Alternative Data Market Expected to Expand at a CAGR of 14.3% by 2030, Reports MarkWide Research
MarkWide Research, a distinguished market research firm, has recently unveiled a report titled “Alternative Data Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2030.” The report forecasts significant growth in the global alternative data market, projecting a Compound Annual Growth Rate (CAGR) of 14.3% from 2023 to 2030.
The report provides a comprehensive analysis of the global alternative data market, highlighting key drivers, challenges, and opportunities. Alternative data refers to non-traditional data sources used for insights and decision-making, ranging from social media sentiment to satellite imagery. The increasing demand for data-driven insights, advancements in analytics technologies, and the need for competitive intelligence are driving the growth of the market.
The growth of the global alternative data market is primarily attributed to the rise in data availability, the surge in data analytics adoption, and the quest for unique business insights. As industries seek to gain a competitive edge, identify market trends, and make informed decisions, the demand for diverse and unstructured data sources is expected to witness substantial growth.
A significant trend in the alternative data market is the utilization of advanced analytics techniques, such as artificial intelligence and machine learning, to process and extract valuable insights from unconventional data sources. Businesses and financial institutions are collaborating to leverage alternative data for risk assessment, investment strategies, and customer behavior analysis.
The market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The North American region, with its technology-driven economy, robust analytics ecosystem, and diverse data sources, is anticipated to contribute significantly to the alternative data market. The Asia Pacific region, known for its digital transformation initiatives and growing analytics maturity, is also projected to hold substantial market shares.
However, challenges related to data quality, privacy regulations, and ethical considerations might impact market growth. Data providers and analytics companies are working together to ensure data accuracy, comply with regulations, and maintain transparency.
The “Alternative Data Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2030” report offers a comprehensive competitive landscape analysis of key players in the market. Major data providers, analytics platforms, and technology companies in the alternative data market include Quandl Inc., 1010data, FactSet Research Systems Inc., and S&P Global Market Intelligence, among others. These players are actively engaged in research, innovation, and partnerships to advance data analytics capabilities.
In conclusion, the global alternative data market is set for significant growth driven by the increasing demand for data-driven insights, analytics advancements, and the adoption of unconventional data sources. The integration of AI and machine learning techniques is a key factor contributing to market expansion. The market is projected to grow at a CAGR of 14.3% from 2023 to 2030, as projected by the comprehensive report published by MarkWide Research.