Market research estimates that the global data monetization market will grow from 2.3 billion USD in 2020 to 6.1 billion by 2025 at a Compound Annual Growth Rate of 21.7 % during the forecast period.
Also, the rapid increase in data volume and less cost is one of the most substantial factors for adopting data monetization tools and adopting services across all the regions.
And the increasing need to create insights and increase the use of Artificial Intelligence for data processing is expected to create a series of opportunities for data monetization vendors.
So, let’s understand the driver of the data monetization market
Raise in the volume of data generation low cost of data storage
Data is used for improving sales and marketing performances. Even the old sales reports are used to make essential business predictions, enhance customer data efficiency, and build customer relationships. Digital technologies have become massive amounts of data like consumer demographics. Products and sales performances.
Also, the 5G technology will be utilized across the regions in the future. It offers computing capabilities, and it will generate a vast amount of data that is used to generate meaningful insights.
Large amounts of data are generated in new business opportunities. All the businesses now gather and leverage data due, which are used to create meaningful insights. According to McKinsey’s report, data that are moving across the international borders have been raised by global GDP around 2.8 trillion in 2014.
Other factors of driving market growth are the least cost of data storage, and it adds value and encourages enterprises to adopt data monetization tools in the future. Apart from that, companies are adopting data monetization to deal with a large amount of data and vital business information.
Now let discuss the restraints of the Global Data Monetization Market
There is an utter need to share collaborated and refined data with employees based on privileges given to them for generating invaluable insights. New regulation policies are also being introduced by the regulatory bodies for starting them into regular functioning of the enterprises.
Organizations also must be extra careful as they integrate data from multiple sources and make it available to the employees. This procedure also can be time-consuming, and the authorities should be aware of changed policies.
Other opportunities on Data monetization are increasing need for creating insights from massive data
Data is being generated on a vast scale from data sources. The use of data has grown and has become an integral part of all kinds of business’s digital transformation.
The utilization of the Internet of Things continues to increase and generate insights from all kinds of incoming data. According to the report of IBM, only 23% of the brands have a big-data strategy. And in today’s world, companies are utilizing data monetization solutions to create new revenue streams and generate insights from various data sources.
Now the everyday challenge are maintaining the quality of data that is used for data monetization.
Data quality is one of the significant factors of monetizing data. And organizations have to make the right decisions with the relevant data. Also, data sharing across various industries and integrating multiple data products could reduce data quality. Hence the quality of data collection by the brands should be taken well care of as it might challenge the adoption of data monetization tools.