Growing Adoption of Advanced Analytics in Business

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In 2021, the data monetization industry brings in $2,092.5 million and is expected to generate $9,421.4 million in 2030, growing at a rate of 18.2%. It is attributed to the high volume of data generation and low cost of data storage, resulting in technological advancements. Also, the widespread adoption of advanced analytics and visualization solutions is expanding the industry.

The platform as a service enabling analytics contributes a significant share of industry revenue, accounting for 40%, and it is expected to maintain its position in the coming years, acquiring more than 50% share in 2030. It is attributed to the flexible nature of the industry which facilitates real-time data analysis with the nosiness intelligence and analytics platform.

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The next big technology is embedded analytics, it is expected to grow at a rate of 17.4% in the coming years. This is because developers widely prefer to use in-built analytics in their applications to improve customer satisfaction and deliver fast and visually appealing features, and hence deliver innovative services to customers. Moreover, companies are widely adopting the integration of analytics into ERP and CRM applications.

In the end-user segment, the BFSI sector holds a large share of the industry, accounting for 23%, driven by the growing number of accounts in banks and other financial institutions, resulting in massive generation of data daily. Furthermore, monetization of payment data driven by rising customer expectations, growing pressure on margins and competition, and migration to real-time payment infrastructures are driving the growth of the industry.

The telecommunications and IT sector is the industry’s second largest revenue contributor. In addition, manufacturing companies have access to large amounts of data. When combined, this data can facilitate game-changing insights for advancements in manufacturing systems. For example, Rolls-Royce has built sensors into engines to capture data and analyze it.

Moreover, large companies contribute a significant share to the industry, accounting for 70%, as they continuously adopt new and developed technologies to advance their position in the industry and improve their efficiency. Also, they generate a massive amount of data. Small and medium-sized enterprises are expected to experience substantial growth, representing 22.7% over the coming year, driven by the large number of start-ups that rely on data analysis to make effective decisions. commercial.

North America holds a significant share of the data monetization industry, accounting for 35% of revenue, driven by growing penetration and mass adoption of data monetization software, platforms, services and the massive presence of data providers in the industry.

APAC is expected to experience the fastest growth, at the rate of 22.3% in the coming years. Additionally, increasing adoption of digital services, such as mobility, AI, cloud, and IoT, and increasing investment in technology upgrading in the region are fueling the growth of the industry.

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China contributes a massive revenue share to the APAC-based data monetization industry, accounting for 40% share, and it is expected to experience the fastest growth, growing at a rate of 27.6% in a near future. It is caused by the massive presence of MSMEs and large corporations, the growing adoption of digitalization in business processes, as well as a large amount of data generated regularly.

Hence, the increasing deployment of data analytics tools in large enterprises is driving the growth of the industry.

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