Data Marketplace Platform Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Type, By Revenue Model, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global data marketplace market size was valued at USD 968 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 25.0% from 2023 to 2030. A data marketplace platform is a transactional platform that facilitates buying and selling of different data types, offering a unique user experience. It comprises cloud services where businesses or individuals can upload data to the cloud. The different data types, such as demographic, business intelligence, firmographics, and personal data, are available in a data marketplace platform.

The platform enables self-service data access, maintaining a high quality of data, consistency, and security for both parties. Businesses and organizations are commencing to augment internal data sets with external data propelling the market growth. It is a process of facilitating data exchange securely and efficiently that supports multiple data sharing models meeting the requirements of different data sets and customer needs. It also enables data sharing among enterprises via data marketplace platforms inducing data-driven innovation and integrating third-party providers into data marketplace platforms. They are also responsible for improving the competitiveness amongst small and medium-sized enterprises.

The industry is projected to witness significant growth attributed to the increasing adoption of Internet of Things (IoT) solutions and the deployment of cutting-edge technologies such as AI, AR/VR orchestration capabilities, and machine-to-machine (M2M) advancements in communications networks. Additionally, a growing emphasis on the usage of cloud services is anticipated to boost the growth of the industry. Furthermore, the rising adoption of this platform in several verticals such as BFSI, healthcare, retail & consumer goods, and media & entertainment, among others, contribute positively to the growth.

It also enables efficient usage and management of data resulting in a maximized return on investment (ROI). It also provides businesses and organizations access to data marketplace platforms such as personal, business-to-business (B2B), and IoT data marketplace platforms to meet specific requirements efficiently and cost-effectively secured by blockchain. Additionally, several organizations are launching data marketplace platforms to promote data sharing among data service providers and end-users resulting in augmented demand for these platforms and services.

It enables buyers with segmented, dependable, and relevant data to access data via analytical tools and platforms to meet business needs. For instance, the Microsoft Azure marketplace provides data through a uniform interface, and developers can access data via Microsoft Excel and PowerPivot. The growth of this industry is attributed to the emergence of Big Data, web scraping, and advancements in blockchain, as it provides access to considerable data to enhance performance and generate revenue.

Web scraping is an automatic process of extracting data from websites; it automates data collection, unlocks web data sources, and suggests data-driven decisions that add value to decision-making. The increasing adoption of AI, data mesh, data management, and blockchain in data & analytics is propelling the usage of self-service analytics solutions. It enables an in-depth understanding of data analytics without a technical background to access or customize analyses.

COVID-19 Impact on the Data Marketplace Platform Market

The COVID-19 pandemic had a favorable impact on data services owing to the increasing penetration of data services, growing adoption of IoT and web scraping, emerging adoption of blockchain, and remote access data services in industries such as IT, BFSI, retail & e-commerce, hospitality, and media & entertainment. The gradual shift from conventional business practices to online platforms resulted in the establishment of efficient data marketplace platform services and solutions.

It arranges data flow and optimizes data sourcing, providing a data analytics framework for tuning decision models to optimize and improve processes. Several companies have launched new platforms during the COVID-19 pandemic. For instance, in 2020, Aiisma, a data marketplace platform, launched the Aiisma App with Aiihealth feature, consisting of marketplaces’ location sharing and health mapping features. Users can anonymously and consensually share their behavioral data in exchange for rewards, and this application has proven helpful in creating a digital fence against the pandemic.

These applications can collect and transmit data from wearable devices and smartphones, allowing data encryption, anonymizing the source, and revealing the relevant data attached to digital rights management. As the pandemic restrictions eased, the data service providers accelerated investments in the data exchange platforms. The use cases of the data marketplace aws, which include supply chain automation, AI-based health recommendations, predictive traffic management, and maintenance, are anticipated to propel the growth. Moreover, these use cases have driven the demand during the pandemic.

Component Insights

The platform segment dominated the overall market, gaining a market share of 62% in 2022 and witnessing a CAGR of 24.2% during the forecast period.. The growth is attributed to the emergence of cloud platforms, and the increasing adoption of IoT, AI, ML, and big data for data management. These technological advancements make data sharing, exchange, and management easier without the need for huge hardware equipment with flexible revenue models. Data marketplace platform enables buyers to browse data, compare, support on-platform communication with data providers, and purchase data. These benefits facilitated by the data marketplace platform are fueling the growth of this segment.

The services segment is anticipated to witness the fastest growth, growing at a CAGR of 26.4% throughout the forecast period. The segment includes professional, strategic, advisory, and supports services. These services enable buyers to connect to the support center of data marketplace platforms to track service requests, gain expertise on data virtualization, and provide buyers with tailored advice and strategic engagement to overcome organizations' challenges and achieve business objectives. It also provides expertise and resolves logistical issues. For instance, if two organizations utilize different currencies, then data marketplace platforms offer independent advice during the data commerce experience to ensure data providers and buyers are satisfied.

Type Insights

The B2B data marketplace platforms segment dominated the overall market, gaining a market share of 58% in 2022 and witnessing a CAGR of 24.4% during the forecast period. The segment growth can be attributed to the increasing adoption of big data, the emergence of AI and ML, and business-to-business data marketplace platform solutions. The key players are introducing enhanced data marketplace platform solutions such as Oracle, AWS, and Snowflake, to meet end-users’ requirements.

The demand for business data platforms is increasing as data providers can integrate their data easily, fueling the growth of the industry. The aforementioned benefits offered by data marketplace platforms are encouraging data providers and SaaS vendors to invest in research and development to enable low-cost and effective solutions, which is expected to provide lucrative opportunities for the industry.

The IoT data marketplace platforms segment is anticipated to witness the fastest growth, growing at a CAGR of 27.1% throughout the forecast period. The growth of this segment can be attributed to the ease of data integration and growing network of connected devices. An IoT data marketplace platform is a platform that produces real-time data collected from connected devices available for buying and selling.

IoT data marketplace platforms ensure the unification of harnessed and structured data produced on a global scale yielding insights into technological development, consumer preferences, and trends. IoT marketplaces offer an accessible open network with flexible pricing options such as 'pay-per-hour enabling an opportunity for businesses to monetize data.

Huge amounts of data are being produced with the increasing volumes of hardware used in the technology stack, which is often considered a by-product. The by-product or IoT-sourced data enables tapping into the revenue streams by utilizing products/connected devices already in use.

Revenue Model Insights

The subscription segment dominated the overall market, gaining a market share of 50% in 2022 and witnessing a CAGR of 27.0% during the forecast period. Data marketplace platforms charge a commission fee for the services and solutions in exchange for data to the buyers.

The subscription revenue model can be further categorized into one-off data purchases, ongoing data subscriptions, and usage-based data licenses. One-off data purchases enable buyers to pay for a single dataset at a fixed price. This type of subscription transaction does not guarantee rights to further dataset updates.

The ongoing data subscription allows buyers to access the data on a fixed-term subscription that can be renewed periodically, such as monthly or yearly. The usage-based data license comprises an ongoing agreement between the provider and the buyer, wherein the buyer pays for the data as and when they need it.

Enterprise Size Insights

The large enterprises' segment dominated the overall market, gaining a market share of 57% in 2022 and witnessing a CAGR of 24.5% during the forecast period.. Increasing demand for business and IoT data marketplace platforms to meet the end-user's requirements are driving the growth. The key data service providers and SaaS vendors are investing in research and development activities to create a robust platform for sharing data & information and enable direct and indirect monetization from revenue streams.

Large enterprises are actively engaged in partnerships and collaborations to increase their applicability in multiple use cases. For instance, in March 2022, Nokia announced a collaboration with Equideum Health to utilize Nokia data marketplace platform (NDM) blockchain solutions to enable a multi-party ecosystem. It will allow varied person-centric use cases by harnessing advanced technologies in the data marketplace platform, data exchange, and data management.

The SMEs segment is anticipated to witness the fastest growth, growing at a CAGR of 25.7% throughout the forecast period. The growth is attributed to the rising demand for robust data marketplace platforms allowing monetization opportunities among SMEs. These solutions facilitate exponential values leveraging economies of scale via information exchange. SMEs are mainly focusing on advanced technologies such as AI, ML, and big data and are investing heavily in data marketplace platforms to gain insights into these technologies, which is expected to provide numerous opportunities over the forecasted period.

End-user Insights

The financial services segment dominated the overall market, gaining a market share of 19% in 2022 and witnessing a CAGR of 19.1% during the forecast period. Cloud platforms allow financial organizations to leverage big data for financial use cases, such as delivering personalized recommendations, generating new revenue streams through data-driven suggestions, and creating efficient services to gain a competitive advantage.

Data marketplace platforms allow financial firms to scale digital platforms, meet shifting regulatory requirements, and navigate a complex data landscape. It also enables financial organizations to thrive in a data-intensive environment with tailored solutions and highly-regulated data marketplace platform capabilities such as built-in performance optimizations, administration as a service, and data management. For instance, in 2021, Snowflake launched industry-tailored financial services data cloud platform to accelerate data-driven and customer-centric innovations in the BFSI industry.

The retail and consumer goods (CG) segment is anticipated to witness the fastest growth, growing at a CAGR of 29.8% throughout the forecast period. Data marketplace platforms enable manufacturers and retailers to access, exchange, and share data and shift toward an online data-intensive infrastructure. These platforms offer retail market data providing information related to the performance of the retail businesses & markets and optimized layouts of industry trends.

Retail organizations and enterprises are rapidly adopting cloud platforms to improve customer experience, transform end-to-end supply chains, and leverage data from e-commerce and digital channels. Additionally, it also optimizes supply chain and logistics, increases personalization opportunities, and enables data-driven merchandising.

Regional Insights

North America led the overall market in 2022, with a market share of almost 36%. The growth is attributed to the increasing adoption of IoT solutions and the deployment of cutting-edge technologies such as AI, AR/VR orchestration capabilities, and machine-to-machine (M2M) advancements in communications networks in the region. The key growth drivers include the presence of significant players such as Acxiom LLC, AWS, Snowflake, and Quandl, among others, which have propelled the industry growth.

Several companies operating in this region are developing innovative data marketplace platform services & solutions to provide end-to-end efficient usage and management of network services, contributing to the growth. Moreover, cloud platforms such as data exchange platforms and data sharing are promoting the adoption of the data marketplace platform as several companies are heavily investing, and early adoption of advanced technologies owing to high digital end-user engagement are contributing to the growth. Also, the considerable adoption of IoT is expected to provide numerous growth opportunities.

APAC is expected to develop substantially by the projection period and grow at a CAGR of 28.4%. India and China have an extensive and distributed customer base driving the demand and creating new opportunities for data marketplace platform solutions and services. The growth is prominently due to the increasing developments of IoT technologies and data infrastructure and the growing adoption of data marketplace platform services in several applications, such as healthcare, government, manufacturing, and financial services.

Furthermore, the region's untapped potential generates new investment opportunities for data service providers. An emerging number of Small and Medium Enterprises (SMEs) and startups in the Asia Pacific is fueling the growth of the data marketplace platform industry. Moreover, many companies are expanding their presence across the region, resulting in a broad customer base, which provides lucrative growth opportunities.

Key Companies & Market Share Insights

The industry is fragmented and is anticipated to witness increased competition due to the presence of several players. Some data marketplace companies include Acxiom LLC, AWS, Dawex, Snowflake, Quandl, BattleFin, Narrative, Datarade, Oracle, Microsoft, Adobe, and SAP. These companies are also collaborating with local & regional players to gain a competitive edge over their peers and capture a significant share.

Key players are adopting different strategies and developments to occupy a substantial revenue share. For instance, in March 2022, Nokia announced a collaboration with Equideum Health to utilize Nokia data marketplace platform (NDM) blockchain solutions to enable a multi-party ecosystem. It will allow varied person-centric use cases by harnessing advanced technologies, data exchange, and data management. Some prominent players in the global data marketplace market include: 

• Acxiom LLC

• AWS

• Dawex

• Snowflake

• Quandl 

• BattleFin

• Narrative

• Datarade

• Oracle

• Microsoft

• Adobe

• SAP SE

Data Marketplace Platform Market Report Scope

Global Data Marketplace Platform Market Segmentation

This report forecasts revenue growths at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global data marketplace platform market based on component, type, revenue model, enterprise size, end-user, and region.

• Component (Revenue, USD Million, 2017 - 2030)

  • Platform

  • Services

• Type (Revenue, USD Million, 2017 - 2030)

  • Personal Data Marketplace Platforms

  • B2B Data Marketplace Platforms

  • IoT Data Marketplace Platforms

• Revenue Model (Revenue, USD Million, 2017 - 2030)

  • Subscription

  • Commission

  • Paid features

  • Others

• Enterprise size (Revenue, USD Million, 2017 - 2030)

  • Large Enterprises

  • SME's

• End-user (Revenue, USD Million, 2017 - 2030)

  • Financial Services

  • Advertising, Media & Entertainment

  • Retail & CPG

  • Healthcare & Life Sciences

  • Technology

  • Public Sector

  • Manufacturing

  • Other (Education, Automotive, Energy, Oil & Gas)

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • South America

    • Brazil

  • Middle East & Africa