The global alternative data market size is anticipated to reach USD 17.35 billion by 2027, expanding at a CAGR of 40.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. The increasing emphasis on gaining alpha from hedge funds is expected to boost the demand for alternative data. The asset managers from hedge funds, mutual funds, private equity funds, pension funds, unit trusts, life insurance companies, and other BFSI entities are highly inclining to use alternative data to derive predictive insights. Moreover, the use of alternative data for risk management processes is also expected to drive the market growth.
Nowadays,
data sources are not limited to transactions, and email receipts as companies
are finding ways to extract data from various emerging sources. These include
social media, web traffic, mobile devices, sensors, IoT-based devices,
satellites, and e-commerce portals. The data analysts utilize this data in correlation
with each other to derive various hidden patterns and insights. However, the
data collected from some of these sources conflict with privacy regulations
such as the California Consumer Privacy Act (CCPA) and the General Data
Protection Regulation (GDPR). Thus, the data aggregators and end-users need
regulatory compliance, which ensures their datasets are free from Personal
Identifiable Information (PII).
North
America dominated the market in 2019 with a market share of more than 33% and
is estimated to continue dominating the global market over the forecast period
of 2020 to 2027. The emerging presence of numerous alternative data providers
in the U.S is the major driving factor. Companies such as Advan, Eagle Alpha, M
Science, and YipitData are providing various types of alternative data,
including credit and debit card transactions, email receipts, geo-location
(foot traffic) records, mobile usage, satellite, weather data, social and
sentiment data, and web scraped data. The acquisitions and partnership
initiatives from companies such as Nasdaq and S&P Global Platts is further
expected to fuel the regional market growth. On the other hand, Asia Pacific is
expected to emerge as the fastest-growing regional market over the forecast
period. This is due to rising use-cases of alternative data in BFSI, retail,
automotive, and telecommunication industries. The use of alternative data for
investments and risk assessment, particularly from companies in emerging
economies, such as India and China, is expected to boost the regional market
growth.
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Alternative Data
Market Report Highlights
- Amidst the coronavirus
pandemic, the companies are using alternative data collected from social
media, mobile phones, applications, wearables, and other IoT-based devices
to assess changes in consumer behavior patterns related to purchases and
interests
- The credit and debit card
transactions segment is anticipated to exhibit the highest CAGR from 2020
to 2027 owing to the high accuracy of the data type and significant demand
from asset managers
- The BFSI industry segment is
held the largest market share in 2019 as the entities such as hedge funds,
mutual funds, and insurance companies are early adopters of alternative
data
- North America dominated the global
market and accounted for over 33% share of revenue in 2019 expected to
maintain its dominance from 2020 to 2027
- Emerging economies, such as
India, Thailand, Singapore, and China, are expected to drive the growth of
the Asia Pacific regional market owing to the rising use cases of
alternative data for predictive risk assessment
- Some of the prominent market
players in the market include 1010Data, Advan, Dataminr, Earnest Research,
M Science, Preqin, RavenPack, Thinknum Alternative Data, UBS Evidence Lab,
and YipitData
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Alternative Data
Market Segmentation
Grand View Research has segmented
the global alternative data market based on data type, industry, and region:
Alternative Data
Type Outlook (Revenue, USD Million, 2016 - 2027)
- Credit & Debit Card
Transactions
- Email Receipts
- Geo-location (Foot Traffic)
Records
- Mobile Application Usage
- Satellite & Weather Data
- Social & Sentiment Data
- Web Scraped Data
- Web Traffic
- Other Data Types
Industry Outlook
(Revenue, USD Million, 2016 - 2027)
- Automotive
- BFSI
- Energy
- Industrial
- IT & Telecommunications
- Media & Entertainment
- Real Estate &
Construction
- Retail
- Transportation &
Logistics
- Other Industries
Regional Outlook
(Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- The Middle East & Africa
List of Key Players
of Alternative Data Market
- 1010Data
- Advan
- Dataminr
- Earnest Research
- M Science
- Preqin
- RavenPack
- Thinknum Alternative Data
- UBS Evidence Lab
- YipitData
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com