The Global Data Enrichment Solutions Market size is expected to reach $4.3 billion by 2031, rising at a market growth of 9.7% CAGR during the forecast period.
Healthcare organizations focus on population health management initiatives to optimize care delivery, prevent chronic diseases, and reduce healthcare costs. Data enrichment solutions support population health analytics by aggregating and analyzing enriched patient data, identifying high-risk populations, monitoring health trends, and implementing targeted interventions for better health outcomes. Thus, the healthcare segment acquired 11% revenue share in the market 2023.
As digital platforms, IoT devices, social media interactions, and online transactions continue to expand, there is a significant increase in the diversity and quantity of generated data. This diverse data includes structured and unstructured data, text, images, videos, sensor data, etc.
Additionally, enriched data enables precise audience segmentation and targeting, optimizing marketing spend and resources. Therefore, the rising demand for personalized customer experiences drives the market’s growth.
However, implementing data enrichment solutions often requires substantial investments in infrastructure, including hardware, software licenses, and IT resources. Organizations need robust servers, storage systems, and networking equipment to efficiently manage and process large volumes of data. Setting up and maintaining this infrastructure entails significant upfront costs.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Healthcare organizations focus on population health management initiatives to optimize care delivery, prevent chronic diseases, and reduce healthcare costs. Data enrichment solutions support population health analytics by aggregating and analyzing enriched patient data, identifying high-risk populations, monitoring health trends, and implementing targeted interventions for better health outcomes. Thus, the healthcare segment acquired 11% revenue share in the market 2023.
As digital platforms, IoT devices, social media interactions, and online transactions continue to expand, there is a significant increase in the diversity and quantity of generated data. This diverse data includes structured and unstructured data, text, images, videos, sensor data, etc.
Additionally, enriched data enables precise audience segmentation and targeting, optimizing marketing spend and resources. Therefore, the rising demand for personalized customer experiences drives the market’s growth.
However, implementing data enrichment solutions often requires substantial investments in infrastructure, including hardware, software licenses, and IT resources. Organizations need robust servers, storage systems, and networking equipment to efficiently manage and process large volumes of data. Setting up and maintaining this infrastructure entails significant upfront costs.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Driving and Restraining Factors
Drivers- Rapid increase in data generated from multiple sources
- Rising demand for personalized customer experiences
- Increasing digital adoption across industries
- High initial and ongoing costs associated with data enrichment solutions
- Complexity in integrating and harmonizing data from diverse sources
- Enhanced data governance and compliance
- Expansion of e-commerce and digital marketing
- Shortage of skilled data professionals and expertise
- High dependence on external data sources
Deployment Outlook
On the basis of deployment, the market is segmented into cloud and on-premises. The cloud segment recorded 56% revenue share in the market in 2023. Cloud-based solutions offer scalability, allowing organizations to scale up or down their data enrichment capabilities based on business needs and data volumes.Enterprises Size Outlook
Based on enterprise size, the market is categorized into large enterprise and SMEs. The SMEs segment witnessed 36% growth in the market in 2023. SMEs increasingly recognize the importance of data-driven insights in competing effectively in their respective markets
End-use Outlook
By end-use, the market is divided into BFSI, government, healthcare, IT & telecom, manufacturing, retail, and others. In 2023, the IT & telecom segment registered 23% revenue share in the data enrichment solutions market. IT & telecom companies manage vast data from network operations, customer interactions, and service delivery.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 28% revenue share in the market. Many countries in the Asia Pacific region are undergoing rapid digital transformation across industries such as finance, healthcare, retail, manufacturing, and telecommunications.- Aug-2024: ZoomInfo took over RingLead, a leader in data orchestration that assists organizations in managing their first- and third-party data assets. RingLead provides comprehensive data quality management and multi-vendor enrichment, helping to bridge the gap between a company's intelligence layer and its engagement layer.
- Apr-2024: 6sense unveiled the 6dimensional Success Model™. This comprehensive framework is designed to help customers maximize the value of their investment in 6sense Revenue AI™ and achieve their revenue goals.
- Dec-2023: Experian partnered with Samsung Ads, an advertising ecosystem encompassing hundreds of millions of smart devices across TV, mobile, and desktop, to tackle this challenge, providing marketers with the tools and insights needed to craft compelling content that resonates with the right audience at the right time. Leveraging combined expertise and precision, this collaboration aims to enhance the reach, effectiveness, and efficiency of advertising campaigns.
- Jun-2023: ZoomInfo formed a partnership with Databricks, the Data and AI company. This partnership will deliver ZoomInfo’s comprehensive B2B data directly to customers via the Databricks Marketplace. These insights can enhance advanced technology applications, such as generative AI-based processes, which depend on high-quality data. This partnership aims to help data-centric organizations solve their most challenging go-to-market problems and accelerate their success.
- Mar-2023: 6sense introduced a groundbreaking innovation 6sense Revenue AI™ for Sales. This new sales platform allows sellers to prioritize active accounts and access comprehensive buyer intelligence and contact data within their everyday tools, enabling them to spend less time on research and more time closing deals.
List of Key Companies Profiled
- Demandbase, Inc.
- Experian Information Solutions, Inc. (Experian plc)
- Enricher.io
- Datamatics Business Solutions Limited
- Crunchbase Inc.
- Cognism Limited
- Clearbit (HubSpot, Inc.)
- 6sense
- ZoomInfo Technologies Inc.
- Lusha Systems Inc.
Market Report Segmentation
By Deployment- Cloud
- On-premise
- Large Enterprise
- SMEs
- IT & Telecom
- Retail
- BFSI
- Manufacturing
- Healthcare
- Government
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Data Enrichment Solutions Market by Deployment
Chapter 6. Global Data Enrichment Solutions Market by Enterprise Size
Chapter 7. Global Data Enrichment Solutions Market by End-use
Chapter 8. Global Data Enrichment Solutions Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- Demandbase, Inc.
- Experian Information Solutions, Inc. (Experian plc)
- Enricher.io
- Datamatics Business Solutions Limited
- Crunchbase Inc.
- Cognism Limited
- Clearbit (HubSpot, Inc.)
- 6sense
- ZoomInfo Technologies Inc.
- Lusha Systems Inc.
Methodology
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