New York, April 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Alternative Data Global Market Report 2023" - https://www.reportlinker.com/p06229765/?utm_source=GNW
, M Science LLC, 7Park Data Inc., Convergence Inc., Geotab Inc., Jumpshot, JWN Energy, and Talkingdata.
The global alternative data market grew from $3.23 billion in 2022 to $4.74 billion in 2023 at a compound annual growth rate (CAGR) of 46.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The alternative data market is expected to grow to $18.94 billion in 2027 at a CAGR of 41.4%.
The alternative data market includes revenues earned by entities by providing services such as point-of-sale transactions, web site usage, mobile app or app store analytics, crowdsourcing, and obscure city hall records.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Alternative data is characterized as non-traditional data that can give an indicator of a firm’s future performance other than conventional sources such as corporate filings, analyst predictions, and management instructions. This information can be utilized in pre-trade investment evaluation as well as to assist investors in monitoring the health of a firm, industry, or nation.
North America was the largest region in the alternative data market in 2022. The regions covered in the alternative data market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of alternative data are 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, and web traffic.Credit card transaction data generates information about consumer purchases, allowing businesses to estimate future spending patterns.
Organizations including small and medium-sized enterprises and large enterprises. It is implemented in various verticals such as automotive, BFSI, energy, industrial, IT and telecommunications, media and entertainment, real estate and construction, retail, transportation and logistics.
The rising demand for alternative data from hedge funds is expected to propel the growth of the alternative data market in the coming years.Alternative data (or alt data) is non-financial data that predict financial results.
Hedge funds and investment banks are among the top users of alt data as investors seek new data sources to provide speedier insight for improved decision-making.This is primarily since alternative data might aid in understanding the corporate performance and future consequences.
According to study in 2020, jointly published by AIMA and SS&C, quizzed nearly 100 hedge fund managers globally, out of which approximately 25% of those surveyed are considered "market leaders" - hedge fund managers who have been using alternative data for more than five years and over two-thirds (69%) of these market leaders are using alternative data to generate outperformance.Moreover, in next one to five years, 61% of market leaders and 82% of the rest of the market expect alternative data to become increasingly popular among hedge funds.
Therefore, the rising demand for alternative data from hedge funds drives the growth of the alternative data market.
The launch of next-generation platforms has emerged as a key trend in the alternative data market.Major companies operating in the alternative data sector are focusing on introducing next-generation platforms to deliver new and timely insights to researchers, analysts, and businesses.
For instance, in October 2020, ESG Data Services Inc., a Canada-based alternative data provider launched the next generation AI-powered ESG data, research, and analytics platform-ESG Analytics. ESG Analytics is an API and web-based solution that uses artificial intelligence (AI) and broad-based alternative data sources to uncover opportunities and risks in social, environmental, and governance practices of companies, ETFs, and countries. Moreover, for investors going beyond the surface details that everyone else uses, ESG Analytics opens them to a world of deep and relevant analysis.
In January 2020, The Earnest Research Company, a US-based data analytics company has acquired Alpha Hat Inc. for an undisclosed amount. The acquisition would allow The Earnest Research Company to demonstrate the insights of the new data products of the highest quality and accuracy. Alpha Hat Inc. is a US-based , mobile geolocation intelligence provider that specializes in refining alternative data into actionable insights for investors.
The countries covered in the alternative data market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The alternative data market research report is one of a series of new reports that provides alternative data market statistics, including alternative data industry global market size, regional shares, competitors with an alternative data market share, detailed alternative data market segments, market trends and opportunities, and any further data you may need to thrive in the alternative data industry. This alternative data market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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