Global Alternative Data Industry: Key Statistics and Insights in 2024-2032
Summary:
- The global alternative data market size reached USD 6,433.2 Million in 2023.
- The market is expected to reach USD 118,112.0 Million by 2032, exhibiting a growth rate (CAGR) of 28.6% during 2024-2032.
- North America leads the market, accounting for the largest alternative data market share.
- Credit and debit card transactions hold the largest share in the alternative data industry.
- BFSI represents the leading end use industry segment.
- The rising demand for predictive analytics is a primary driver of the alternative data market.
- The increasing adoption in the financial sector and the growing focus on real-time decision-making are reshaping the alternative data market.
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Industry Trends and Drivers:
- Rising demand for predictive analytics:
Organizations across various sectors are recognizing the value of alternative data in forecasting future trends, client behavior, and market movements. By utilizing non-traditional data sources, businesses are enhancing their decision-making processes, allowing for more accurate predictions and strategic planning. This data-driven approach helps companies stay ahead of their competition by identifying opportunities and risks earlier than those relying on traditional data alone. The increasing importance of real-time insights, particularly in sectors where timely information is crucial, is leading to the adoption of alternative data. Predictive analytics, supported by these diverse data sets, is enabling businesses to make more informed and forward-looking decisions.
- Increasing adoption in the financial sector:
Financial institutions, including investment firms and asset managers, are integrating alternative data into their decision-making frameworks. This data enables more sophisticated analysis of market conditions and better-informed investment strategies. The growing complexity of financial markets and the need for accurate, timely insights are encouraging financial institutions to seek data that goes beyond traditional financial metrics. The adoption of algorithmic trading and advanced quantitative analysis techniques is further driving the demand for alternative data, as these methods require vast amounts of diverse data to generate competitive insights. Financial institutions are continuously prioritizing data-driven strategies, which is leading to a higher reliance on alternative data.
- Growing focus on real-time decision-making:
In the contemporary fast-paced business environment, organizations need to respond quickly to changing market conditions and individual behaviors. Traditional data sources often lack the timeliness required for such rapid responses, encouraging businesses to turn to alternative data for real-time insights. This trend is especially prominent in industries where agility and responsiveness are critical for maintaining a competitive advantage. By utilizing alternative data, companies can monitor market trends, client sentiment, and operational performance in real time, allowing for quicker and more accurate decision-making. This rising emphasis on immediacy is driving the demand for alternative data solutions that provide continuous and up-to-date insights.
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Alternative Data Market Report Segmentation:
Breakup By Data Type:
- Mobile Application Usage
- Credit and Debit Card Transactions
- Email Receipts
- Geo-location (Foot Traffic) Records
- Satellite and Weather Data
- Social and Sentiment Data
- Web Scraped Data
- Web Traffic
- Others
Credit and debit card transactions exhibit a clear dominance in the market due to their ability to provide real-time insights into consumer spending patterns.
Breakup By End Use Industry:
- Transportation and Logistics
- BFSI
- Retail and ECommerce
- Energy and Utilities
- IT and Telecommunications
- Media and Entertainment
- Others
BFSI holds the biggest market share, as financial institutions rely on alternative data for risk management and decision-making
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America dominates the market owing to its early adoption of alternative data sources and the strong presence of financial firms leveraging these insights.
Top Alternative Data Market Leaders:
The alternative data market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- Airway Management Inc.
- Apnea Sciences Corporation
- Fisher & Paykel Healthcare Corporation Limited
- Koninklijke Philips N.V.
- MEDiTAS Ltd.
- Medtronic plc
- Mitsui Chemicals Inc.
- ResMed Inc.
- Rotech Healthcare Inc.
- SomnoMed
- The Pure Sleep Company
- Tomed GmbH
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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