DATA MONETIZATION MARKET ANALYSIS

Data Monetization MarketSize and Trends

The global data monetization market is expected to witness significant growth during the forecast period (2020–2027) due to an increase in large volumes of data and low cost of data storage. Data is used by many companies to improve and increase sales. Increasing digital technologies is expected to generate a huge amount of data and drive demand for data monetization. Digital technologies are used by companies to collect huge amounts of data such as consumer demographics, product preferred, and sales performance. The 5G technologies will be adopted in the near future and generate large volume of data that can be used to get meaningful insights. Moreover, a large volume of data creates many business opportunities. For instance, Microsoft launched new Azure data share service for its customers to easily share data with their partners and business customers. Every organization can collect and leverage information due to the rising demand for internet of things (IoT) and other connected devices. According to Coherent Market Insights analysis, moving of data across international borders increased global GDP by US$ 2.9 trillion in 2014. Furthermore, the cheapest cost of data storage adds value and encourages an organization to adopt data monetization tools in future. In order to deal with a large amount of data, companies are adopting data monetization techniques and fueling market growth during the forecast period.

Figure 2: Global Data Monetization Market Value (US$ Bn) Analysis and Forecast, 2017 - 2027

The global data monetization market was valued at US$ 2.4 Bn in 2019 and is expected to reach US$ 12.3 Bn by 2027 at a CAGR of 21.9% between 2020 and 2027.

Data Monetization Market - Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 pandemic is expected to slow down the growth of the market during the forecast period. Due to the pandemic, several industries have witnessed significant shift in their businesses thereby impacting the growth of the data monetization market. Government agencies are leveraging the COVID-19 tracker dashboard available from IBM Corporation, Microsoft, covidvisualizer.com, and others to contain the spread of the COVID-19 pandemic. The increasing demand for media and entertainment is also creating demand for streaming services. For instance, Netflix reached 16.2 billion subscribers during the pandemic. However, network slowdown and analytics strategies are not able to handle increased traffic and create challenges for data streaming companies to monetize this data.