The global data monetization market size is predicted to reach USD 3.75 billion in 2024, and USD 10.01 billion by 2029, growing at a compound annual growth rate (CAGR) of 21.7% during the foreseen period.
Data monetization can be defined as the process of using data or data-driven products to generate monetary value. Data products can be based on raw, refined, or analyzed data. Data monetization leverages data generated by business operations, along with data associated with individual factors and electronic devices and sensors that contribute to the Internet of Things (IoT). This data is used to generate valuable information for the organization to generate new sources of revenue.
Data has become a central resource for the majority of the organization in order to remain competitive by getting the maximum value from various types of data. The exponential growth of IoT devices, increasing internet penetration, accessibility of data at lower speeds, and increasing adoption of external data sources are driving the generation of big data at an ever-increasing rate, enabling businesses to leverage this data through advanced analysis and visualization tools to obtain effective data. Motivated decision-making, leading to increased profitability.
According to Cisco's annual Internet report, nearly two-thirds of the world's population will have access to the Internet by 2023. There will be 5.3 billion Internet users in total by 2023, up from 3.9 billion in 2018. This will increase the amount of data generated and, therefore, indicate an increasing trend in data monetization.
Additionally, a growing number of M2M applications, such as smart meters, video surveillance, healthcare monitoring, transportation, and package or asset tracking, are contributing significantly to the growth of connected devices and data monetization. By 2023, M2M connections will represent half or 50% of all devices and connections.
On the other hand, consumer data has grown in both structured and unstructured formats. The rise of e-commerce and social media has changed the buying behavior of consumers. Therefore, industry players are leveraging this data to improve their business strategies by gaining real-time insights. This information is typically used to optimize supply chain management, operations, sales and marketing, etc. For example, in 2019, Google LLC posted ad revenue of $ 134.81 billion, an increase of 15.76% over 2018, indicating an increase in ads.
Companies have a large amount and variety of data. Consequently, companies are focusing more on using this data in their business processes to improve processes and identify or estimate future trends. The global data monetization market is expected to grow significantly over the forecast period due to the high adoption of data monetization by mobile operators and the BFSI industry. The emergence of Over-The-Top (OTT) services has led to a gradual loss of revenue for high-end Communication Service Providers (CSP). Therefore, the need for a robust infrastructure configuration has increased dramatically.
However, concerns about data ownership and privacy are relatively high, which is acting as a serious threat to the global data monetization market. The framework for the collection of personal data is fragmented based on national and regional laws and regulations governing the scope of permitted processing / analysis and transfer to third parties with and without consent.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
21.7% |
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Segments Covered |
By Component, Method, Vertical Industry, Application, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Adastra Group, CellOS Software Ltd, Connective Analytics and Insights Ltd., Dawex Systems, Infosys Limited, Mahindra Comviva, Mnubo, Netscout Systems, Inc., Paxata, Inc., Optiva Inc., (Redknee Solutions Inc.), ALC, SAP SE, SQLstream, Inc. and Virtusa Corporation and Others. |
On the basis of the components, the market can be segmented into platform, software (standalone, suite), and services (professional services and data as a service).
The market has bifurcated into direct and indirect monetization.
The market has been categorized into Telecommunications, E-commerce and Retail, BFSI (Banking, Financial Services and Insurance), Health, Travel and Logistics, etc.
The market has been divided into sales and marketing, supply chain management, fixed asset management, remote equipment monitoring, etc.
From a geographic perspective, North America is expected to have a significant share of the global data monetization market. The growth in this area can be credited to the increasing implementation of the data monetization components and the presence of leading players in the USA. The Asia-Pacific is foreseen to expand rapidly in the future because of the rising penetration of digital services like the Internet of Things (IoT), OTT, cloud, mobility, and artificial intelligence (AI). Furthermore, the Middle East and Africa (MEA) and South America data monetization markets are also foreseen to expand significantly during the outlook period.
Major players featured in the global data monetization market report include Adastra Group, CellOS Software Ltd, Connectiva Analytics and Insights Ltd., Dawex Systems, Infosys Limited, Mahindra ComViva, Mnubo, Netscout Systems, Inc., Paxata, Inc., Optiva Inc., (Redknee Solutions Inc.), ALC, SAP SE, SQLstream, Inc. and Virtusa Corporation.
By Component
By Method
By Industry Vertical
By Application
By Region
Frequently Asked Questions
Key industries driving the global data monetization market include telecommunications, retail, financial services, healthcare, and technology. These industries generate vast amounts of data and have strong incentives to leverage this data for revenue generation and operational efficiencies.
Key technologies crucial for data monetization include big data analytics, artificial intelligence (AI), machine learning (ML), cloud computing, data management platforms (DMPs), and blockchain. These technologies enable the efficient collection, processing, and analysis of large datasets to derive actionable insights and value.
Challenges in data monetization include data privacy and security concerns, regulatory compliance, data quality and integration issues, high initial investment costs, and the need for specialized skills and technologies to effectively monetize data.
Future trends in the data monetization market include increased use of AI and ML for predictive analytics, greater emphasis on data privacy and ethical data use, the rise of data marketplaces, the integration of blockchain for secure data transactions, and the growth of IoT-generated data monetization.
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