Enterprises across industries increasingly view technology not just as an enabler of business but also a source of distinction. As they are increasing their investments in digitisation and adoption of futuristic technologies including the Internet of Things (IoT), Artificial Intelligence (AI), and machine learning, the need for ever-stronger data monetisation capabilities has also surged. Huge volumes of data being generated through leveraging advanced technologies put forth the need for better management, storage, and accessibility of data. Within this framework, companies are facing a dire need to manage and integrate data; decode unstructured data to drive meaningful insights. Data monetization facilitates real-time visibility, better decision-making, and structuring of data. The aforementioned aspects are creating a favourable business environment and unlocking new revenue generation opportunities for the global data monetization market.
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Digital Transformation Across Industries to Unlock New Avenues for Data Monetization Market Expansion
At present, organisations are reaping the gains of digital transformation. Business operations are becoming more flexible and efficient. On the other hand, a massive amount of data generated by these businesses is mostly unstructured and curated from different sources. Leveraging data monetization solutions seems to be a viable option that helps to acquire seamless insights and collate data from dissimilar data sources. In addition, these solutions are highly efficient in modulating and integrating all structured and unstructured data, adding sharp spikes to their demand. Solution vendors are harnessing the full potential of these tools through the provision of data monetization services. Comprehensive application in industries such as banking, retail, healthcare, manufacturing, insurance, telecom, logistics and transportation is demonstrating promising growth prospects for the data monetization market.
Analytics-enabled Platform as a Service to Prevail as a Widely Used Method in Data Monetization Market
Integrating and managing data from diverse and unstructured sources is at the heart of business operations. This calls for agile and flexible data monetization solutions, increasing demand for an analytics-enabled platform as a service. These solutions provide real-time insights into consumers and are highly compatible with cloud-based solutions. Moreover, it also supports a wide range of data formats. Leveraging this data monetization method, vendors are able to provide data-driven services. Gaining prescriptive and predictive analytics apropos to maintenance, utilisation, and other parameters is a fine example of an analytics-enabled platform as a service. Thus, the growing demand for analytics-enabled platforms as a service is assuring influential growth across the data monetization market.
Asia Pacific to Forge Ahead in Data Monetization Market with Growing Adoption of Data Monetization
Over the projection timeframe, the emerging economies of Asia Pacific are likely to showcase higher lucrativeness in the market. Underpinning this growth is the need to enhance routine, operational efficiency, and productivity. To this end, greater acceptance and adoption of cutting-edge and dynamic technologies can be seen throughout the forecast period. With such a rise in technology adoption across myriad industries, the need for data monetization solutions has also increased. In this backdrop, Asia Pacific is predicted to reign supreme in the global data monetization industry.
Key Market Players
Some of the most prominent players include IBM Corporation, Microsoft Corporation, SAP SE, Virtusa Corporation, Infosys Limited, TIBCO Software, Accenture PLC, Oracle Corporation, Sisense Inc., Cisco Systems Inc., Google, Gemalto NV, and Monetize.
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