Data monetization is the process of unlocking the significant financial value held by the data in an organization’s enterprise systems. Data stored in an organization’s enterprise systems is valuable to their employees, also the same data is valuable to business partners and may be to customers. The process of converting the unused/unstructured large volume of enterprise data into valuable insights and monetizing the data in to currency or exchange of service is called data monetization.
Data monetization may help organizations to reduce data storage costs or increase revenue by investing in analytics platform which converts unstructured data into valuable insights based on the requirements. This is a key factor driving growth of the global data monetization market. Moreover, the preference for data monetization solutions is rising across various industrial verticals due to product offerings such as availability of solutions with extensive privacy protection, and ethically and legally acceptable form of data collection.
However, security and privacy concerns and lack of understanding about the potential benefits of data monetization is a major restraint for growth of the data monetization market.
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The global data monetization market has been segmented on the basis of method type, industrial vertical, and region. On the basis of region into market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Data monetization market in North America is expected to dominate the market, owing to high adoption of technologically advanced solutions, and increasing volume of enterprise data across various industrial verticals, coupled with shifting preference towards advanced data-driven business strategies.
Key players in the global data monetization market include Accenture plc, Capgemini SE, Cisco Systems, Inc., Google Inc., Intel Corporation, Lynx Software Technologies, Inc., RedKnee Inc., SAP SE, SQLstream, Inc., and Wind River.