amazon Web Services (AWS), which provides the ability to deploy machine learning solutions at scale through the Amazon SageMaker machine learning platform.
The continually growing oil and gas industry in the region is also transforming with the incorporation of the latest technologies such as IoT and thus generate massive amounts of data, which is expected to provide growth opportunities to the market studied.
The data monetization market is highly fragmented due to the presence of both global players as well as small and medium-sized enterprises. Moreover, data monetization is used in various industries for various purposes providing vendors with growth opportunities. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
In January 2020, Cisco introduced an IoT security architecture that provides enhanced visibility across both IT and IoT environments and protects processes. Cisco's new solutions enable the collection and extraction of data from the IoT edge so organizations can increase efficiencies to make better business decisions and accelerate digitization projects.?
In October 2019, SAP SE and Verizon announced a collaboration that will enable applications to process data where it is generated from an assembly line to a retail store shelf, helping businesses save time and increase productivity.
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Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of Impact of COVID-19 on Data Monetization Market
4.4 Market Drivers
4.4.1 Rapid Adoption of Advanced Analytics and Visualization
4.4.2 Increasing Volume and Variety of Business Data
4.5 Market Restraints
4.5.1 Interoperability With Existing Systems
4.5.2 The Varying Structure of Regulatory Policies
4.6 Market Challenge
4.6.1 Increasing Complexities in Data Structures and Availability of Consistant Data
5 MARKET SEGMENTATION
5.1 By Deployment Mode
5.2 By Organization Size
5.2.1 Small and Medium-Sized Enterprises
5.2.2 Large Enterprises
5.3 By End-user Industry
5.3.1 Banking, Financial Services, and Insurance
5.3.2 Telecom and IT
5.3.6 Others (Transportation and Logistics, Energy and Utilities)
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Accenture PLC
6.1.2 Adastra Corporation
6.1.3 Cisco Systems, Inc.
6.1.4 Dawex Systems SAS
6.1.5 Emu Analytics Ltd.
6.1.6 Gemalto NV
6.1.7 Google, Inc.
6.1.8 IBM Corporation
6.1.9 Infosys Limited
6.1.10 Ness Technologies, Inc.
6.1.11 NetScout Systems, Inc.
6.1.12 Openwave Mobility, Inc.
6.1.13 SAP SE
6.1.14 SAS Institute
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
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