The figures are estimated to reach 118 zeta bytes of acquired data by the end of 2022.Įnterprises collect diverse types of data, which are further analyzed to generate insights within the business. Increasing Practice of Data Generation and Data Collection within Businesses to Drive the Market GrowthĪccording to Internet Live Stats and IDC, 1.134 trillion megabytes of data were generated every day in 2021. CITO Research claims that a partnership with a third-party analytics platform provider enables the company to embed collateral, content, and media alongside visuals and raw data. According to IDC, 95% of organizations are predicted to digitally engross some sort of private data KPIs by 2023. The successful monetization of data contains integrating coherent analytics with an existing product or sharing the data as a standalone data product. These included identifying appropriate data, valuing its utilization and costs, and developing strategies to exploit data valuation. Another prospect of the monetization is to categorize data insights and certain models to implement the data in specific markets.Īccording to Baker McKenzie review on data monetization trends, the company profiled three instances that enterprises follow to improve monetization. Chief officials around the world are recognizing the immense value of data to implement sensors, with an expectation for real-time analytics, which should boost the market for private data. Increasing Demand for Private Data and Analytics by Emerging Industries to Fuel the Market Growthĭata monetization gave rise to trends such as Big Data, Artificial Intelligence (AI) tools and platforms, IoT, and aided sensor networks embedded into physical objects to surge the demand for edge computing software architecture. Request a Free sample to learn more about this report. The pandemic exhibited a positive impact on the market and is estimated to exhibit speedy growth in the upcoming years. Hence, the COVID-19 crisis introduced industries to massive amounts of data, which can be utilized to generate income and revenue. The airlines, in order to secure the loan, deployed the ‘AAdvantage Frequent Flyer’ program under CARES act and retailed flying data to impel fund generation. government to ride out the plunging wave of industrial shutdowns and unemployment due to the COVID-19 pandemic. However, as remote working and virtual reality gained traction, it provided the boost needed to further enhance the market by enabling SMEs to retail private data and business insights to generate income and revenue.įor instance, in September 2020, American Airlines loaned USD 5.5 billion from the U.S. This slightly hampered the data monetization market growth by reducing the flow of data being gathered and implemented for further utilization. The COVID-19 pandemic amplified the impact on industries by imposing restrictions on travel and logistics. Remote Working and Virtualization to Enhance the Market Growth According to a Melbourne business school survey of 400 enterprises, companies that are efficient in data analytics and monetization processes are expected to generate 60% more revenue than others holding back on this process. This enables service providers to discover new revenue courses, develop strategic partnerships with newer companies, and enhance products, which results in market growth and business expansion. They trade data as data insights, data analytics, data sharing, or pristine raw data to cater multiple consumers including business partners. On the other hand, external monetization improves the revenue generated by retailing the data to clientele and partners.Įnterprises generally implement all types of data monetization techniques to maximize revenue and enhance growth opportunities. Internal monetization is implemented to utilize the data to enhance the company’s operations, products, productivity, and services. It can be categorized into internal and external monetization processes. The global data monetization market size was valued at USD 2.60 billion in 2022 and is projected to grow from USD 2.99 billion in 2023 to USD 9.10 billion by 2030, exhibiting a CAGR of 17.2% during the forecast period.ĭata monetization is a process of charging funds for datasheets and information gathered within a provider's business and retailing it for further industrial usage.
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