Data Marketplaces Market Scope
In recent times, data have been treated as an economic good and begun to be traded in the market. Data plays an important role in any organization to gain future insights about the market, product development, and build business strategies and increase revenue and profit margin. Data marketplaces allow enterprises to buy and sell data from various datasets. As the technologies are evolving and organizations are going digital, the demand for data marketplaces has been increasing to share a company’s data with other parties and generate revenue.
According to AMA, the Global Data Marketplaces market is expected to see growth rate of 6.6%The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Data Marketplaces market throughout the predicted period.
(United States), Openprise (United States), Quadrant (Singapore), Dawex (France), Oracle Corporation (United States), Aqfer (United States), Salesforce (United States) and Amazon Web Services (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Big Data Exchange (BDEX) (United States), Enigma (United States) and Nokia Corporation (Finland).
Segmentation Overview
The study have segmented the market of Global Data Marketplaces market by Type (Static Data and Dynamic Data), by Application (Business Intelligence, Research and Development and AI and Machine Learning) and Region with country level break-up.
On the basis of geography, the market of Data Marketplaces has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Integration of Advanced Technologies like Machine Learning and Blockchain
Market Growth Drivers:
Increasing Speed of Volume, Variety, and Velocity of Big Data and Need for data Analyzation to Gain Future Insights and Build Business Strategies.
Challenges:
Trouble in Finding Accessible Data Sets
Restraints:
Lack of Trust in Data Marketplaces and Data Cost & Pricing Are the Major Restraint
Opportunities:
Growing Preference of Cloud-based Data Marketplaces
Market Leaders and their Expansionary Development Strategies
In May 2023,The merging of banks and financial institutions poses significant challenges to their information technology (IT) infrastructure and applications. Therefore, it is crucial to address the difficulties arising from mergers between large financial institutions with overlapping business areas and identify effective strategies to mitigate them.
In May 2021, Nokia launched Nokia Data Marketplace as-a-service for secure data trading and AI models. It provides enterprises and communications service providers to access a large number of datasets and enables become data marketplace providers themselves. The launch of a new service ensures trusted data exchange and authorization mechanisms.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Data Marketplaces Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-User Industries and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.