According to estimates presented by the TMR report, the global data brokers market will clock an impressive 11.5% CAGR for the forecast period between 2017 and 2026. In terms of data category, the demand for consumer data is estimated to contribute more than one-third revenue share of the overall market by the end of 2026.
In terms of end-use sector, the BFSI segment holds the leading revenue share and is anticipated to register an above-average growth in the upcoming years. Geography-wise, North America is anticipated to dominate the data broker market over the 2017-2026 forecast period.
Advantages of Insights into Customer Purchasing Behavior a Boon for Market
Today, the incessant use of mobile devices have led to generation of vast amount of consumer data that can be used for business advantage. Enterprises are striving to scrutinize the bulk data that is generated from digital and non-digital peripherals for devising new marketing strategies.
In particular, customer-facing businesses are leveraging data analytics to understand trends, consumer behavior, growth opportunities, and purchasing patterns. The task, however, is quite complicated and requires external assistance to be carried out. Data broker products are increasingly being adopted to carry out complex analysis of massive volume of data.
Moreover, moderate regulations that oversee data protection stipulations allow a freehand collection, thus, enable easy buying, selling, and exchange of vital customer data. The scrutiny of this data enables organizations to better formulate marketing strategies and identify potential customers. This is leading to a strong demand for data broker product and services.
Data brokers perform the arduous task of data collection from an array of sources, which is later scrutinized to deduce useful analytics. Businesses are purchasing consumer data to obtain information pertaining to customers’ interest areas that reveals his/her purchasing behavior. The data collected by data brokers is not only used to obtain vital customer data but also for tracking potential customers and operation management. This, in turn, will positively influence the global data broker market.
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Risk of Compromising Vital Consumer Data Restrains Growth
Although the information fetched by data brokers are typically used for business innovation and for improved customer experience, it draws criticism for intruding into customer privacy. Consumer data may include customer’s email id, contact details and monitoring customer’s online and offline Internet activity.
Policy makers and consumer groups remain highly critical of data collection using data brokers and services. Data broker practices have been under the radar lately as they are associated with surging spamming activities and spread of unsolicited promotional messages.
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Preference for Structured Data Continue to be High
Based on data type, the structured segment currently accounts for the largest share of the market. Between 2017 and 2026, the segment is projected to exhibit a CAGR of 13.9%. For the most part, structured data offers information that is organized and comprehensive.
Moreover, the information present is seamless and readily searchable by simple search tools. In the unstructured format, the compilation is usually uncordial and might consume additional time for information segregation.