Globally, the data monetization market is expected to grow with a CAGR of 19.6% during the forecast period from 2022 to 2030 and had register a market value of US$ 2.99 Bn in 2020. Data monetization is defined as the data generated by the companies or organization, which are used to create economic benefits, or simply turning corporate data into currency. These currencies are in different forms of actual currency or data currency which are used as a means of exchange of data, product or services.
The global next-generation data storage market was valued at US$ 74.24 Bn in the year 2021 and expected to reach US$ 239.83 Bn by the year 2030, expanding at a CAGR of 12.7% during the forecast from 2022 to 2030. Ever-growing unstructured data by the emergence of Big Data, artificial intelligence, and other breakthrough technologies have ushered the growth of next-generation data storage technologies.
The global graph database market is poised to reach US$ 6,674.93 Mn by 2030, expanding at a CAGR of 15% over the forecast period from 2022 to 2030. Penetration of Internet of Things (IoT) and Artificial Intelligence (AI) has prominently triggered the volume of data generation per year turning their analysis into more complex process. As per ‘World Economic Forum’ total data generation will reach nearly 463 Exabyte (10006 bytes) by the year 2025.
Globally, the data erasure solution market is expected to grow with a CAGR of 19.2% during the forecast period from 2022 to 2030. The market is driven by the rising threat of data losses among organizations. As organizations are shifting towards digitalization, the risk of data breaches and cyber-attacks are also rising. The loss of data such as intellectual property, customers, personally identifiable information could put the customers, consumers and employees at the risk of identity theft. These data losses could also result in the financial losses. Therefore, to address these issues, organizations are shifting towards the data erasure solutions.
Alternative data market reached a market value of US$ 428.9 Mn in 2021, with an immense CAGR during the forecast period from 2022 to 2030. Essentially directed by North America, alternative data market is majorly driven by its early adoption across different industry verticals. Any useful information that is not from financial statement is classified as alternative data.
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