CHICAGO, Aug. 17, 2020 /PRNewswire/ -- According to a new market research "Data Monetization Market by Component (Tools and Services), Data Type (Customer Data, Financial Data), Business Function, Deployment Type (On-Premises and Cloud), Organization Size, Industry Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Data Monetization Market size is expected to grow from USD 2.3 billion in 2020 to USD 6.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period.
The increase in the volume of data generation and lower cost of data storage has emerged as one of the strongest factors for data monetization tools and services adoption across regions.
Large enterprises segment to hold a larger market size during the forecast period
Large enterprises are keen to invest in new and latest technologies to effectively run their business. Their customers are scattered across regions; therefore, it is necessary for them to adopt data monetization to handle customer demands and manage supply chains while maintaining business efficiency to sustain in a competitive market.
Financial data segment to grow at the highest CAGR during the forecast period
Financial data constitutes of historical and current data related to financial transactions of enterprises. These transactions include income, expenses, bank balance, contracts, and other financial data. Data monetization tools enable companies to determine their revenue and profitability and analyze their business segments. Moreover, these tools help companies in strengthening their risk management models to protect their assets.
Media and entertainment industry vertical to grow at the highest CAGR during the forecast period
Media and entertainment industry vertical is expected to have the highest adoption of data monetization tools and services. The industry vertical is witnessing a dramatic shift from the traditional content-centric world to the customer-centric world. Thus, understanding customer preferences and anticipating customers' demand have become important for efficient content management, financial performance, and profitability.
North America to account for the highest market share during the forecast period
North America has always been at the forefront of adopting advanced technologies and has depicted a high adoption of data monetization. Many companies in North America are increasingly adopting data monetization software to gain holistic visibility into their employees and improve the overall performance of their system. Moreover, a direct presence of many major data monetization vendors in North America has further added to the high adoption of data monetization software in North America.
The major players in the Data Monetization Market are Microsoft (US), Salesforce (US), Oracle (US), SAP (Germany), SAS (US), Sisense Inc, (US), TIBCO Software (US), IBM (US), Qlik (US), Domo (US), Accenture (Ireland), Virtusa (US), Infosys (India), 1010DATA (US), Infor (US), Reltio (US), Paxata (US), Openwave Mobilty (US), Monetize (US), Ness (US), NETSCOUT (US), Adastra (Canada), Optiva (Canada), Elevondata Labs Inc. (US), Emu Analytics (UK), Comviva (India), Narrative (US), ThoughtSpot (US), Looker (US), and Information Builders (US). The study includes an in-depth competitive analysis of key players in the Data Monetization Market with their company profiles, recent developments, COVID-19 developments and key market strategies.
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