Growth through Data Monetization

Data Monetization is the process of using data to obtain a quantifiable economic benefit. Over the last few years, a lot of companies have adopted data and analytics to generate growth for their businesses.

Even while being in its early days, data monetization market size is set to reach up to USD 4.76 Billion by 2026.

Data monetization refers to generating measurable economic benefits from available data sources or simply turning corporate data into currency. Over the last few years, data monetization has been changing the way countless companies operate and looking to the future that doesn’t plan on stopping.

Data is one of the most valuable assets for many organizations today and leveraging technologies such as big data and analytics are now being considered important by vendors of the data monetization market to monetize their assets.

With advanced technologies, enterprises can gather a vast amount of data from networks, devices, customer behaviour etc. which they can convert into revenues through the process of data monetization.

Enterprises are using data monetization to convert raw data into something insightful and valuable which helps them to make the right decisions for their business.

A rise in focus towards creating new income streams from corporate data can also be seen among organizations. Organizations are becoming more aware of the potential benefits of data monetization.

Organisations are using analytics to launch new data-focused businesses that undermine traditional business models with having the most significant changes in high tech, media and telecom, and consumer and retail.

The companies are using data and turning it into a strategic asset. They identify potential internal and external monetization opportunities then appraise the data and identify any hidden opportunities to enrich it, and increase insight value. This helps them develop a strong monetization strategy and assess business opportunities, dependencies, and capability gaps.

In conclusion, Many companies are beginning in order to build data-driven strategies to pump up growth in the future data economy. Though in its early stages, data monetization has a considerable effect on many industries.

Every company transforms itself into a data company applying its approaches and strategies at some stage. The success of data monetization lies in breaking the barriers and practising consistent innovation. The global market seems to surge seamlessly and is predicted to do bigger and better in the coming years.

In the next webinar organised by Astorianz Industries, the topic of discussion will be entrepreneurship in data analytics and data monetization space. Register here to grab your free spot.