Using Cloud and AI Technologies to Make Data Driven Decisions For Monetization - DataScienceCentral.com
- Updated on: 2022-05-29
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The exchange of data between corporations is known as data monetization. It is the process of earning income or creating new revenue streams by utilizing data, which is estimated to support expansion of the global data monetization market. Direct data monetization as well as indirect data monetization is the two forms of data monetization. The sale of raw data is known as direct data monetization. Companies are making income directly from the sale of data in this scenario. Selling a company’s analysis, bartering or trading data, and implementing one or more APIs are all examples of direct data monetization. Companies leverage their data to have a quantifiable effect on indirect monetization. Indirect monetization aids businesses in lowering costs, increasing productivity and efficiency, developing new goods or services, and discovering new consumer types or company categories, to name a few benefits.
Several reasons, such as increasing business data volume, data monetization awareness, and external data sources, are expected to propel the global data monetization market forward. In addition, the expanding use of data processing as well as artificial intelligence, and the acceptance of data-driven decision-making methodologies and improvements in big analytics, is likely to propel the global data monetization market forward in the years to come.
Data monetization appeals to a number of businesses because it improves customer loyalty, lowers operational costs, improves compliance, increases profitability, develops alliances, and improves user experience and comprehension. Likewise, streamlines planning and decision-making operations, data monetization promotes targeted product/service marketing and propositions, improves cooperation and data sharing across external and internal stakeholders, and adds maximum value to products and services. Over the years, such factors are expected to fuel expansion of the global data monetization market.
Growing Trend of Businesses Monetizing Stored Data to Bolster Growth of the Market
Data monetization is a broad word that refers to any additional money generated by a company from the data it has about its consumers. Because it focuses on upselling services, boosting customer care, and minimizing churn, it is anticipated to be critical to an organization’s profitability. It’s also expected to be critical for supporting business intelligence for a variety of commercial prospects, such as mobile marketing. It accomplishes this by selling information as an insight. Data monetization involves making a large amount of money from publicly available data. It manages data collected by sensors and electrical devices, as well as corporate activities. This information is utilized to provide organizations with relevant insights in order to build new business categories. Sophisticated technologies such as cloud computing, big data, the Internet of Things (IoT), and artificial intelligence have opened up the path for expansion of the global data monetization market in the near future.
In addition, the growing trend of organizations monetizing their data has expedited the development of cloud and cloud-based technologies. Furthermore, it is costly to store and maintain a large volume of data on physical storage devices or hardware. Cloud-based solutions provide enormous compute and storage capabilities in this circumstance. This has opened up the possibility of monetizing data stored in the cloud. Furthermore, cloud technology encourages businesses to exchange real-time data. Cloud computing is also predicted to open the door for subscription-based data sharing platforms, leading to market expansion.
Asia Pacific and North America Markets to Ride on the Back of Implementation of Advanced Technologies
The presence of key competitors in the area contributes to the development of the North America market. Additionally, the US has a significant impact on the region’s development. Businesses in Canada and the US are spending on and adopting modern technologies such as analytics, cloud computing, and big data at a rapid pace. As a result, North America gained the benefit of being the first in the market. Additionally, increased demand amongst businesses for automated decision-making processes, reduced infrastructural costs, and technological advancements have had a substantial impact on regional growth.
Asia Pacific region is expected to rise at a high growth rate. In the forthcoming years, expansion of the regional market is predicted to be fueled by the increased usage of IoT, cloud technology, and big data solutions. Growing networking technology, the quick rise of e-commerce, increased manufacturing and the automotive industry, and more regulatory obligations have all aided regional development.
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