Global Datafication Market By Component (Solutions and Services), By Deployment (Cloud and On-Premises), By Distribution Channel (BFSI, Healthcare, IT & Telecom, Retail, Education, Government, and Other End-Users) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

In 2022, the global datafication market accounted for USD 285 billion and is expected to grow to around USD 883 billion in 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 12.3%.

The datafication term was introduced in 2013. It converts social data into a format of a mathematical equation, which can be easily incurred later on. These data are converted from analog to digital to make access easier. Moreover, datafication aids in boosting products and services by the usage of data in real-time. Furthermore, it gathers customer feedback and plans data-dependent strategies to satisfy customer demand. The growth of the datafication market can increase novel innovations, decrease privacy, and monetize the data. Collecting and analyzing data are the main processes of datafication, augmenting to that giving effective, efficient, and intelligent solutions.

Note: Actual Numbers Might Vary In The Final Report

• Market Size and Growth: The datafication market was valued at USD 285 billion in 2022 and is projected to reach around USD 883 billion by 2032, with an estimated CAGR of 12.3% between 2023 and 2032.
• Definition and Impact of Datafication: Datafication refers to the conversion of social data into mathematical equations for easier access and analysis. It aids in improving products and services, gathering customer feedback, and driving data-dependent strategies to meet customer demands.
• Components Analysis: The services segment dominates the datafication market, holding a 60% market share globally, while the solutions segment is expected to grow at a significant CAGR due to the increasing need for datafication solutions.
• Deployment Analysis: The cloud segment is the more lucrative option, holding a 53% market share, with on-premises solutions also showing significant growth during the forecast period.
• End-User Analysis: The BFSI segment holds the largest revenue share at 32.5%, with other sectors such as retail, healthcare, IT & telecom, education, and government increasingly adopting datafication for improved customer experience and better data management.
• Drivers: The market is driven by the need to streamline operations, automate processes and make more data-driven decisions. Datafication can reduce costs while increasing efficiency and providing valuable insight into customer behavior.
• Restraints: Challenges include the scarcity of skilled resources, data security concerns, and the significant investment required for adopting new technologies. Privacy issues and the threat of internal and external breaches are also significant concerns.
• Opportunities: The opportunities lie in the upgrade of e-government services and the use of datafication to enhance traditional examination patterns for a more comprehensive understanding of individual traits and potential.
• Trends: The significance of data is growing, with the focus shifting from digitization to datafication. Data is becoming increasingly valuable in the market, with its effective management and analysis becoming crucial for businesses to stay competitive.
• Regional Analysis: North America holds the largest market share (34%), followed by Europe. The APAC region is expected to show substantial growth, particularly in countries like India and China.
• Key Players: Some of the key players in the market include Xceptor, Workiva, Trifacta, Search Discovery, Precog, Osmos, mParticle, Matillion, and others, who are employing strategies such as mergers, acquisitions, and collaborations to strengthen their market presence.

Component Analysis

The services Segment is the Most Lucrative in the Global Datafication Market

Based on components, the market for datafication is segmented into solutions and services. Among these component types, the services segment is the most lucrative in the global datafication market, with a market share of 60% globally. Because of their remote and online providing of services as per customer demand. Solutions in the market are expected to rise in the forecast period with a high CAGR. Owing to the need for solutions for the datafication.

Deployment Analysis

Cloud Segment is Estimated to be the Most Lucrative Segment

By deployment, the datafication market is further divided into cloud and on-premises. Based on deployment, the cloud segment is estimated to be the most lucrative segment in the global datafication market, with a market share of 53%, and is anticipated to grow during the forecast period. Owing to resources presence such as a processor and storage by cloud. Furthermore, on-premises are expected to grow with a high CAGR rate during the forecast period. Owing to the preference for on-premises compared to others. Moreover, it has acquired nearly the same amount of market share.

End-User Analysis

BFSI Segment is Estimated to be the Most Lucrative Segment

Based on end-user, the datafication market is segmented into BFSI, healthcare, IT & telecom, retail, education, government, and other end-users. Among this end-user, the BFSI segment is estimated to be the most lucrative segment in the datafication market, with the largest revenue share of 32.5%. Owing to the need for datafication is high in the BFSI sector due to the ever-growing customer base across the globe. The retail segment is expected to grow at the highest CAGR during the forecast period from 2023 to 2032. Owing to analyzing the customer desire to improve customer experience. Moreover, healthcare, IT& telecom, education, and government-like sectors are accepting datafication on a larger scale to improve their customer experience and ease the sector’s data management.

Note: Actual Numbers Might Vary In The Final Report

Key Market Segments

Based on Component

• Solutions
• Services

Based on Deployment

• Cloud
• On-Premises

Based on End-User

• BFSI
• Healthcare
• IT & Telecom
• Retail
• Education
• Government
• Other End-Users

Drivers

Streamlining the Several Operations, Automation, to Take Better Decision Are Drivers of the Market

Datafication is increasing its importance compared to digitalization. Owing to its improvement in managing real-time data of products and services to augment the business. Datafication is streamlining the several operations of organizations from large manual tasks into automated tasks by reducing time and decreasing skill requirements. Moreover, automation of datafication also helps to reduce overall costs and labor required to perform tasks. Moreover, using the potential of datafication with a detailed view of the business helps to find trends of customers and the need for places to improve. These types of analytics can help companies make better decisions, improving market growth.

Restraints

The absence of Skilled Resources, Data Security, and Adopt New Technology Required Time and Money are Restraining the Market

Skilled resources absence restrains achieving the high potential of the datafication. Search for skilled resources who can handle this type of technology can be very hard. Because there is a need to combine several systems in one cohesive format. There is a chance of the absence of a lot of individuals for such type of integration. Moreover, gaining and adopting new technology large required time, and a lot of money is needed; hence, a large investment is needed. Moreover, licenses, infrastructure, and training are needed for the novel technology. Data security concerns for the datafication mainly in privacy part. Furthermore, there is the possibility of internal and external threats due to employee mistakes or the bad intentions of others.

Opportunity

E-Government Upgradation, and Improve Old Exam Patterns Are Opportunities

E-government uses wide interaction between government and society but mainly delivers better services. E-government is mainly using digital front services to provide technology-driven services. As per e-government lot of technology needed to be included, such as the Internet of Things, robots, blockchain, and big data analytics. Hence, a large opportunity for datafication in the e-government during the forecast period from 2023 to 2032. Increasing demand for technology in computer, chip, and telecom technology in society with combined forms for datafication can boost the market growth of the datafication market. Datafication can improve old exam patterns to test personality or analytical thinking by using datafication. From this, companies will check their character, risk-taking personality, special characteristics, and potential. Hence, these will increase the demand for datafication in the forecast period from 2023 to 2032.

Trends

Data is More Important in the Market

Data is more important than any other software or other physical assets. A top company like Facebook is creating no content but is the leading social media company in the market because of data. Hence, digitization to datafication is a new trend in the market.

Regional Analysis

North America is Estimated to be the Most Lucrative Market

Global datafication market on the basis of region segmented into MEA, Latin America, North America, Europe, and APAC. In 2022, the North American market share has the largest market share, which is near about 34%, and will likely grow at a high CAGR rate in the forecast period from 2023 to 2032. Owing to a large number of businesses present in North America and the high adoption of datafication.

However, the APAC region will grow at a high CAGR rate in the forecast period. Owing to the increase in several sectors in the Asia region, mainly due to India, China like countries. Europe has the second highest market share across the globe. Owing to extensive use of developed communication, social media, and datafication analysis.

Note: Actual Numbers Might Vary In The Final Report

Key Regions and Countries

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Key players with a strong presence in the market are using strategies like mergers, collaborations, expansion, and acquisitions, which are anticipated to increase competition from competitors. These strategies are helping to grow its reach and quality in the market. Services like cloud-based data platforms can be used for storing data and gaining access from anywhere, which further improves the datafication industry’s reach.

Market Key Players

• Xceptor
• Workiva
• Trifacta
• Search Discovery
• Precog
• Osmos
• mParticle
• Matillion
• ai
• Flatfile
• Decodable
• Debt Labs
• DataRobot
• Crosser
• Coalesce Automation
• Other Key Players

Recent Developments

• In Mar 2023, Datarobot created an AI platform form which is an easy data solution with deeper integration and redesigned their services.
• In Sep 2022, Coalesce Automation formed a data transformation tool for customers at the enterprise level. These developments saved 57% of the time in analytics which is used due to data transformation hurdles.

Report Scope