Datafication Global Market Report 2024

The datafication market size has grown rapidly in recent years. It will grow from $347.03 billion in 2023 to $392.39 billion in 2024 at a compound annual growth rate (CAGR) of 13%. The expansion observed during the historic period can be attributed to several key factors, including the widespread adoption of internet connectivity, the exponential increase in data volumes, the evolution of advanced analytics tools, the emergence of cloud computing technologies, and the accelerating digitization of businesses across various sectors.

The datafication market size is expected to see rapid growth in the next few years. It will grow to $636.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The anticipated growth in the forecast period can be attributed to several significant factors, including a heightened emphasis on data privacy and security measures, the rapid deployment and expansion of 5G networks, advancements in quantum computing technologies, increasing regulatory frameworks and compliance measures related to data, and the proliferation of Internet of Things (IoT) devices. Key trends expected during this period include the adoption of augmented analytics techniques, the delivery of personalized customer experiences, the development of smart cities and urban planning initiatives, the implementation of enhanced cybersecurity solutions, and a growing focus on sustainable and ethical data practices.

The anticipated surge in data generation is poised to drive the expansion of the datafication market in the foreseeable future. Data generation encompasses the creation or production of new data through diverse means such as data collection, surveys, experiments, and algorithmic simulations, spurred by the pervasive influence of digital technologies and the increasing interconnectivity of the global economy. Datafication plays a pivotal role in this landscape by converting various facets of businesses, customers, and users into quantifiable, actionable data, thereby facilitating the collection, analysis, and utilization of extensive information resources. For example, as per reports from The World Bank Group in March 2021, global internet traffic surged from over 3 zettabytes in 2020 to a projected 4.8 zettabytes in 2022, marking a 50% increase and equivalent to 150,000 gigabytes per second, thus underscoring the exponential growth in data creation. Consequently, the escalating volume of data generation constitutes a primary driver fueling the growth of the datafication market.

Prominent entities within the datafication realm are directing their efforts toward the development of sophisticated solutions, exemplified by innovations such as new IBM business analytics enterprise software, aimed at dismantling data silos to gain a competitive edge. This software category encompasses solutions designed to assist organizations in consolidating data from disparate sources and eliminating data silos, thereby empowering them to swiftly make data-driven decisions and navigate unpredictable disruptions. For instance, in November 2023, the International Business Machines Corporation (IBM), a leading multinational technology conglomerate headquartered in the US, introduced IBM business analytics enterprise software, specifically engineered to dismantle data silos and streamline planning and analytics processes. This platform boasts features such as data silo breakdown functionality and business intelligence capabilities, complemented by technological advancements such as AI-powered planning and multidimensional analysis. Its significance in the datafication market lies in enabling enterprises to transition towards a more data-centric operational model by providing comprehensive access to cutting-edge analytics tools and eliminating barriers posed by data and analytics silos, thereby fostering streamlined planning processes and facilitating data-driven decision-making.

In February 2022, Alteryx Inc., a leading US-based computer software company, finalized the acquisition of Trifacta for a significant sum of $400 million. This strategic move reflects Alteryx's dedication to strengthening its cloud capabilities, harnessing the power of Trifacta's cloud-based visual data platform to enrich data connectivity, transformation, quality assurance, and the automation of data pipelines. This acquisition underscores the vital role played by data technology companies in driving forward the datafication market. Trifacta, also headquartered in the US, specializes in developing cutting-edge data-wrangling solutions, including those geared towards datafication.

Major companies operating in the datafication market report are Amazon Web Services Inc., Alphabet Inc, Microsoft Corporation, Dell EMC, The International Business Machines Corporation, Oracle Corporation, SAP SE, ABB Group, Hewlett-Packard Enterprise (HPE), Emerson Electric Co., SAS Institute Inc., Teradata Corporation, Workiva Inc., DataRobot Inc., Xceptor, Matillion Limited, Dbt Labs Inc., mParticle, Veryfi Inc., Coalesce.io, Search Discovery Inc., Crosser Technologies, Decodable, Osmos, Precog, Flatfile Inc.

North America was the largest region in the datafication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the datafication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the datafication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Datafication refers to the process of converting various aspects of human activities, business operations, and environmental factors into digital data for analysis and decision-making purposes. This transformation from analog to digital enables organizations to gain deeper insights, employ predictive analytics, and make more informed decisions.

The primary categories of datafication include behavioral datafication, social datafication, geospatial datafication, transactional datafication, and sensor datafication. Behavioral datafication involves the collection and analysis of data concerning human behaviors and interactions, often sourced from digital platforms and devices. It encompasses various components, such as solutions and services, and can be deployed via cloud or on-premises infrastructure. Applications falling under this category include blockchain, AIOPs, cognitive computing, edge computing, and finops, among others. Industries leveraging these applications span banking, financial services and insurance (BFSI), healthcare, IT and telecom, retail, government and defense, manufacturing, media and entertainment, and others.

The datafication market research report is one of a series of new reports that provides datafication market statistics, including datafication industry global market size, regional shares, competitors with a datafication market share, detailed datafication market segments, market trends and opportunities, and any further data you may need to thrive in the datafication industry. This datafication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The datafication market consists of revenues earned by entities by providing services such as data analytics, data management, predictive modeling, machine learning, data visualization, data warehousing, data mining, big data consulting, cloud services, data integration and business intelligence. The market value includes the value of related goods sold by the service provider or included within the service offering. The datafication market also includes sales of products such as IoT devices and sensors, connected vehicles, smart home devices, and smart manufacturing equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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