IMARC Group, a leading market research company, has released a report titled “Alternative Data Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. 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.
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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Alternative Data Market Trends and Drivers:
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.
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
Breakup by End Use Industry:
- Transportation and Logistics
- Retail and eCommerce
- Energy and Utilities
- IT and Telecommunications
- Media and Entertainment
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
Competitive Landscape with Key Player:
- 1010Data Inc. (Advance Communication Corp.)
- Advan Research Corporation
- Dataminr Inc.
- Eagle Alpha
- M Science
- Nasdaq Inc.
- The Earnest Research Company
- Thinknum Inc.
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