Data Enrichment Solutions Market Report 2024

This Data Enrichment Solutions market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The data enrichment solutions market size has grown rapidly in recent years. It will grow from $2.3 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth during the historical period can be attributed to the rise of big data analytics, the increasing demand for personalized marketing, the expansion of digital transformation initiatives, the growing need for enhanced customer insights, and the proliferation of IoT and connected devices.

The data enrichment solutions market size is expected to see rapid growth in the next few years. It will grow to $4.13 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The anticipated growth during the forecast period can be attributed to the expansion of AI and machine learning technologies, a growing focus on data-driven decision-making, the increasing adoption of cloud-based solutions, the rise of data privacy regulations, and the demand for improved customer experience. Key trends expected during this period include the integration of AI and machine learning, the adoption of real-time data enrichment, innovations in privacy-compliant data enrichment solutions, and advancements in predictive analytics.

The significant increase in data volume worldwide is expected to drive the growth of the data enrichment solutions market in the coming years. This surge in data is primarily due to the growing use of digital devices, the rise of social media, technological advancements, and the widespread adoption of IoT devices, all of which continuously generate vast amounts of data. Data enrichment solutions enhance the value of this immense and expanding global data by improving its accuracy, context, and usability, making it more actionable and insightful. For example, in March 2024, Edge Delta, a US-based software firm, projected that global data generation would increase 150-fold by 2027, compared to the 97 zettabytes (ZB) produced in 2022. Moreover, by 2032, this figure is expected to grow 300 times larger than the data volume in 2027. Consequently, the rapidly growing volume of data worldwide is anticipated to propel growth in the data enrichment solutions market.

Leading companies in the data enrichment solutions market are concentrating on developing innovative offerings, such as data normalization solutions, to enhance data accuracy, provide advanced insights, and facilitate more informed decision-making. Data normalization solutions are methods and tools that standardize and structure data into a consistent format, ensuring uniformity across datasets. For instance, in May 2024, JP Morgan, a US-based financial services firm, introduced Fusion, an advanced data normalization solution. This system provides institutional investors with a comprehensive data management platform that integrates and normalizes data from various sources, enabling advanced analytics. Fusion offers a unified view of custody, fund accounting, and middle office data, encompassing both public and private assets. It includes an intuitive tool for detailed data analysis and visualization and supports flexible, cloud-based access through API, Jupyter Notebook, Snowflake, and Databricks.

In December 2023, HubSpot, a US-based software company, acquired Clearbit for an undisclosed amount. This acquisition aims to enhance HubSpot's data enrichment capabilities, allowing businesses to better understand and engage with their customers through enriched, real-time data insights. Clearbit is a US-based data enrichment company that specializes in data enrichment and customer intelligence solutions.

Major companies operating in the data enrichment solutions market are Accenture plc, Oracle Corporation, Salesforce Inc., Experian Information Solutions Inc., TransUnion LLC, Dun & Bradstreet Holdings Inc., HubSpot Inc.(Clearbit), Informatica Inc., Flatworld Solutions Inc., ZoomInfo Technologies LLC, Alteryx Inc., Acxiom LLC, Neustar Inc., Demandbase Inc., Talend S.A., 6Sense Insights Inc., Apollo.io, Lusha Systems Inc., Crunchbase Inc., Anchor Computer Inc., Leadspace Inc., CCMP Capital Advisors LP (Data Axle), Openprise Inc., LeadGenius Inc.

North America was the largest region in the data enrichment solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data enrichment solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the data enrichment solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Data enrichment solutions are tools and services designed to enhance and improve existing data by adding supplementary information, correcting inaccuracies, and refining data attributes, thereby increasing their value and usability. The benefits of these solutions include improved data accuracy, enhanced customer insights, better decision-making, and more effective marketing strategies through the integration of relevant information.

The primary deployment models in the data enrichment solutions market are cloud-based and on-premise solutions. Cloud-based data enrichment solutions are hosted and managed by external service providers and accessed via the internet. The market serves various enterprise sizes, including large enterprises and small to medium-sized enterprises (SMEs), with a diverse range of end-users, such as banking, financial services, and insurance (BFSI), information technology (IT) and telecom, retail, manufacturing, healthcare, energy and utilities, transportation and logistics, construction, and others.

The data enrichment solutions market research report is one of a series of new reports that provides data enrichment solutions market statistics, including data enrichment solutions industry global market size, regional shares, competitors with a data enrichment solutions market share, detailed data enrichment solutions market segments, market trends, and opportunities, and any further data you may need to thrive in the data enrichment solutions industry. This data enrichment solutions 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 data enrichment solutions market consists of revenues earned by entities by providing services such as customer data enrichment, data cleaning and validation, address verification, data append services, and lead enrichment. The market value includes the value of related goods sold by the service provider or included within the service offering. The data enrichment solutions market also include sales of high-performance servers, graphics processing units, network storage systems, and edge devices. 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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