The Data Monetization Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period, to reach USD 7.3 billion by 2027 from USD 2.9 billion in 2022.
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The services aid organizations in gathering and analyzing data for improving the decision-making process, building effectiveness, and reducing costs.
Data monetization providers offer a complete range of services to organizations to conduct different activities required for their business functions. As the data monetization market is expected to grow, the demand for services is also expected to increase. Therefore, data monetization service providers are focusing on delivering dedicated services by understanding buyer demands and needs. The support and maintenance services help in the smooth functioning of deployed data monetization tools by supporting different activities, such as fault handling, product enhancement, product development, and system integration.
Consulting services enables user to gain deep insights into its data assets which further helps in its business growth
Consulting services help in defining deployable use cases for achieving better business performance. Hence, the consulting segment is predicted to be an important contributor to the overall revenue of the services segment.
The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Microsoft, Oracle, Salesforce, SAS, and TIBCO have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the data monetization market.
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Microsoft focuses on both organic and inorganic business growth strategies to strengthen its position in the market. As part of its organic growth strategies, the organization focuses on product innovations to gain an advantage over its competitors. Microsoft will be a prominent player in the global data monetization market during the forecast period, with its continuous focus on becoming an exclusive vendor in the market. In June 2020, the company partnered with SAS to become the preferred cloud service provider and integrate SAS’s various products with Microsoft’s cloud portfolio. It invests a substantial part of its annual revenue in R&D in enhancing and upgrading its products and services in the data monetization market.
Oracle Monetization Cloud offers robust rating, discounting, billing, and invoicing capabilities and complies with standards such as ASC606 and IFRS15. The company introduces new features and functionalities in its existing offerings through multiple upgrades to offer enterprises the benefits of latest technologies and innovations in the market. It offers robust offerings to monetize the digital economy, has diversified geographic presence in over 175 countries across the globe, and has strong focus on R&D helps strengthen product and service portfolios. The company easily expands its reach worldwide through its partner network. It focuses mainly on organic growth strategies to sustain and grow in the data monetization market. For instance, in November 2019, Oracle announced a new cloud-native deployment option for BRM. These strategies enable Oracle to maintain a leading position in the data monetization market. Furthermore, strong financial performance, heavy investment in R&D, and strong direct and indirect sales channels are expected to strengthen the company’s market position in future.
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