Alternative Data Market Share Report, Size, Growth & Forecast-2030

Alternative Data Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Data Type (Credit and Debit Card Transactions, Email Receipts, Geo-location (Foot Traffic) Records, Mobile Application Usage, Satellite and Weather Data, Others); Industry (Automotive, BFSI, Energy Industrial, IT and Telecommunications, Media and Entertainment) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Aug 2023

  • Report Code : TIPRE00019485
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 151
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[Research Report] The alternative data market size is expected to grow from US$ 5,549.16 million in 2022 to US$ 156,230.65 million by 2030; it is estimated to record a CAGR of 51.8% from 2022 to 2030.

Analyst Perspective

:

Expanding e-commerce industry, increasing hedge funds, and growing digitalization are driving the alternative data market. Further, increasing shift toward AI and growing energy industry are expected to provide lucrative growth opportunities for the market. The advent of IoT, big data, and machine learning is anticipated to be a trend in the alternative data market during the forecast period of 2023 to 2030.

Alternative Data Market Overview

:

Alternative data refers to the data gathered from nontraditional sources. Examples of alternative data include social media commentary, credit card transactions, product reviews, satellite imagery, weather forecasts, information collected by Internet of Things (IoT) sensors, and employee benefit plans. Alternative data is mostly used by banks and hedge funds to guide investment decisions as it provides investors with useful insights into companies, industries, and markets. As more and more data sources become available and technology continues to advance, alternative data is likely to become an increasingly important tool for investors. Alternative data provides an accurate and comprehensive overview of a business scenario and leverages an organization's historical data to predict future potential with a high level of accuracy.

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Alternative Data Market: Strategic Insights

alternative-data-market
Market Size Value inUS$ 5,549.16 million in 2022
Market Size Value byUS$ 156,230.65 million by 2030
Growth rateCAGR of 51.8% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Alternative Data Market Driver:

Growing Digitalization

The adoption of digital technologies helps businesses increase the overall efficiency of all operations, reduce operational costs, and minimize human errors. In addition, digitalization has the potential to provide broader and more sustainable growth by stimulating innovation, generating efficiencies, and improving services. It is also an important tool in helping countries recover from the COVID-19 pandemic that had disrupted economies and societies globally. Government initiatives such as Digital India, US's Digital Government Strategy, and Germany's Digital Strategy 2025 are fueling the adoption of digitalization by several market players across various industries to improve operational efficiencies. In addition, the market players are launching alternative data digital solutions to offer their services. For instance, in October 2022, Accelerate Financial Technologies Inc. launched Alpharank.com, an innovative alternative data and analytics platform for investors, dealmakers, advisors, and market observers.

The growing digitalization generates a large amount of data from unconventional and nontraditional sources that provides additional insights into traditional sources. This is propelling the demand for alternative data by several market players to boost their business growth. Alternative data helps businesses reduce costs, improve efficiency, and increase productivity by gaining a competitive edge, uncovering hidden patterns, and predicting future trends. Therefore, the growing digitalization is fueling the alternative data market growth.

Alternative Data Market Report Segmentation and Scope

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The "Alternative Data Market" is segmented based on data type, industry, and geography. Based on data type, the alternative data market is segmented into credit and debit card transactions, email receipts, mobile application usage, satellite and weather data, social and sentiment data, and others. Based on industry, the alternative data market is segmented into automotive & transportation, BFSI, retail, IT & telecommunications, media & entertainment, and others. The alternative data market, based on geography, is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

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Alternative Data Market Segmental Analysis

:

Based on industry, the alternative data market is segmented into automotive and transportation, BFSI, retail, IT and telecommunications, media and entertainment, and others.

BFSI firms have relied on data to make crucial business decisions; however, traditional sources of data were becoming extremely stagnant. This has given rise to alternative data, which is gathered from nontraditional sources. Alternative data sources help BFSI firms analyze the 360-degree view of the operating environment, from ongoing banking innovations to emerging customer preferences. Banks can use alternative data to evaluate customer banking experiences, identify performance issues, and fix anomalies. Banking organizations can use transaction data to strengthen operations and avoid service disruptions in digital payments. Furthermore, continuous access to alternative data allows BFSI firms to minimize the occurrence and impact of fraud.

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  • Request discounts available for Start-Ups & Universities

Alternative Data Market Regional Analysis

:

In 2022, North America held the largest global alternative data market share. North America is the early adopter of digital technology. In May 2012, the Digital Government Strategy was launched to bring the digital revolution across the region to be the pioneer in terms of economic growth and technological advancement. In May 2020, the United States Agency for International Development (USAID) released Digital Strategy for development and humanitarian assistance in the world's rapidly evolving digital landscape. This digital strategy was built to strengthen various industries, contributing to the region's economic growth. In addition, in 2018, Canada's first minister for digital government was appointed by the Prime Minister to strengthen the digital economy of the country. In 2021, the government of Canada announced its first digital-government strategy aimed at coordinating digital operations, modernizing its IT systems, advancing technology adoption, and improving service delivery. Thus, the rising digitalization fuels the adoption of digital solutions across the region, which further foster the demand for alternative data by the players to gain a competitive advantage in the market. In addition, the presence of market players such as Dataminr Inc, FactSet Research Systems Inc, Moody's Analytics Inc, RavenPack International SL, Eagle Alpha Ltd, Thasos Group Inc, Visible Alpha LLC, and Yipit LLC fuels the North America alternative data market share. According to the International Trade Administration, US Department of Commerce, the US consists of one-third of the IT industry across the globe, making the country the largest tech market in the world. The IT industry in the US accounts for US$ 1.9 trillion of the country's value-added GDP, which is more than 10% of the national economy. In addition, according to CompTIA, more than 557,000 software and IT services companies have been established in the US. Further, alternative data helps businesses with an accurate and comprehensive overview of the current business scenario, which helps them make actionable business decisions for growth. Therefore, the growing IT industry is boosting the demand for alternative data and driving its market in North America.

Alternative Data Market Key Player Analysis

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Dataminr Inc, FactSet Research Systems Inc, Moody's Analytics Inc, Preqin Ltd, RavenPack International SL, Refinitiv Ltd, Eagle Alpha Ltd, RetailStat, Visible Alpha LLC, and Yipit LLC are among the key alternative data market players operating in the report.

Alternative Data Market Recent Developments

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the alternative data market. A few recent key market developments are listed below:

  • In February 2022, in collaboration with Microsoft, Refinitiv announced the launch of Refinitiv AI Alerts, a market-data-powered intelligent assistant available in Microsoft Teams. Refinitiv AI Alerts provide personalized, timely, and actionable market insights for financial professionals in collaboration with ModuleQ, a leader in human-centered artificial intelligence.
  • In January 2022, Codat announced that it had entered into a product partnership agreement with Moody's Analytics. The Codat API was integrated into Moody's Analytics CreditLens solution. It enabled financial service providers using Moody's Analytics solution to connect with many accounting platform providers, meaningfully increasing efficiencies for the underwriting of small business loans.
  • In September 2021, Preqin announced that it had entered a partnership with the Indian Private Equity and Venture Capital Association (IVCA), under eligibility from the Securities and Exchange Board of India (SEBI), to produce performance benchmarks for alternative investment funds (AIFs) as an official benchmarking agency.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Data Type, Industry, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What is the incremental growth of the global alternative data market during the forecast period?

The incremental growth expected to be recorded for the global alternative data market during the forecast period is US$ 150681.49 million.

What will be the market size for the global alternative data market by 2030?

The global alternative data market is expected to reach US$ 156230.65 million by 2030.

Which are the key players holding the major market share of the alternative data market?

The key players holding majority shares in the global alternative data market are Refinitiv Limited; Moody's Analytics, Inc.; Dataminr; FactSet and Geotab

What is the estimated market size for the global alternative data market in 2022?

The global alternative data market was estimated to be US$ 5549.16 million in 2022 and is expected to grow at a CAGR of 51.8 % during the forecast period 2022 - 2030.

What are the future trends of the Global alternative data market?

Advent of IoT, big data, and machine learning are impacting the alternative data, which is anticipated to play a significant role in the global alternative data market in the coming years.

What are the driving factors impacting the global alternative data market?

Rising E-commerce industry, rising demand for alternative data from hedge funds, and growing digitalization are the major factors that propel the global alternative data market.

The List of Companies - Alternative Data Market

  1. Dataminr Inc
  2. FactSet Research Systems Inc
  3. Moody's Analytics Inc
  4. Preqin Ltd
  5. RavenPack International SL
  6. Refinitiv Ltd
  7. Eagle Alpha Ltd
  8. RetailStat
  9. Visible Alpha LLC
  10. Yipit LLC.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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