According to the latest report by Reports and Data, the global Alternative Data Market was valued at USD 1.8 billion in 2022. It is projected to experience a compound annual growth rate (CAGR) of 22.6% during the forecast period.
One of the key factors driving the growth of market revenue is the growing availability of alternative data sources. This can be attributed to the widespread adoption of digital technology and the increasing number of data-generating devices and applications. Consequently, there has been a significant surge in the volume of data available for analysis. As a result, alternative data providers are now able to collect and analyze data from diverse sources such as social media platforms, website traffic, and sensor networks.
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The advancement of data sources and improvements in data analytics technologies are also contributing to the market's revenue growth. Progress in machine learning and artificial intelligence (AI) has enabled the rapid and accurate analysis of massive amounts of information. Consequently, alternative data providers can now offer insights and projections that were previously challenging to obtain using traditional data sources.
The financial sector has undergone regulatory reforms following the 2008 financial crisis, placing greater emphasis on transparency and risk management. This has led to increased scrutiny of investment decisions made by asset managers and hedge funds, necessitating the demonstration of sound analysis and reliable risk management practices. Alternative data is gaining significance in supporting these objectives by providing new sources of information and perspectives to inform investment decisions.
Driving factors of Alternative Data Market
Increasing availability of data sources: The market is driven by the growing availability of alternative data sources. With the widespread use of digital technology and the proliferation of data-generating devices and applications, there is a vast amount of data available for analysis.
Technological advancements: Advances in data analytics technologies, including machine learning and artificial intelligence (AI), have made it possible to efficiently analyze large volumes of data. This has opened up opportunities for alternative data providers to offer valuable insights and projections.
Regulatory reforms in the financial sector: Regulatory reforms following the 2008 financial crisis have led to a greater emphasis on transparency and risk management in the financial industry. As a result, asset managers and hedge funds are seeking alternative data to support their investment decisions and demonstrate sound analysis and risk management practices.
Increasing demand for unique insights: Alternative data provides novel sources of information and perspectives that traditional data sources may not capture. This unique insight is valuable to businesses across various industries, driving the demand for alternative data.
Growth of digital platforms and social media: The proliferation of digital platforms and social media has resulted in a wealth of user-generated data. Alternative data providers can tap into these sources to gain valuable insights into consumer behavior, market trends, and sentiment analysis.
Competitive advantage in investment decision-making: Alternative data offers an edge in investment decision-making. By incorporating non-traditional data sources into their analysis, investors can gain unique insights, identify emerging trends, and make more informed investment decisions.
Some of the notable innovations in the Alternative Data Market
AI-Powered Data Analytics: The integration of artificial intelligence (AI) technologies into data analytics has revolutionized the way alternative data is processed and analyzed. AI algorithms can quickly sift through vast amounts of data, identify patterns, and extract valuable insights, enabling more accurate predictions and informed decision-making.
Natural Language Processing (NLP): NLP is a branch of AI that focuses on understanding and interpreting human language. In the context of alternative data, NLP techniques are used to analyze unstructured data sources such as news articles, social media posts, and customer reviews. By extracting sentiment, identifying trends, and recognizing key information, NLP enhances the value of alternative data for investment analysis and market research.
Satellite Imagery Analysis: Satellite imagery has become a valuable source of alternative data for various industries. Innovations in image processing and computer vision enable the analysis of satellite images to derive insights related to agriculture, urban planning, supply chain monitoring, and environmental impact assessments. This data helps businesses make data-driven decisions and gain a competitive edge.
Internet of Things (IoT) Data: The proliferation of IoT devices has resulted in a vast amount of sensor-generated data. This data provides real-time insights into various aspects such as energy consumption, transportation patterns, and industrial processes. Alternative data providers have tapped into IoT data to offer valuable insights for investment analysis, predictive maintenance, and operational optimization.
Social Media Analytics: Social media platforms generate an enormous volume of user-generated content that reflects consumer sentiment, trends, and behavior. Innovations in social media analytics allow alternative data providers to monitor and analyze social media data in real-time, providing valuable insights for brand reputation management, market research, and investment decision-making.
Major players in the global Display Material Market include:
- Bloomberg L.P.
- Thasos Group
- Quandl Inc.
- 1010data
- Second Measure
- YipitData
- Kenetic
- Neudata
- Analec Infotech
- SP Global Market Intelligence
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