The Asia Pacific data monetization is projected to grow at a CAGR of 7.46% to a market size of US$56.450 billion by 2027, from the US$34.111 billion in 2020.
The major factors driving the market growth are the rapid adoption of digitization of businesses, increase in the volume of data generated, huge investments by key players operating in the region and increasing adoption of AI for data processing. Additionally, growing awareness of the potential benefits of data monetization is also driving market growth. The market is segmented into- By Offering, By Deployment Model, By Enterprise Size, By End-User Industry and By Country.
Asia Pacific Data Monetization Market Drivers:
The growing demand for data monetization from the BFSI sector of the region is one of the prime factors supporting market growth. BFSI companies are major adopters and investors of data monetization techniques across the region. Factors such as increasing diversity in financial products and services, a better educated and demanding population, growing regulatory requirements for better monitoring of processes and the development of secure financial systems, and the increasing investments by banks and financial institutions across the region are projected to have a positive impact on the overall market growth. Moreover, rising initiatives taken by countries across the region to accelerate innovation in banking with applied AI, IoT & analytics strategies will further contribute to the overall market growth. For instance, Westpac, which is a leading financial provider in Australia, has announced the launch of PayWear which is a chip-like wearable offering that helps customers to make tap and go payments on contactless stations.
One of the prime reasons which are supporting the market growth is the increasing adoption of cloud technology across the region followed by continuous improvements in technologies, especially in countries like India, China, Singapore and Japan. The government of major countries are making efforts to increase the adoption of advanced technologies such as IoT, cloud computing and AI which is projected to significantly contribute to the overall market growth. The government of India has launched “GI Cloud” (MeghRaj) to implement a governance mechanism to increase the use of cloud technology in the government sector of the country. IN addition to this, the government of Singapore has launched a Government Commercial Cloud Service which will introduce the innovations and capabilities of commercial cloud computing platforms to less sensitive government systems. Furthermore, big players in the market are planning to launch cloud data centres across the region. For instance, Vantage Data Centers is expanding its operations into the Asia Pacific market by acquiring Agile Data Centers and PCCW’s Data Center Business. The company will provide its data centre services across Osaka, Tokyo, Hong Kong, Malaysia, and Melbourne.
The data monetization market in the region was witnessing a healthy growth rate before the outbreak of the COVID-19 pandemic. The growing digitalization of businesses in the region leading to increased data generation, and the increasing competition among firms have been some of the major drivers of the market. The COVID-19 pandemic slowed down the growth of the Asia-Pacific data monetization market in 2020 due to decreased spending by businesses on data monetization amid the pandemic. However, the market grew at an impressive pace in 2021 and is projected to continue the high growth. Several data-oriented companies have been expanding their feet in the region latterly.
The market has been analysed through following segments:
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