Market Trends of Data Monetization Industry
Healthcare Sector Holds Major Market Share of the Market
- The healthcare industry has seen an exponential increase in data due to increasing digitalization in healthcare over the past. Health records or electronic health records (EHRs) are moving to the cloud, and wearables and smart devices have become extremely commonplace. The digitalization trend has paved the way for data monetization in the sector, and it is helping enhance clinical services and realize financial benefits.
- The growing adoption of data analytics and IoT devices in the sector will further create a massive amount of data in the sector. According to a survey conducted by Philips, as of February 2022, 92% of healthcare leaders surveyed in Singapore declared they had already implemented or had been in the process of adopting predictive analytics in their healthcare organizations. Hence, this will expand the scope of data monetization services. In addition, having recognized data as a true enterprise asset, healthcare organizations worldwide reap the benefits of this asset through analytics. Highly competitive healthcare organizations move up in the value chain by monetizing these analytics to generate a new revenue stream.
- Industry experts believe that commercial usage of de-identified patient data has enormous potential as it can not only enable and accelerates innovation in care delivery models, benefitting healthcare consumers by improving outcomes at lower costs, but by sharing the data access to digital health entrepreneurs and researchers, will also allow them to use advanced analytical tools to gain useful insights that can be a game changer in driving the innovation in care delivery as well as in a variety of other things also.
- Considering the growth potential, market vendors in the healthcare sector are offering innovative data monetization solutions which are data privacy law compliant. For instance, in October 2022, John Snow Labs, the Healthcare AI and NLP company and developer of the Spark NLP library announced improvements to its automatic de-identification solution. John Snow Labs empowers product innovation and cost savings for healthcare organizations worldwide by enabling organizations to automatically de-identify large datasets. The company's automatic de-identification solution provides the custom de-identification required for data monetization.
- Furthermore, in the United States, 14 of the largest health systems created a new startup, Truveta Inc., to pool together their vast and diverse data to take back control over how their patients' de-identified data is shared and used. The startup's aim is to leverage patient data to enhance patient care, accelerate the development of treatments, address health inequity, and reduce the time to make a diagnosis. Hence, growing such trends are anticipated to drive the growth of the studied market during the forecast period.
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Asia-Pacific is Expected to be the Fastest Growing Market
- The Asia-Pacific region is witnessing dynamic growth in the adoption of new technologies. Additionally, the commercialization of AI, IoT, and big data technologies and the need for further technological advancements to leverage such technologies creatively are anticipated to drive the adoption of data monetization tools and services in this region. The rising advancements in networking technologies, the rapid e-commerce boom, the growing manufacturing and automotive sectors, and increasing regulatory mandates also positively impacted regional growth.
- Various financial service institutions (FSIs) in the region have invaluable and voluminous data that can be monetized to deliver a significant return. For instance, doing data-to-digital will allow FSIs to compete digitally and leverage the benefits of digital transformation. Additionally, these assets can produce significant new revenue streams once transformed through data-to-digital. FSIs can also monetize data by using data analytics better, producing data-driven solutions, and building platforms of insights and services.
- Considering a large consumer base and growing penetration of smartphones and other handheld devices, data monetization is anticipated to witness an unprecedented growth in the Asia pacific region as enterprises with access to insightful data may generate significant revenue from mobile device advertisers which is gaining a significant traction lately.
- Hence, the potential data monetization holds is encouraging the vendors to adopt innovative business strategies to generate best value from their data. For instance, China Unicom, a telecom service provider, has used blockchain to create a new data monetization revenue stream. The company’s objective is to share data with enterprise customers whilst also maintaining compliance with security and privacy regulations and keeping an eye on the overhead costs and data storage.
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