From Insights to Income: Opportunities in the Data Monetization Market

The global data monetization market size is expected to reach USD 16.05 billion by 2030, registering a CAGR of 25.8% during the forecast period, according to a new report by Grand View Research, Inc. Data monetization is a strategy used by several organizations to increase their revenue. It is the process of utilizing data to obtain quantifiable economic benefits. There are two types of data monetization techniques, direct data monetization, and indirect data monetization.

There are several types of data monetization methods wherein organizations use data to discover new customers and business opportunities. These data monetization methods are data as a service, insight as a service, analytics-enabled platform as service, and embedded analytics. The analytics-enabled platform as a service method is anticipated to witness significant growth as it provides real-time access to data on the cloud along with consistent triggers/alerts.

Data monetization is expected to be a catalyst for several brands as it enables them towards becoming a pioneer in data-driven principles. It creates new revenue streams for organizations. Additionally, it also promotes companies to reduce operating costs and overall general expenses and enables them to take adequate actions in improving their sales. Several end-use industries have leveraged the benefits of data monetization, and many more are moving towards data monetization.

For instance, data monetization offers geofencing and geotargeting in the retail and tourism industries. For the healthcare sector, government, and advertisement agencies, it ensures density planning and traffic flow. Similarly, it provides fraud detection for credit card companies and financial institutes. It offers smart targeting, Internet of Things (IoT), click-stream insights for digital and brand advertisers, and several other companies. Such factors are anticipated to power market growth over the forecast period.

However, factors such as data security and privacy, rising complexities in data structures, and varying regulatory policies are anticipated to hinder the market growth over the forecast period. Nevertheless, data monetization is capable of identifying and mitigating risk, improving compliance, streamlining planning and decision making, and creating a competitive advantage in the market. It has significantly shadowed market hindering factors and has enabled organizations to take adequate measures.

Data Monetization Market Report Highlights

SMEs are anticipated to expand at a CAGR of over 29.4% from 2024 to 2030. Rising demand for BI has significantly impacted the adoption of data monetization amongst SMEs
The analytics-enabled platform as a service segment accounted for the largest revenue share of around 38.3% in 2023.
For instance, in the automotive industry, data monetization ensures several benefits, such as tracking in case of real-time diagnostics and predictive maintenance. Technological advancements and increased digitalization resulted in easy tracking of vehicle performance. The implementation of IoT, telematics, and automation is also expected to increase the market demand in the industry.

Data Monetization Market Segmentation

Grand View Research has segmented the global data monetization market based on method, organization size, vertical, component, and region:

Data Monetization Method Outlook (Revenue, USD Million, 2018 - 2030)