Data monetization refers to the process of leveraging data to gain economic benefits. It has numerous advantages including cost reduction, increased revenue, and opportunities for new data-related services. Data can be monetized in three ways - the selling of raw data, the sale of packaged insights generated from raw data, and enabling of direct access to a data analytics platform owned by a third party. These approaches are known as Data-as-a-Service, Insight-as-a-Service and Analytics-as-a-Service, respectively. With the growing adoption of high-tech technologies, the volume of data is increasing. Against this background, the trend of data monetization has emerged as it helps in structuring data, making better decisions, and improving overall performance. This, in turn, is expected to steepen the growth curve for the data monetization market.
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Increased Data Monetization Practices in Retail Industry to Aid Market Expansion
World over, retail and supply chain companies are combining data about inventory, pricing, and customer behaviour through predictive analytics. This enables organisations to make intelligent forecasts, follow market trains and build recommendation engines for future customer purchases. Moreover, organisations are effectively utilising data from e-commerce subscriptions and recurring revenue programs, converting one-time buyers into loyal customers. Besides, retailers are also leveraging digital marketing tools to conduct marketing campaigns and reach a wide range of customers. Therefore, this facilitates generation of additional revenue by selling data that has already been assessed. These trends in the retail industry are providing an impetus to the growth of the data monetization market.
Use of Data to Create Products in Financial Service Institutions Paves Way for Market Growth
Apart from retail, financial institutions, too, are adopting data monetization practices. Financial services institution leverage data to align financial services to be operated automatically and target relevant customers. They gather and integrate data across product silos, devise a strategy, particularly for a customer, and make recommendations for them. Furthermore, these institutions are also building data-driven models using payment data to offer services and products. These products and services are, thus, marketed specifically to the customers by comparing their behaviour against each other. Such extensive applications are creating new revenue opportunities and lowering costs and risk involved. Such a scenario is anticipated to form a holistic growth recipe for the data monetization market in the coming years.
Asia Pacific to Slate Dominance Amid Efforts to Improve Financial Data Quality and Security
Over the last decade, Asia Pacific has experienced the adoption of advanced technologies. Cutting-edge technologies such as AI and ML are being leveraged across industries to increase revenue opportunities. Moreover, several financial service institutions in the region are coming up with data-based products and promoting data monetization. Apart from that, regulatory bodies are also making tremendous efforts to improve financial data quality and security. The cumulative force of these factors is expected to create substantial business opportunities in Asia Pacific in the years to come, making it a leading region in the global market.
Prominent Market Players
Some of the major players in the global data monetization market include Accenture PLC, SAP SE, Microsoft Corporation, TIBCO Software, Sisense Inc., Infosys Limited, Google, Oracle Corporation, Cisco Systems Inc., Virtusa Corporation, IBM Corporation, Gemalto NV, and Monetize.
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