New York, Nov. 17, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Data Monetization Market – Growth, Trends, COVID-19 Impact, and Forecast (2022 – 2027)” – https:/ / www.reportlinker.com/p06363563/?utm_source=GNW
Thus, the scope of data monetization in the post-pandemic era is bound to increase.
In today’s technology scenario, ISVs have turned to self-service business intelligence to increase application revenue and differentiate their offerings. Similarly, for companies developing applications, self-service BI can help drive application ROI by increasing adoption and improving operational efficiency.
Data monetization is gaining traction as businesses become more interested in uncovering the value of their otherwise underutilized data. Data monetization requires time, energy and investment and involves business and technical experts with complementary skills.
Data can be monetized directly by selling raw data or extracting insights from processed and analyzed data. For example, large giants like Google monetize data through real-time auctions and continue to optimize their platform experience by reinvesting data into their platform. Plus, by analyzing consumer behavior, new data-driven features like reviews, suggestions, and personalized content keep more customers coming back to the forum.
Additionally, data marketplaces play a crucial role in achieving external data monetization. With data marketplaces, buyers can buy sets of data to improve their analytics and offer new services to their customers while sellers monetize their data. A data marketplace is a platform where users buy or sell different data sets and data streams from multiple sources. Data marketplaces are primarily cloud services where individuals or businesses upload data to the cloud. These platforms enable self-service data access while ensuring data security, consistency, and high quality for both parties.
Additionally, a continued increase in the volume of enterprise data has increased the focus on generating new revenue streams. Increased awareness of the potential benefits of data monetization is also extending the growth of the market. For example, ride-sharing companies such as Uber, Lyft, and Ola use location-based analytics to gather insights into their customer data pulled from pickup and drop-off locations. Uber may sell this data to other companies with the user’s permission which other companies may use to provide various coupons, promotions or discounts, encouraging consumers to spend money on their products.
However, laws such as the European Union’s GDPR and the California Consumer Privacy Act (CCPA) present challenges for data monetization plans. GDPR has made businesses cautious about data security, so for many the risk of using data for internal and external monetization seems to outweigh the potential benefits.
Main market trends
Bank, financial services and insurance? (BFSI) will hold a significant share for future demand
Banking, financial services and insurance (BFSI) companies are among the leading investors and adopters of data monetization techniques. The industry is heavily focused on generating revenue by leveraging data. Around the world, credit card issuers and retail banks are using customer transaction data to improve the targeting of cross-sell offers. Financial services and insurance companies are increasingly promoting merchant-based rewards programs that leverage a bank’s data and simultaneously offer discounts to their customers.
Another important trend driving the growth of data monetization in the industry is the role of automation. For example, in September 2022, Cygnet Infotech, a provider of digital engineering services, partnered with Algorithmic Scale, a provider of data marketing and monetization services for Nordic businesses. With this partnership, the companies aim to collaborate in the areas of data engineering and AI-enabled accelerators.
On the other hand, consumer data has developed in structured and unstructured formats. The rise of e-commerce and social media has changed consumer buying behavior. Therefore, industry players leverage this data to improve their business strategies by gaining real-time insights. This information is typically used to optimize supply chain management, operations, sales, marketing, etc.
Additionally, ever-evolving artificial intelligence and machine learning technology, as well as the IoT, have enhanced the capability of big data, as the latter is highly dependent on the former to succeed. Additionally, the rise of global cloud deployment in the BFSI industry is driven by a shift in preference towards the cloud, an increase in digital disruption, and technological advancements such as the integration of edge computing, Internet of things (IoT) and the artificial. intelligence.
However, the COVID-19 pandemic has caused an increase in cloud deployment in the BFSI market, due to increased demand for more computing power among banks and the fintech industry. The increase in cloud deployment in BFSI will further increase the need for data monetization.
Asia-Pacific is expected to hold a large share
The region is witnessing the advanced and dynamic adoption of new technologies. Additionally, the commercialization of artificial intelligence, big data and IoT technologies and the need for new advances to make the most of these technologies are likely to drive the adoption of data monetization tools and services in the region.
According to SAS, 60% of organizations in Asia Pacific cite customer experience as a top reason for investing in big data. 54% of organizations in Asia Pacific are investing in Big Data to innovate products/services.
Many Financial Services Institutions (FSIs) in the region have invaluable and big data that can be monetized and offer a significant return. Going from data to digital enables FSIs to be digitally competitive and reap the benefits of digital transformation.
Additionally, once transformed through the data-to-digital shift, an ISF’s data assets can generate significant new external revenue streams. FSI can monetize data by making better use of data and analytics, producing data-driven products, and creating information and service platforms. China Unicom has used blockchain to create a new data monetization revenue stream. The company’s goal was to share data with enterprise customers while respecting security and privacy and keeping an eye on overhead and data storage.
In addition, the Indian company Infosys, one of the providers in the market, has been accredited as a partner of the Google Cloud Platform Partner Program in the field of data analysis specialization. The company accompanies businesses on the digital transformation journey by helping them move away from conventional or point-based approaches to building industrialized capabilities and monetizing data.
In addition, efforts have been made by regulators to improve the quality of financial data in the country. For example, in May 2020, the China Banking and Insurance Regulatory Commission (CBIRC) launched a new campaign to strengthen the quality of financial data after imposing a series of fines on banks for improper reporting.
The data monetization market is highly fragmented owing to the presence of both global players and small and medium enterprises. Additionally, data monetization is being used in various industries to provide vendors with growth opportunities. Market players are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
September 2022 – Evergent, customer management and monetization provider for streaming and digital subscription businesses, announced a partnership with XroadMedia, specialists in creating innovative and groundbreaking content discovery and personalization solutions. This partnership aims for the joint development of solutions to deliver improved results for customer relationship management (CRM) and monetization.
February 2022 – MarkiTech.AI, a healthcare and technology AI development company, implemented its unique SIGNIA data monetization platform in early 2022 as a proof of concept for the one of the largest ICT providers in North America. This platform enables companies to bring their technology solutions, services and products to the developer and the software community in a completely self-service manner.
The Market Estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06363563/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.