According to the report “Global Alternative Data Market, 2021 to 2031”, published by Sheer Analytics and Insights Private Limited, the global Alternative Data market is estimated to grow at more than 50% CAGR through the forecast period 2021-2031.
By Data Type: The global Alternative Data Market is divided into Web Data, Geo-location Data, Email Receipts, Sentiment Data, Credit/Debit Card Data, Satellite Data, and Others.
By Application Type: The global Alternative Data Market is divided into Automotive, Retail, Energy, BFSI, Healthcare, IT and Telecommunications, Transportation Logistics, and Others (Construction, Agriculture, defense, consumer goods).
In the past years, Alternative Data were primarily used in financial sectors for making investment decisions. With the increasing advent of data due to technological advancements and digital evolution, many companies generate alternative data in-house or through third parties for different fields. Today, most marketing and financial decisions in developed nations are made by reference to these data in different forms. Today its generation demand can be seen from the increased demand of data analysts throughout the world.
Companies throughout every industry are using such type of manner structurally or randomly. Previously companies used to do marketing surveys primarily for the trend towards consumption of different products of the respective companies. But now, these physical surveys have mostly become digital, and companies are doing surveys mostly over online. This change in process has saved a lot of money in terms of workforce deployment. Most of the data are collected through a more significant population rather than a small sample through these surveys. This process has helped the companies to gather most of the data efficiently and quickly. The advent of these small startups as a third party has seen a surge of nearly 50% from the past year.
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According to one of the interviewed experts, these third-party companies extract data as a part of their syndication services and custom services. From our study, we have found that this industry has attracted more than $250 million globally in the past two years, even in the pandemic period. Also, companies involved in the generation of data have taken an updated approach after the pandemic. According to this approach, established companies are in the phase of updating estimates and projections based on alternative data and previous year data. This approach shows a lucrative opportunity for new startups as entrance into this industry is easy. The main barrier for the startups is hiring good data analysts who can create meaningful data from big data and other sources. This study has also concluded that with the advent of 5G services, telecom companies are using Alternative data to know the adoption trend of this technology in the coming days.
This report covers brief details about the generation sources of alternative data and the market for these types of data on a regional basis. This report also elaborated on which type of data will get a surge during the forecast period and in which region. It also discusses the recommendations given by our industry expert about the creation and sales of alternative data and over which field across different regions.
Some of the major questions covered in this study:
- Why Alternative Data can be used?
- What are the factors leveraging growth of alternative data?
- Which companies and at what level are using these Alternative Data?
- How Alternative Data can be a gamechanger in the market?
- Is it worth for core companies to invest in this field?
- Which region and country will see the growth in this field?
- How social media helps in leveraging the scope of Alternative data?
Some of the key players in the global Alternative Data Market include 7Park Data, Inc., App Annie Inc, Convergence Inc., Eagle Alpha Lt, Geotab Inc, M Science LLC, JWN Energy, Jumpshot, Talkingdata, Quandl Inc., The nPD Group, Inc, and YipitData.