Data Monetization Market Size

Data Monetization Market Analysis

The Data Monetization Market size is estimated at USD 4.87 billion in 2024, and is expected to reach USD 14.99 billion by 2029, growing at a CAGR of 19.98% during the forecast period (2024-2029).

Data monetization is gaining traction as companies are becoming more interested in discovering the value in their otherwise underutilized or redundant data. Furthermore, monetizing data requires not just combining businesses and technical experts but also time, energy, and investment with complementary skills.

• In the current market scenario, independent software vendors have turned to self-service business intelligence to increase application revenue and differentiate their offerings. Similarly, self-service BI can contribute to application ROI for enterprises developing applications by increasing adoption and improving operational efficiencies.
• The increase in data has been accelerated by emerging technologies powered by and contributing to exponential data growth. These technologies are Edge Computing, 5G networking, the Internet of Things (IoT), Artificial intelligence (AI) and machine learning (ML), Augmented and virtual reality (AR/VR), and Blockchain. Such an unprecedented increase in data volume, variety, and speed has increased the prospects of data monetization.
• For instance, the emergence of new business models such as e-commerce has significantly boosted the growth of the data monetization industry as e-commerce websites have the ability to collect vast amounts of data based on the user's search behavior and purchasing patterns. This allows e-commerce players to adopt data monetization solutions to sell the data or collaborate with brands to analyze the data and use it to fulfill various business objectives to generate additional revenue.
• Relative to other sectors, healthcare has struggled with the fragmented data landscape and still faces challenges due to regulatory constraints, interoperability challenges, and mistrust among participants. The absence of a common national patient identifier and the challenges of creating highly capable data repositories due to data normalization and interoperability issues make it challenging to harness standardized and normalized data for all aspects of healthcare operations.
• Furthermore, amid the growing consumer awareness about the use of their personal data, several data security regulations are being framed across the world, such as GDPA, CCPA, etc. As these laws offer strict frameworks to avoid any misuse of a consumer's personal data, it can have an adverse impact on the growth of the studied market.
• Because of the COVID-19 pandemic, almost every industry is experiencing volatility, risks, and changes in customers' buying behaviors. Businesses worldwide are compelled to make substantial changes to their operations, such as downsizing and product and service diversification. To address these changes quickly, companies adopted or capitalized on their business intelligence strategies through artificial intelligence systems, agile risk management, and data analytics to help make informed decisions to continue business operations amid the pandemic. This is anticipated to drive new opportunities in the studied market during the forecast period.