Alternative Data Market Growth Rate Of 48% Comes With The Utilization Of Advanced Technology
The Business Research Company’s Alternative Data Market 2022 – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON , UK, June 16, 2022 /EINPresswire.com/ -- The demand for artificial intelligence (AI) has been increasing in the alternative data market for several reasons not least due to the generally very large data sets involved. AI can identify data types, find possible connections among such large datasets, organize and identify patterns using a range of techniques such as natural language processing and machine learning. According to the global alternative data market analysis, the technology can also be used to automate and accelerate data preparation, collection and analysis tasks, including the generation of data models, and assist in data exploration for driving decisions. According to 2020 Forbes research, the combination of AI and alternative data can automate nearly 80% of all physical work, 70% of data processing work, and 64% of data collection tasks. The combination of AI, in alternative data, and analytics help deepen the analysis by as every data input can be utilized to generate new rules for future business analytics.
The global alternative data market size is expected to from $1.44 billion in 2020 to $10.21 billion in 2025 at a rate of 48.0%. The global alternative data market share is then expected to grow at a CAGR of 36.3% from 2025 and reach $47.97 billion in 2030.
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The alternative data market is expected to be supported by rapid growth in investments in smart city projects in many countries globally. Smart-city technologies use information and communication technologies to efficiently manage and operate urban services including transportation systems, water supply and law and order. Big data has various applications including transport, public safety, city budgets, and more. Smart cities also use predictive, big-data analytics to identify which areas are prone to be hubs of crime and predict the exact crime locations. In 2021, European investment firm Eurazeo’s subsidiary, Idinvest Partners, completed the first stage of its Smart City Fund II. The fund plans to raise a total of EUR 200 million ($243.5 million), and by February 2021, has raised EUR 80 million ($ 97.4 million). The development of smart cities is expected to act as a driver for the alternative data market growth in the forecast period.
Major players covered in the global alternative data industry are Ravenpack International SL, 1010data, Inc., Vortexa Ltd., Eagle Alpha Ltd., Audit Analytics.
TBRC’s alternative data market report is segmented by data type into credit and debit card transactions, email receipts, geo-location (foot traffic) records, mobile application usage, satellite and weather data, social and sentiment data, web scraped data, web traffic, other data type, by industry into automotive, BFSI, energy, industrial, it and telecommunications, media and entertainment, real estate and construction, retail, transportation and logistics, other industries.
Alternative Data Market 2022 – By Data Type (Credit and Debit card Transactions, Email Receipts, Geo-Location (foot traffic) records, Mobile Application Usage, Satellite And Weather Data, Social And Sentiment Data, Web Scraped Data, Web traffic), By Industry (Automotive, BFSI, Energy, Industrial, IT and Telecommunications, Media and Entertainment, Real Estate and Construction, Retail, Transportation and Logistics), And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides a alternative data market overview, forecast alternative data market size and growth for the whole market, alternative data market segments, geographies, alternative data market trends, alternative data market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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