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 proliferation of businesses worldwide has generated large volumes of data within organizations. Data monetization helps get actionable insights from the data and generate new revenue streams.
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.
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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.
The data monetization market comprises major providers, such as 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.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most dominating strategies adopted by the major players from 2017 to 2020, which helped them strengthen their offerings and broaden their customer base.
Microsoft (US) has a strong foothold in the data monetization market with its robust offerings. The company adopted various organic growth strategies and continues to enhance its expertise in the market. For instance, in June 2020, Microsoft announced a partnership with SAS to become the preferred cloud for SAS, as per the partnership. Also, according to the partnership, SAS’s various products will be integrated with Microsoft’s cloud portfolio, including Azure to Dynamics 365 and PowerBI. Both companies are planning to launch a new solution for their customers.
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Salesforce (US) is among the leaders in the data monetization market with a prominent geographic presence. The company has alliances with many leading companies and has adopted various organic growth strategies to maintain a strong foothold in the industry. For instance, in November 2019, Salesforces extended its partnership with AWS, under this partnership, Salesforce will integrate and offer Amazon Connect as a part of Salesforce Service Cloud Voice. It provides contact center agents with a complete set of tools to deliver enhanced customer service support.
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