IMARC Group, a leading market research company, has recently released a report titled “Alternative Data Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global alternative data market scope, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Alternative Data Industry?
According to the report, The global alternative data market size reached US$ 4,232.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 52,197.1 Million by 2028, exhibiting a growth rate (CAGR) of 50.9% during 2023-2028.
What is Alternative Data?
Alternative data refers to the data that is utilized by investors to assess a company or investment. It comprises credit card transactions, mobile devices, internet of things (IoT) sensors, satellite imagery, social media sentiment, product reviews, web traffic, and weather data. It provides accurate and faster data insights into company performance as compared to traditional data sources. It assists in optimizing workflows, managing risk, and improving decision-making. It also aids in measuring information in real-time, enhancing customer experience, and identifying new business partners. As a result, it is widely employed in the automotive, healthcare, IT and telecommunication, media and entertainment, construction, logistics, and banking, financial services, and insurance (BFSI) industries across the globe.
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What are the growth prospects and trends in the Alternative Data industry?
At present, the increasing demand for alternative data from hedge funds as they generate outperformance, enhance decision making, and support the risk management processes represents one of the primary factors supporting the growth of the market. In addition, the growing emergence of artificial intelligence (AI) tools, machine learning (ML), and natural language processing (NLP) in the alternative data that increases information generation is offering a positive market outlook. Furthermore, key players operating are introducing the next generation artificial intelligence (AI)-powered solution to find opportunities and risks in companies, which is bolstering the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Data Type:
- Mobile Application Usage
- Credit and Debit Card Transactions
- Email Receipts
- Geo-location (Foot Traffic) Records
- Satellite Weather Data
- Social and Sentiment Data
- Web Scraped Data
- Web Traffic
- Others
Breakup by End Use Industry:
- Transportation and Logistics
- BFSI
- Retail and eCommerce
- Energy and Utilities
- IT and Telecommunications
- Media and Entertainment
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 1010Data Inc. (Advance Communication Corp.)
- Advan Research Corporation
- Dataminr Inc.
- Eagle Alpha
- M Science
- Nasdaq Inc.
- Preqin
- RavenPack
- The Earnest Research Company
- Thinknum Inc.
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