MarketsandMarkets expects the Data Monetization Market to grow from USD 1.42 billion in 2018 to USD 3.12 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. APAC comprises key economies, such as Australia and New Zealand, China, Japan, and Singapore. This region is expected to grow at the highest rate in the global data monetization market, owing to the presence of numerous Small and Medium-sized Enterprises (SMEs), which are inclined toward the adoption of cloud-based data monetization tools. Factors such as broad customer base and surge in the adoption of cloud technologies drive the adoption of data monetization tools across enterprises in APAC.
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The telecom industry vertical is expected to be the fastest-growing industry vertical, in terms of the adoption of data monetization tools, during the forecast period. The industry vertical requires data monetization tools to get actionable insights from its customer data sets. Data monetization tools help companies enhance their customer experience, create new revenue sources, and generate opportunities by cross-selling and upselling products with the help of customer geolocation data. The consumer goods and retail industry vertical deals with more than hundreds of operational decisions and requires data monetization tools to optimize its business strategies and analyze the buying patterns of customers.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period. Several companies have deployed data monetization tools in the cloud to improve data mobility, data collaboration, and reduction of data loss during transit. Moreover, the cloud deployment type takes care of the latest version of the software every time and gets auto-installed at the earliest. Owing to these advantages, several vendors have switched from on-premises deployment mode to the Software-as-a-Service (SaaS)-based mode. The cloud deployment type has gained more traction among SMEs due to its minimal IT infrastructural requirements and costs.
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The SMEs segment is expected to grow at a higher CAGR during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. SMEs face some specific challenges, such as the requirement of domain-specific technical personnel and skilled workforce, budget constraint, scalability, management control, and limited production scale. Moreover, the entry of small vendors in the data monetization market has raised an opportunity for organizations to have an inexpensive software. Data monetization tools enable SMEs to improve their operational efficiency. SMEs prefer cloud-based data monetization tools, owing to their benefits, such as cost-effectiveness, scalability and flexibility, and quick deployment.
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