Wilmington, Delaware, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - TMR estimates the data broker market to expand at a CAGR of 6.8% during the forecast period from 2022 to 2031. Rapid adoption of business intelligence (BI) solutions from a range of industries including finance and healthcare to analyze large data sets and obtain actionable insights for competitive advantage fuels the growth of data brokers market.
Data brokers are authorized to directly license the data of another company or process data of another organization for improved business outcomes.
Proliferation of the digital economy with consistent rise in the use of mobile devices demonstrates continuous growth in business intelligence (BI). The generation of large data sets allows BI to scrutinize this data for actionable insights. This, in turn, drives the demand for vendors in the data brokers market.
North America is anticipated to account for the leading share of the data brokers market in 2022. Top data broker companies are currently selling large volume of data of citizens in the U.S. to different businesses, to fuel the growth of data brokers market in the region.
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Data Broker Market – Key Findings of the Report
- Technological capability of best data broker companies to provide comprehensive analysis of unstructured data stimulates operational efficiency of a business. Therefore, advantages of managing and monetizing large volume of personal data to present lucrative opportunities for the data brokers industry.
- Generic biographic data pertaining to date of birth, education, marital status, employment, and personal interest generated through people’s Internet browsing history is used in several business applications. Application of this data in marketing and advertising, risk mitigation, people search and other functions unlocks opportunities in the data brokers market.
- Demand for fraud detection services typically used by banks and mobile operators provides incremental opportunities for commercial data brokers and cloud access security brokers. For instance, the BFSI sector uses information provided by data brokers to find more information about an individual before approving a loan.
- Adoption of enterprise BI from various industries such as IT, healthcare, and education to use and analyze data sets to transforms operations gathers steam. Inclination of customer-facing businesses toward data analytics owing to changing consumer purchasing pattern, trends is likely to strengthen demand.
- Critical role of data in the financial and investment industry such as for private equity firms and investment institutions holds value for competitive advantage. Financial and investment institutions are likely to capitalize on the massive volume of data, coupled with integration of advanced technologies and the availability of large data sets to unlock hidden potential for improved decision-making.
- Accuracy and timeframe of data for the execution of critical fund management functions helps to foster investor relationship and transparency, modelling, risk management, reporting, benchmarking, and forecasting. This is compelling the need for alternative data.
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Data Broker Market – Growth Drivers
- Interest of companies to manage and monetize on the mounting volume of personal data of consumers fuels the growth of data brokers market
- Spectrum of uses of personal data of individuals in marketing and advertising, risk-mitigation, fraud detection, people search and other functions boosts data brokers market
Data Broker Market – Key Plyer
Some of the key plyer operating in the data broker market re;
Acxiom Corporation
Equifax Inc.
Oracle Corporation
Moody’s Corporation
FICO
LexisNexis
Experian Plc
CoreLogic
Epsilon
eBureau
Intellius
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The data brokers market is segmented as follows;
Data Brokers Market, by Data Type
- Unstructured Data
- Structured Data
- Custom Structure Data
Data Brokers Market, by End-use Industry
- BFSI
- Retail & E-commerce
- Healthcare
- IT & Telecom
- Media
- Government
- Others
Data Brokers Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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