United Kingdom data monetization is projected to grow at a CAGR of 6.35% to reach a market size of US$17.529 billion by 2027, from US$11.390 billion in 2020.
The major factor driving the market growth is the need to transform analytics-driven companies, which boosts the demand for data monetizing applications and services to improve enterprise decision-making skills. As a result, increasing acceptance of data-driven decision-making will raise demand for data monetization, assisting the expansion of the data monetization industry in the UK.
United Kingdom Data Monetization growth factors
The rise in Adoption of Technologies
The adoption of technologies such as 5G Edge computing is predicted to increase the demand for data tremendously. Furthermore, the increase in data traffic is predicted to positively impact the market's growth positively. According to Equinix research, London is anticipated to continue to be the most crucial European data market. Furthermore, an expanding number of European data compliance rules are acting as a stimulant. The industry is expected to increase at a rate of 48 percent per year, accounting for 23 percent of worldwide interconnection bandwidth. Furthermore, the industry-wide adoption of new technologies such as Big data, IoT, and smart city developments such as Manchester's Triangulum project and Hull's Smart City OS, among others, is driving data monetization market demand.
The rise in Supporting of Technologies
By supporting technologies like smart metering, smart transportation, teleworking, and e-commerce, the data centres assist the region in lowering the carbon intensity of its economic operations. It centralizes computer activities into purpose-built facilities, allowing the government and corporate IT functions to be managed more efficiently, which helps in the growth of the data monetization market.
The United Kingdom Data Monetization segmentation
Based on the segment, it is divided into small, medium, and large by enterprise size. Large organizations in the United Kingdom are embracing cloud technology at a faster rate than smaller businesses (less than 200 people), with adoption rates of 96 percent and 76 percent, respectively. Infrastructure as a Service (IaaS) has piqued the interest, particularly in SMEs and IT decision-makers, and is expected to be the country's leading category. Furthermore, as public sector cloud use catches up with private-sector cloud adoption, additional government cloud spending is one of the primary factors driving market development during the projection period.
Based on the end-user, it is divided into retail, manufacturing, automotive, BFSI, media and entertainment, and others. The BFSI segment dominated the market share. To match fintech's digital services, banks are focusing on increased digital channel usage. With the United Kingdom's online banking penetration rate, consumers are dealing with financial services providers mostly through technology. This is causing banks to place a greater emphasis on employing tech personnel in order to strengthen their digital services, as well as obtain valuable insight into client behaviour. According to the Bank of England, the UK's 30 major banks have collectively embraced approximately 2,000 cloud-based apps. In comparison, the UK's 27 major insurers have collectively embraced less than 100 cloud-based applications. This has a significant impact on the cloud BI (Business Intelligence) sector in the United Kingdom.
Furthermore, according to a survey conducted by Pinsent Masons, banks use cloud sourcing for file collaboration and sharing in 23 percent of cases, as well as for other tasks such as corporate leadership, communications, finance, and criminal identification. The three most popular uses of cloud outsourcing have been identified as customer relationship management, analytics, and business management. The Prudential Regulation Authority published a consultation paper in December 2019 that outlines the expectations for outsourcing, including the usage of the cloud. According to the report, the provision of cloud IT infrastructure for banks and insurers is already strongly focused in the United Kingdom. Furthermore, the Industrial Strategy Challenge Fund of the United Kingdom provided financing to Oxford University researchers. Research and development to see how analytics may assist insurance and finance become more efficient and competitive globally.
COVID-19 has sparked a surge in demand for digital communications, similar to the current global pandemic outbreak. As a result, the data center services that support them are growing in popularity. For example, it was claimed in March 2020 that Europe had the most significant internet exchange traffic. Despite their tremendous automation, data centres still require regular maintenance, management, servicing, and security. As a result, administrators in the region are assuring that the server remains operational despite the pandemic. TechUK, for example, has started holding call options to share best practices and identify difficulties.
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.