B2B Segment Segment is Expected to Dominate the Global Data Marketplace Platform Market
Cloud-based
data marketplaces offer a number of advantages over traditional on-premises
data marketplaces, such as scalability, flexibility, and affordability.
According to
TechSci Research report, “Global Data Marketplace
Platform Market - Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”. The
Global Data Marketplace Platform is anticipated to project robust growth in the
forecast period with a CAGR of 26.01% through
2028. A data marketplace platform is a transactional platform that facilitates
buying and selling of different data types, offering a unique user experience.
It comprises cloud services where businesses or individuals can upload data to
the cloud. The different data types, such as demographic, business
intelligence, firmographics, and personal data, are available in a data
marketplace platform. The platform enables self-service data access, maintaining a high
quality of data, consistency, and security for both parties. Businesses and
organizations are commencing to augment internal data sets with external data
propelling the market growth. It is a process of facilitating data exchange
securely and efficiently that supports multiple data sharing models meeting the
requirements of different data sets and customer needs. It also enables data
sharing among enterprises via data marketplace platforms inducing data-driven
innovation and integrating third-party providers into data marketplace
platforms. They are also responsible for improving the competitiveness amongst
small and medium-sized enterprises. The growth is attributed to the emergence of Big Data, web scraping, and
advancements in blockchain, as it provides access to considerable data to
enhance performance and generate revenue. Web scraping is an automatic process
of extracting data from websites; it automates data collection, unlocks web
data sources, and suggests data-driven decisions that add value to
decision-making. The increasing adoption of AI, data mesh, data management, and
blockchain in data & analytics is propelling the usage of self-service
analytics solutions.
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Figures spread through 188 Pages and an in-depth TOC on " Global Data Marketplace Platform Market"
Based on enterprises size, the
large enterprises' segment dominated the overall market, gaining a market share
of 57% in 2022 and witnessing a CAGR of 24% during the forecast period..
Increasing demand for business and IoT data marketplace platforms to meet the
end-user's requirements are driving the growth. The key data service providers
and SaaS vendors are investing in research and development activities to create
a robust platform for sharing data & information and enable direct and
indirect monetization from revenue streams.
Large enterprises are
actively engaged in partnerships and collaborations to increase their
applicability in multiple use cases. For instance, in March 2022, Nokia
announced a collaboration with Equideum Health to utilize Nokia data
marketplace platform (NDM) blockchain solutions to enable a multi-party
ecosystem. It will allow varied person-centric use cases by harnessing advanced
technologies in the data marketplace platform, data exchange, and data
management. The SMEs segment is anticipated to witness the fastest growth,
growing at a CAGR throughout the forecast period. The growth is attributed to
the rising demand for robust data marketplace platforms allowing monetization
opportunities among SMEs. These solutions facilitate exponential values leveraging
economies of scale via information exchange. SMEs are mainly focusing on
advanced technologies such as AI, ML, and big data and are investing heavily in
data marketplace platforms to gain insights into these technologies, which is
expected to provide numerous opportunities over the forecasted period.
Based on End-user Insights, The
financial services segment dominated the overall market, gaining a market share
of 19% in 2022. during the forecast period. Cloud platforms allow financial
organizations to leverage big data for financial use cases, such as delivering
personalized recommendations, generating new revenue streams through
data-driven suggestions, and creating efficient services to gain a competitive
advantage.
Data marketplace platforms
allow financial firms to scale digital platforms, meet shifting regulatory
requirements, and navigate a complex data landscape. It also enables financial
organizations to thrive in a data-intensive environment with tailored solutions
and highly-regulated data marketplace platform capabilities such as built-in
performance optimizations, administration as a service, and data management.
For instance, in 2021, Snowflake launched industry-tailored financial services
data cloud platform to accelerate data-driven and customer-centric innovations
in the BFSI industry.
Key market players in the Global
Data Marketplace Platform Market are following:-
- Acxiom LLC
- AWS
- Dawex
- Snowflake
- Quandl
- BattleFin
- Narrative
- Datarade
- Oracle
- Microsoft
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“The market is
projected to witness significant growth attributed to the increasing adoption
of Internet of Things (IoT) solutions and the deployment of cutting-edge
technologies such as AI, AR/VR orchestration capabilities, and
machine-to-machine (M2M) advancements in communications networks. Additionally,
a growing emphasis on the usage of cloud services is anticipated to boost the
growth.
Furthermore, the
rising adoption of the data marketplace in several verticals such as BFSI,
healthcare, retail & consumer goods, and media & entertainment, among
others, contribute positively to the growth of the industry. It also enables
efficient usage and management of data resulting in a maximized return on
investment (ROI). It also provides businesses and organizations access to data
marketplaces such as personal, business-to-business (B2B), and IoT data
marketplace to meet specific requirements efficiently and cost-effectively
secured by blockchain” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
Data Marketplace
Platform Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented By Component (Platform, Services), By Type (Personal, B2B,
IoT ), By Model (Subscription, Commission, Paid features, Others), By
Enterprise size (Large Enterprises and SME's), By End User (Financial Services,
Advertising, Media & Entertainment, Retail & CPG, Healthcare & Life
Sciences and Others), By Region, By Competition 2018-2028. has evaluated
the future growth potential of Global Data Marketplace Platform Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Data
Marketplace Platform Market.
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