Albany, NY -- (SBWIRE) -- 04/18/2018 -- Rapid development in technology has helped companies and people connect with each other electronically. The amount of data being generated is growing at an exponential rate. After approximately every five years, data that is being produced increases tenfold. Similarly, increasing spending by customers on mobile devices is supplementing the growth of mobilization of commerce and purchasing. Due to these factors, a large amount and variety of data is available with companies. Enterprises are focusing more on utilizing this data in their business processes in order to enhance the processes and identify or estimate future trends.

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The data monetization market has been segmented based on components, method, industry vertical, and application. In terms of industry vertical, the global data monetization market was dominated by the BFSI segment with significant market share in 2015. Most banking and financial firms across the globe believe that the use of insights and analytics creates a competitive advantage. The industry also realizes that they have a vast reservoir of data and insight that can be leveraged for product development, personalized marketing, and advisory benefits. The telecom & IT sector is also expected to exhibit high adoption rate for data monetization.

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The travel & logistics segment is projected to be expand at a rapid pace during the forecast period, owing to the increase in government initiatives across the globe for managing public infrastructure assets to improve user experience and efficiency, reduce journey length, alleviate congestion, and plan changes. Furthermore, logistics companies may also find this information valuable in optimizing their delivery routes and methods. Among direct and indirect ways of data monetization, direct data monetization was the largest market segment with around 60.1% share in 2017. This can be primarily ascribed to the rise in data volumes across industry verticals, which is helping businesses to develop additional revenue streams. The indirect data monetization segment is likely to expand at a significant rate during the forecast period. Rise in focus of businesses on risk and cost reduction and improvement of operations across the applications are expected to drive the indirect data monetization segment.

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Based on component, platform was the key segment of the data monetization market in terms of revenue in 2016. Software is anticipated to be the fastest growing segment during the forecast period due to the rise in deployment of data monetization software suite.