Data Monetization is the exchange of Data between Firms

 

Data Monetization

Direct and Indirect Monetization are the two forms of Data Monetization. The technique of selling raw data is known as direct monetization. Corporations can profit from this process by selling data straight to other companies or third parties. Direct monetization is defined as the sale of a company's analysis, bartering, or trading data, as well as the development of one or more application programming interfaces (API). The process of exchanging data between firms is known as data monetization.

It is the process of earning income or creating revenue-generating streams through the use of data. Companies use indirect monetization to analyse their own data in order to get insights that will help them enhance their company performance. Indirect monetization aids businesses in a variety of ways, including increasing efficiency, lowering costs, developing new goods and services, and discovering new consumer kinds and company categories.

According to Coherent Market Insights, The global Data Monetization Market was valued at US$ 2.4 Bn in 2019 and is expected to reach US$ 12.3 Bn by 2027 at a CAGR of 21.9% between 2020 and 2027.

Many businesses utilise data to enhance and grow sales. Increased use of digital technology is predicted to create a large volume of data, resulting in increased demand for data monetization. Companies employ digital technology to acquire massive volumes of data including consumer demographics, product preferences, and sales performance. 5G technologies will be widely used in the near future, generating vast amounts of data that may be mined for useful information. Furthermore, a significant amount of data opens up several commercial prospects.

Microsoft, for example, has created a new Azure data sharing service that allows clients to exchange data with their partners and corporate customers with ease. Because of the growing need for internet of things (IoT) and other linked devices, every company may gather and exploit data. Furthermore, the lowest cost of data storage provides value to a business and encourages it to use data monetization techniques in the future. Companies are using data monetization approaches to cope with massive amounts of data, which is supporting the expansion of the industry.

In order to develop meaningful insights, it is necessary to communicate precise and collaborative data information with staff. Regulatory agencies develop new rules, and all organisations are required to observe these regulations and policies. This is a time-consuming procedure, and authorities must be aware of any policy changes. The European Union parliament, for example, has enacted the General Data Protection Regulation (GDPR), which has superseded Directive 95/46/EC. Organizations must regularly alter their data monetization solutions after GDPR adoption to stay up with changing rules.

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