Overview and Scope
Datafication refers to the process of converting diverse aspects of human activities, business operations, and the environment into data for analysis and decision-making, involving transforming analog information into digital data. This digital transformation facilitates enhanced insights, predictive analytics, and informed decision-making.
Sizing and Forecast
The datafication market size has grown rapidly in recent years. It will grow from $347.03 billion in 2023 to $392.39 billion in 2024 at a compound annual growth rate (CAGR) of 13%. The growth in the historic period can be attributed to proliferation of internet connectivity, exponential growth of data volumes, development of advanced analytics tools, emergence of cloud computing, increasing digitization of businesses.
The datafication market size is expected to see rapid growth in the next few years. It will grow to $636.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to emphasis on data privacy and security, acceleration of 5G networks, evolution of quantum computing, rise of data regulation and compliance measures, expansion of internet of things (IoT) devices. Major trends in the forecast period include augmented analytics, personalized customer experiences, smart cities and urban planning, enhanced cybersecurity solutions, sustainable and ethical data practices.
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Segmentation & Regional Insights
The datafication market covered in this report is segmented –
1) By Type: Behavioral Datafication, Social Datafication, Geospatial Datafication, Transactional Datafication, Sensor Datafication
2) By Component: Solutions, Services
3) By Deployment: Cloud, On-Premises
4) By Application: Blockchain, Artificial Intelligence For IT operations (AIOps), Cognitive Computing, Edge Computing, FinOps, Other Applications
5) By Vertical: Banking Financial Services And Insurance (BFSI), Healthcare, IT And Telecom, Retail, Government And Defense, Manufacturing, Media And Entertainment, Other Verticals
North America was the largest region in the datafication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the datafication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increasing volume of data generation is expected to propel the growth of the datafication market going forward. Data generation refers to creating or producing new data through various means, such as collecting data from sources, conducting surveys, performing experiments, or generating data through algorithms and simulations. It arises due to the influence of digital technologies and the growing interconnectedness of the global economy. Datafication is used in data generation because it transforms various aspects of businesses, customers, and users into quantifiable, usable, and actionable data, thereby facilitating the collection, analysis, and utilization of vast amounts of information. For instance, in March 2021, according to reports published by The World Bank Group, a US-based international organizations, global internet traffic surged from over 3 zettabytes in 2020 to a projected 4.8 zettabytes in 2022, representing a 50% increase and equivalent to 150,000 gigabytes per second, which underscores the escalating volume of data creation. Therefore, the increasing volume of data generation is driving the growth of the datafication market.
Key Industry Players
Major companies operating in the datafication market are Amazon Web Services Inc., Alphabet Inc, Microsoft Corporation, Dell EMC, The International Business Machines Corporation, Oracle Corporation, SAP SE, ABB Group, Hewlett-Packard Enterprise (HPE), Emerson Electric Co., SAS Institute Inc., Teradata Corporation, Workiva Inc., DataRobot Inc., Xceptor, Matillion Limited, Dbt Labs Inc., mParticle, Veryfi Inc., Coalesce.io, Search Discovery Inc., Crosser Technologies, Decodable, Osmos, Precog, Flatfile Inc.
The datafication market report table of contents includes:
1. Executive Summary
2. Datafication Market Characteristics
3. Datafication Market Trends And Strategies
4. Datafication Market – Macro Economic Scenario
5. Global Datafication Market Size and Growth
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31. Datafication Market Other Major And Innovative Companies
32. Global Datafication Market Competitive Benchmarking
33. Global Datafication Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Datafication Market
35. Datafication Market Future Outlook and Potential Analysis
36.Appendix
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