Alternative Data Market Overview:
The alternative data market is gaining momentum as businesses and investors leverage non-traditional data sources for insights and decision-making. From social media trends to satellite imagery, alternative data provides a competitive edge by uncovering patterns and opportunities not captured by conventional data sources.
Global Alternative Data Market size and share is currently valued at USD 7.16 billion in 2023 and is anticipated to generate an estimated revenue of USD 271.49 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 49.8% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Key Market Drivers:
- Rising Demand for Predictive Insights: Companies are utilizing alternative data to enhance forecasting and identify emerging market trends, driving demand.
- Advancements in Data Analytics: The growth of AI and machine learning has enabled the processing of vast volumes of unstructured data, boosting market adoption.
- Expanding Use Cases Across Industries: Sectors like finance, retail, and healthcare are increasingly relying on alternative data for strategic decisions.
- Proliferation of Data Sources: Growing access to non-traditional data streams, including geospatial data and IoT devices, is driving market growth.
Alternative Data Market Future Outlook:
The alternative data market is poised for rapid expansion as industries continue to embrace data-driven strategies. With increasing digitalization and advancements in analytics, organizations will further integrate alternative data into their decision-making processes. Emerging markets in Asia-Pacific and Latin America are expected to witness significant adoption due to the growing presence of fintech and e-commerce sectors. Moreover, concerns over data privacy and regulations will lead to innovations in secure and ethical data sourcing practices.
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Key Companies in Alternative Data Market:
- 1010data, Inc.
- Advan Research Corporation
- Dataminr
- Earnest
- M Science LLC
- Preqin
- RavenPack
- Thinknum Alternative Data
- UBS
- YipitData
Alternative Data Industry Developments:
Key players in the market are focusing on acquiring and partnering with data providers to broaden their offerings. Advanced analytics platforms are being developed to streamline data integration and visualization for end-users. The rise of subscription-based models is making alternative data more accessible to smaller enterprises. Additionally, regulatory bodies are introducing guidelines to ensure the ethical use of alternative data, fostering greater trust and adoption across industries.
Alternative Data Market Segmentation:
Polaris Market Research has segmented the alternative data market based on industry (financial services, retail, healthcare, and more), data type (geolocation, social media, web scraping, satellite data, etc.), and end-users (investors, businesses, government agencies). This segmentation highlights the broad applicability and tailored solutions offered by the alternative data market.
Alternative Data, Industry Outlook (Revenue – USD Billion, 2019 – 2032)
- Transportation & Logistics
- Industrial
- Real Estate & Construction
- Retail
- Automotive
- IT & Telecommunications
- BFSI (Banking, Financial Services, and Insurance)
- Energy
- Media & Entertainment
- Others
Alternative Data, Data Type Outlook (Revenue – USD Billion, 2019 – 2032)
- Mobile Application Usage
- Geo-location (Foot Traffic) Records
- Web Scraped Data
- Credit & Debit Card Transactions
- Satellite & Weather Data
- Social & Sentiment Data
- Email Receipts
- Web Traffic
- Others
Alternative Data, End User Outlook (Revenue – USD Billion, 2019 – 2032)
- Investment Institutions
- Retail Companies
- Hedge Fund Operators
- Other End-Users
The alternative data market is set to revolutionize decision-making processes across industries, offering unparalleled insights and opportunities. As technology advances and adoption widens, alternative data will become an integral part of the global data ecosystem, driving innovation and competitive advantage.