Navigating today’s rapidly evolving digital landscape requires a keen understanding of the data market’s size and dynamics. Especially as organizations increasingly turn their focus towards alternative data – an untapped goldmine rife with unsurpassed potential. In this blog post, we dare to delve into the diverse dimensions of alternative data market size statistics. We will illuminate not only its current status quo but also the impact it’s making on business strategies, economic decisions, and future trends. Join us as we explore the exciting world of alternative data and help you harness its power to drive your competitive advantage.
The Latest Alternative Data Market Size Statistics Unveiled
The global alternative data market size was valued at $1.64 Bn in 2020, and is projected to reach $17.35 Bn by 2030, growing at a CAGR of 29.5% from 2021 to 2030.
As we delve into the cryptic world of alternative data, a striking statistic commands our attention. Valued at a substantial $1.64 billion in 2020, the global alternative data market has spread its wings, poised to soar towards a momentous $17.35 billion by 2030. If we track its flight path, this signifies a rapid CAGR of 29.5% from 2021 to 2030. So, why are our eyes glued to this data’s meteoric ascent?
First, it’s the raw magnitude of this growth, painting a bullseye on an industry on the brink of a massive evolution. This marks a riveting surge in the prominence and application of data in a gigantically vast array of sectors, hinting at an unprecedented shift in how businesses operate.
But it’s more than just numbers; it’s a narrative of transformation. The leap from $1.64 billion to an anticipated $17.35 billion tells an intense story of technological advancement, increasing data availability and a willing market for such data. This figure serves as a prelude to the unfolding epic of humanity’s leap into an era where data isn’t just power; it’s a necessity, a commodity, and a foundation for future growth.
Finally, this figure invites us to ponder the importance of alternative data. It signifies the shift from traditional indicators to unorthodox, yet insightful sources of information. It emphasizes how industries are increasingly banking on fresh perspectives offered by alternative data, characterizing a shift in the operational paradigm of businesses worldwide. So, as we follow the data trail into the future, let’s buckle up for a ride into a data-driven era where traditional boundaries are redrawn, and new potentials are unlocked.
The alt data market is expected to grow by about $7.1 billion during 2020-2024, according to Technavio.
Reflecting on the astounding trajectory of the alt data market, as predicted by Technavio, underscores the seismic impact of this industry. The expectation of a $7.1 billion surge from 2020 to 2024 paints a vibrant portrait of a market teeming with financial potential and innovative growth. In the grand tapestry of alternative data market size statistics, such a significant expansion carries a profound resonance. It not only symbolizes the palpable investor interest but also implies the value and credibility of alt data in shaping future business decisions. Therefore, encapsulated in this prediction is the unwritten story of a paradigm shift in the way data is utilized in the financial world.
North America held the largest market share of 39.2% in 2020 in alternative data usage.
Grasping the enormity of North America’s command over the market landscape of alternative data usage gives readers an intriguing perspective of the scope and depth of this sector. With a massive 39.2% share in 2020, this region dominated the alternative data scene, illuminating its formidable presence and influence. This figure, therefore, lays the foundation for understanding the geographical distribution and disparity of stakeholder engagement in the market, informing potential strategic decisions and forecasts.
The BFSI sector dominated the alternative data market with more than 35% in 2020.
In the narrative of the expanding alternative data market landscape, the BFSI sector stands as a towering giant. Occupying over a third of the market share in 2020, it unveils the sector’s commanding presence and influence. The dominance hints at the sector’s proactive adoption of alternative data analytics, quite possibly a strategic move to remain competitive and innovative. Furthermore, this information can act as a compass, guiding potential entrants towards lucrative sectors within the alternative data market. Hence, for any keen observer or participant of this market, the BFSI sector’s sizable proportion is a significant piece of the puzzle worth noting.
In 2020, the largest segment by type was sentiment data, with a market share of 29.6%.
Undeniably, the impressive dominance of sentiment data, accounting for a hefty 29.6% market share in 2020, provides a riveting insight for readers of a blog post revolved around alternative data market size statistics. Sentiment data, a crucial component of the alternative data spectrum, offers an intricate look into consumer attitudes, thoughts, and emotions which uncovers unobvious investment opportunities – thus its significance cannot be overstressed. By claiming the lion’s share, it indicates a trend where market players are leaning more towards gauging the pulse of consumer sentiment for various strategic ventures. This intriguing piece of statistic, therefore, serves as a compass, guiding data-driven decision makers towards key growth areas, while simultaneously highlighting the extant trends and shifts within the expansive alternative data marketplace.
The market for alternative data is set to double in the next five years, according to Deloitte.
When painting a portrait of the explosive growth shaping the alternative data market, Deloitte’s projection of the market doubling in the next five years emerges as a powerful brush stroke. This illuminating revelation offers readers a perspective into the foreseen expansion, highlighting its significance within the financial and strategic plans of businesses. As they navigate through the ocean of data, this insight can be their North Star, guiding their decisions and confirming the growing importance of alternative data in the commercial landscape. It underlines how trends are accelerating, and offers a snapshot of the market that emphasizes the pace at which it’s evolving. Hence, Deloitte’s forecast sets the stage for an intriguing discussion about this market’s future, setting the momentum for its anticipated advancement.
About 78% of asset managers find alternative data to be valuable in the investment process, according to Xignite.
Shining a light on the evolving landscape of finance, this statistic underscores a compelling narrative; it captures the cascade of interest amongst a vast majority—78%—of asset managers who discern value in alternative data for their investment process. Manifesting within the words of Xignite, this revelation isn’t mere happenstance, but a strategic insight that serves as a key footnote in our blog post around alternative data market size statistics. It amplifies the growing inclusion and relevance of alternative data in refining investment strategies, thereby acting as a lead character in the unrivaled story of market growth, transformation, and innovation.
Asia Pacific is expected to register the highest CAGR of 34.2% from 2021 to 2030 in the alternative data market.
The projected impressive growth of the Asia Pacific region, with a CAGR of 34.2% from 2021 to 2030 in the alternative data market, serves as a significant beacon for key industry stakeholders. This astronomic surge throws light on the untapped potential and the golden opportunities within this region for businesses, investors, and policy-makers. The prediction further adds a fresh dynamic to the global competitive landscape of the alternative data market, indicative of the Asia Pacific transforming into a hotbed for growth and investment in the next decade. This, in itself, unfolds a new chapter in the narrative of the blog post about alternative data market size statistics.
According to a report from Opimas, about 68% of asset managers currently use some form of alternative data in their process, up from 52% in 2016.
Showcasing such a potent surge, from 52% in 2016 to 68% presently, punctuates the discussion, indicating a burgeoning reliance and growing interest in alternative data among asset managers. This upward trend not only validates the escalating significance and acceptance of alternative data in decision-making processes but also hints at a flourishing market ready to burgeon further. The figures serve as a reflection of the alternative data market’s expanding ability to appeal to its potential consumers, efficiently magnifying its role within asset management practices.
The credit and risk sector’s utilization of alternative data is expected to reach over 80% by 2028.
Forecasting an outstanding 80% utilization of alternative data by the credit and risk sector by 2028 sends a strong signal of the phenomenal growth and the pivotal role this type of data plays in modern business practices. Understanding this burgeoning reliance serves as a mirror reflecting the transformative power of alternative data, painting a picture of a landscape where conventional data types are being rapidly overshadowed.
In the theatre of a blog post revolving around the alternative data market size, this statistic takes center stage. It underscores the magnitude of the market and the increasing acceptance of alternative data. Just as a compass guides a ship, this statistic steers readers’ perception towards acknowledging the significance of alternative data in driving proactive decision-making in sensitive sectors such as credit and risk.
In essence, this numerical nugget carves out a narrative of a future dominated by alternative data. Not merely a dry figure, it is indeed a milestone marking the journey of the data-driven transformation in the business world.
Conclusion
In this dynamically evolving digital landscape, alternative data continues its upward trajectory as a pivotal tool for informed decision-making and market predictions. As clearly indicated by the current market size statistics, the adoption and application of alternative data are growing at an impressive pace. Businesses today can’t afford to overlook this wealth of information, owing to the increase in competitive edge it offers. The staggering numbers not only affirm the significance of alternative data but serve as a testament to its untapped potential. As we pave our way into a more data-driven era, understanding and leveraging this tool will become increasingly critical for any business aiming to stay ahead of the curve.
References
0. – https://www.www.businesswire.com
1. – https://www.www.ft.com
2. – https://www.www.globenewswire.com
3. – https://www.www2.deloitte.com
4. – https://www.www.alliedmarketresearch.com
5. – https://www.www.grandviewresearch.com
6. – https://www.emerj.com
7. – https://www.www.xignite.com