Close-up financial chart on digital LCD display. Stock photo.
The Alternative Data by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/alternative-data-global-market-report
According to The Business Research Company’s Alternative Data, The alternative data market size has grown exponentially in recent years. It will grow from $4.67 billion in 2023 to $6.72 billion in 2024 at a compound annual growth rate (CAGR) of 44.0%. The growth in the historic period can be attributed to increase in rising penetration of e-commerce, strong economic growth in emerging markets, increased internet penetration and increased availability of mobile devices.
The alternative data market size is expected to see exponential growth in the next few years. It will grow to $26.28 billion in 2028 at a compound annual growth rate (CAGR) of 40.6%. The growth in the forecast period can be attributed to increased numbers of smart cities, increase in internet penetration, increasing adoption of 5g networks, favorable government initiatives and growing interest in stock trading. Major trends in the forecast period include integrating artificial intelligence (ai), establishing collaborations with research institutions and established companies, launching next-generation platforms and investing in edge computing solutions.
The increasing adoption of 5G networks is expected to drive the alternative data market in the forecast period. 5G networks would accelerate the uptake of alternative data applications and services and enable new use cases. The increased bandwidth offered by 5G allows more data to be sent during a given period, and the lower latency allows data to reach its destination faster. These networks provide increased coverage which supports multiple network topologies allowing alternative data to communicate easily. 5G will also lead to an increase in data traffic, not only from smartphones but also Internet-of-Things (IoT) enabled devices. According to Ericsson’s latest Mobility Report Q2 2021, the number of worldwide 5G smartphone subscriptions in 2021 was forecast to increase to 600 million, a three-fold increase of the 2020 total. By 2022, 5G subscriptions are expected to surpass the one-billion mark, thus driving demand for alternative data.
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The alternative data market covered in this report is segmented –
1) By Data Type: Credit and Debit card Transactions, Email Receipts, Geo-Location (foot traffic) records, Mobile Application Usage, Satellite And Weather Data, Social And Sentiment Data, Web Scraped Data, Web traffic, Other Data Type.
2) By Industry: Automotive, BFSI, Energy, Industrial, IT and Telecommunications, Media and Entertainment, Real Estate and Construction, Retail, Transportation and Logistics, Other Industries.
Companies, governments, and research bodies are increasingly entering into strategic collaborations and partnerships for the development of alternative data, offering better insights into customers across a varied range of industries. In September 2021, Equifax announced the acquisition of a US l firm in alternative credit data, Teletrack for an undisclosed amount. The acquisition is expected to create a US specialty consumer reporting agency with more than 80 million data on thin file, unbanked, underbanked, and credit-rebuilding consumers provided by Teletrack. Teletrack is a specialty consumer reporting agency that provides non-traditional credit data and insights into the alternative financial services industry.
The alternative data market report table of contents includes:
1. Executive Summary
2. Alternative Data Market Characteristics
3. Alternative Data Market Trends And Strategies
4. Alternative Data Market – Macro Economic Scenario
5. Global Alternative Data Market Size and Growth
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26. South America Alternative Data Market
27. Brazil Alternative Data Market
28. Middle East Alternative Data Market
29. Africa Alternative Data Market
30. Alternative Data Market Competitive Landscape And Company Profiles
Top Major Players:
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