Data Monetization Market | Business-Opportunities and Growing Rapidly with Significant CAGR By 2023
The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends.
PORTLAND, PORTLAND, OR, UNITED STATE, February 7, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global data monetization market was estimated at $44.86 billion in 2016 and is expected to hit $370.96 billion by 2023, registering a CAGR of 35.4% from 2017 to 2023.
Continuous rise in the volume of enterprise data, technological advancements in big data & analytics solutions, and increase in importance to generate new revenue streams drive the growth of the global data monetization market growth. However, security and privacy concerns hamper market growth.
The key market players analyzed in the global data monetization market report include SAP SE, Adastra Corporation, Accenture, Cisco Systems, Inc., Monetize Solutions, Inc., Mahindra ComViva ALC, Reltio, Optiva, Inc. (Redknee Solutions Inc.), and VIAVI Solutions Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Covid-19 scenario-
• The wake of COVID-19 has led to a digital acceleration to respond to the pandemic.
• Many elements of digital transformation that may have taken years to be fully implemented have now come to the fore. Data monetization is one of such spectrums.
The global data monetization market is analyzed across end-user and region. Based on end-user, the BFSI segment garnered the highest market share in 2016, and is expected to maintain the lion’s share throughout the forecast period. The other segments’ studies in the report include E-commerce & Retail, Telecommunication & IT, Manufacturing, Healthcare, Energy & Utilities, and Others.
Based on the region, North America accounted for the major market revenue in 2016 and is projected to rule the roost by the end of 2027. Asia-Pacific, on the other hand, would portray the fastest CAGR from 2017 to 2023. The other two provinces assessed in the report include Europe and LAMEA.
Key Findings of the Data Monetization Market:
• The other segment is expected to exhibit significant growth in the global data monetization market during the forecast period.
• In 2016, the BFSI segment accounted for the highest revenue among the other end users.
• North America generated the highest revenue in 2016.
• Asia-Pacific is projected to exhibit substantial growth during the forecast period.
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