The global data monetization market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 18% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Data monetization refers to the process of identifying, utilizing, and marketing data to generate monetary value. It assists in boosting profitability, reducing operating costs, improving customer experience, and optimizing the use of data, extracting insights for the businesses, customers, and partners. Besides this, data monetization is also used to mitigate risks, create new opportunities for growth and maximize the value of products and services. Consequently, data monetization is gaining immense traction across the globe.
Data monetization is utilized in different organizations for planning, improving collaborations and sharing data amongst internal and external stakeholders. It also plays a vital role in selling services, reducing churn and supporting customer care. Thus, the growing number of business organizations across the globe represents one of the significant factors bolstering the market growth. Besides this, data monetization offers numerous commercial opportunities for business intelligence support, including mobile marketing.
Additionally, the introduction of advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI) and big data, have encouraged companies from different industry verticals to focus on data monetization. Other factors contributing to an increase in the adoption of data monetization include the rising shift towards cloud and cloud-based technology solutions on account of the huge computing and storage power over the physical storage mediums. Apart from this, the rising enterprise data volume, in confluence with the growing awareness about data monetization around the world, is anticipated to fuel the market growth.
The competitive landscape of the industry includes the key players being 1010DATA (Advance Communication Corp.), Accenture Plc, Adastra Corporation, Comviva (Tech Mahindra), Infosys Limited, International Business Machines Corporation, Monetize Solutions Inc., Optiva Inc., Paxata Inc. (Datarobot Inc.), Reltio, SAP SE, Thales Group and TIBCO Software Inc.