Data Monetization Market Size (2024 - 2029)

Data Monetization Market Analysis

The Data Monetization Market size is estimated at USD 4.17 billion in 2024, and is expected to reach USD 10.35 billion by 2029, growing at a CAGR of 19.94% during the forecast period (2024-2029).

The increasing importance of data in business decisions and strategy development in the B2B environment is driving the demand for the market. This is also supported by the integration of digital devices and systems in the business environment to generate data, the growth of internet usage to increase consumer data volume, and the emergence of data analytics tools in the market, creating an opportunity for the market’s growth and to monetize the generated data worldwide.

• Data monetization strategies relied on more traditional analytical techniques and struggled to deal effectively with unstructured data. However, easier access to significant computing resources via cloud platforms and the commoditization of some AI/machine learning-powered analysis engines are creating more affordable opportunities to extract both values and return on investment, which would drive the market's future growth. Independent software vendors have turned to self-service business intelligence to increase application revenue and differentiate their offerings in line with technological advancement.
• Similarly, self-service BI can contribute to application ROI for enterprises developing applications by increasing adoption and improving operational efficiencies. This shows the potential of the market's growth in data monetization solutions.
• The broad and emerging applications of data monetization strategies enable businesses to generate new revenue streams. This can be achieved through selling data directly to third parties, creating data-driven products or services, or using data to enhance existing offerings. This is expected to fuel the adoption of data monetization solutions across all end-user segments in the future.
• As online businesses expand, including expanding online banking and e-commerce companies, they may implement data monetization solutions to analyze customer purchasing patterns and preferences and personalize product recommendations. This is expected to increase sales and customer satisfaction, driving the market’s growth during the forecast period.
• The increasing number of internet users worldwide, in line with the growth of connected devices and software-based solutions in businesses, is supporting the generation of customer data in various end-user segments, creating an opportunity for the market’s growth. For instance, in November 2023, the International Telecommunication Union reported that internet users reached 5,400 million worldwide. This growth may support online data generation and fuel the market’s growth during the forecast period.
• The privacy and legal implications of releasing data to outside entities are the primary concerns with data monetization projects. Therefore, users must carefully review their rights and ownership of the data they may have acquired from their customers. Depending on the geography, the industry, and the specific customer contracts signed at the moment of data acquisition, these regulatory policies may require considerable resources and expertise. This presents challenges for organizations seeking to monetize their datasets.

Data Monetization Industry Segmentation

Data monetization involves identifying and marketing data or data-based products to generate monetary value. The core of data monetization is data products, i.e., products based on raw, refined, or analyzed data. The study discusses vendors' tools and solutions for data monetization and recent innovations. The market is defined by the revenue accrued from the various data monetization types that are being used in various end-user industries across geographical regions.

The data monetization market is segmented by organization size (small and medium-sized enterprises and large enterprises), end-user industry (banking, financial services, insurance, telecom and IT, manufacturing, healthcare, and retail, and other end-user industries), geography (North America, Europe, Asia-Pacific, Australia and New Zealand, Latin America, and Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.