[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

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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

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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

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  CAGR (2022 - 2030)

  51.8%
• Market Size 2022
  US$ 5.55 Billion
• Market Size 2030
  US$ 156.23 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Dataminr Inc
• FactSet Research Systems Inc
• Moody's Analytics Inc
• Preqin Ltd
• RavenPack International SL
• Refinitiv Ltd
• Eagle Alpha Ltd
• RetailStat
• Visible Alpha LLC

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Data Type

• Credit and Debit Card Transactions
• Email Receipts
• Geo-location

Industry

• Automotive
• BFSI
• Energy Industrial
• IT and Telecommunications
• Media and Entertainment

Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South and Central America

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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.

Alternative Data Market Segmental Analysis

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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.

Alternative Data Market Regional Analysis

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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 Report Scope

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Alternative Data Market Recent Developments

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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.