Data is collected from various sources and then compile them. These companies generate revenue by selling the compiled information to other entities. As discussed by Federal Trade Commission, “these data brokers collect personal information about consumers from a wide range of sources and provide it for a variety of purposes, including verifying an individual’s identity, marketing products, and detecting frauds”. The global data broker market growth is projected as it is neither homogeneous nor regulated. The data broker market is segmented by data type, end-user, and geography. By data type, the market is segmented into consumer data and business data. By end-user, the market is segmented into BFSI, retail, automotive, construction, and others.
Drivers and restraints of Global Data Broker Market
Data broker market is driven by the increasing growth of business intelligence and analytics and IoT. Global data broker market size is expected to increase due to increasing applications in various industries including financial services, telecommunication, retail, real estate, power and energy, and the automotive industry. Individual consumers and educational institutions also the end-users of the data broker market. The market is trending towards more data-centric information sources so as to analyze within a prescribed deadline. These end-users use the data for the purpose of research and forecast.
The rapid growth in the coming years is majorly attributed to the increasing demand for various data-based information regarding consumers, different organizations, technical data related to weather, natural events, drug studies, and real estate information among others. In order to compete with one another, companies and organizations are approaching various data brokerage firms for necessary, relevant, and customized data-based information to formulate their marketing strategy in a more viable form. The data broker market is highly diversified as well as dynamic. However, the data broker market growth may restrain if it becomes regulated and more protected with various rules, regulations, and restrictions.
North America holds the largest share in global data broker market share. The market share is projected owing to the rapid adoption of different analytic methods and the high adoption rate of IoT. However, Asia-Pacific is projected to be the fastest-growing market owing to the inclination towards the usage of compiled data in order to save time and energy, and data broker services as a part of the business.
The business data segment of the data type segmentation is expected to have a significant market share owing to the high requirement of these data for forecasts and research. However, the consumer data segment is expected to grow on account of increasing consumer participation in the BFSI sector. By end-user, the BFSI segment is expected to have a significant market share due to the high risk involved in the sector, resulting in a high need for correct information.
Competitive intelligence shows that global data broker market is fragmented with hundreds of manufacturers. The players are expanding globally to mirror their customers’ requirement. As a result, they are increasingly integrating with other players. The key players include Acxiom, ID Analytics, LLC, Oracle Corporation, CoreLogic, TransUnion, Intelius and Recorded Future, Inc among others.
Key Questions Answered in This Report:
- What are the key regions having a significant market share of the market?
- What are the drivers and restraints of the market?
- Who are the key market players in the market?
- What is market segmentation of the global data broker market?
- Who are the end-users of the market?