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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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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