Italy data monetization is projected to grow at a CAGR of 5.15% to reach a market size of US$5.133 billion by 2027, from US$3.611 billion in 2020.
The major factors driving the market growth are the rising adoption of digital payments and considerable investments in cloud infrastructure by key players operating in the country, and the increasing adoption of AI for data processing. Additionally, growing awareness about the potential benefits of data monetization in the manufacturing sector of the country is also driving the market growth. The market is segmented into- By Offering, By Deployment Model, By Enterprise Size, By End-User Industry.
Italy Data Monetization Market Drivers:
One of the prime reasons supporting market growth is the rising use of digital payments for online sales. The markets in Italy are evolving according to consumer needs. The growing use of digital payments, mobile banking, instant payments, and digital e-commerce is expected to drive the enormous volume of data which in turn will boost the overall market growth during the forecast period. Consumers in Italy are shifting from cash to digital wallets or pay later transactions. Increasing demand for digital payments and debit-linked digital wallets contributes to the overall market growth. Cards are one of the most popular online payment methods in Italy and are projected to continue their dominance over the forecast period. PagoBancomat, a local card scheme, has announced the investments of millions in its digital wallet capabilities. Furthermore, the rising penetration of the internet coupled with the country’s digitalization levels steadily increasing will further boost the overall market growth in the coming years. Spanish financial services firm BBVA has announced its partnership with Italian banking group Banca Sella to provide payment services via open banking firm fabric. With the help of this partnership, BBVA will offer its international and Italian customers a series of local payment services such as F24, postal bills, CBILL, and pagoPA.
Italy Data Monetization Market: By End-Use Industry
Italy is considered the second largest manufacturing country in Europe and is strong in sectors such as food products, automotive, pharmaceuticals, and Fashion. Before the pandemic, the advanced manufacturing solutions market in the country was valued at €3.9 billion, which is a 22% increase from 2018. Although the COVID-19 pandemic has impacted the manufacturing sector growth, Italian manufacturing companies continued their investments in Industry 4.0 solutions which are projected to contribute to the overall market growth significantly. Additionally, Italy was boosting its additive manufacturing market and ranked 11th in the world for the usage of additive manufacturing technologies and 4th in usage growth which will further fuel the overall market growth during the forecast period. The country's government has planned to grow the country’s advanced manufacturing technologies market. It has allocated €13.4 billion in tax credits for investment in advanced manufacturing technologies, which will create many opportunities for the key players present in the market.
COVID-19 Insights
The data monetization market in the country was growing at a very rapid pace before the COVID-19 outbreak. However, market growth was affected by the pandemic due to a sharp decline in the country’s manufacturing sector. Although after 2021, the market is steadily growing and will continue to surge during the forecast period.
Segmentation
The market has been analyzed through the following segments: