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 2020 with a
share of more than 68.0% and is estimated to continue dominating the market
from 2021 to 2028. 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, are
further expected to fuel the regional market growth. Asia Pacific is expected
to emerge as one of the fastest-growing regional markets over the forecast period.
This is due to the rising use cases of alternative data in the 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.
Related Press Release@ Alternative Data Market Report
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
- By data type, the credit and debit card transactions segment is
anticipated to exhibit the highest CAGR from 2021 to 2028 owing to the
high accuracy of the data type and significant demand from asset managers
- Based on end user, hedge fund operators held the largest revenue
share in 2020 on account of the rising demand for alt data from the
investors and firms to identify lucrative investment opportunities and
generate alpha
- The BFSI industry segment is held the largest share in 2020 as the
entities such as hedge funds, mutual funds, and insurance companies are
the early adopters of alternative data
- North America dominated the global market and accounted for over
68.0% share of the global revenue in 2020. The region is expected to
maintain its lead from 2021 to 2028
- Emerging economies, such as India, Thailand, Singapore, and China,
are expected to drive the Asia Pacific market owing to the rising use cases
of alternative data for predictive risk assessment
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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