Alternative Data Market Presents and Future Statistics | Forecast to 2032

Published April 11, 2023

According to a report by Reports and Data, the global Alternative Data Market was worth USD 1.8 billion in 2022 and is expected to experience a compound annual growth rate (CAGR) of 22.6% during the forecast period. The growth of the market can be attributed to the increasing availability of alternative data sources, as a result of the widespread use of digital technology and data-generating devices and applications. Alternative data providers can now collect and analyze data from various sources, including social media platforms, website traffic, and sensor networks.

The market’s revenue growth is also driven by the development of data sources and advancements in data analytics technologies, particularly in machine learning and artificial intelligence (AI). This has enabled alternative data providers to offer novel insights and projections that were previously difficult to obtain using traditional data sources.

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In the financial sector, alternative data is becoming increasingly important in supporting investment decisions, particularly due to regulatory reforms and a greater emphasis on transparency and risk management since the 2008 financial crisis. The report also highlights key industries that are driving the revenue share of the alternative data market, including the automotive, BFSI, and retail sectors. Additionally, the report discusses the value of various alternative data sources, such as credit and debit card transactions, email receipts, foot traffic/geolocation data, and mobile application usage data.

The Asia Pacific market is expected to dominate the alternative data industry due to the increasing demand for such data, particularly in China and India. The North American market is expected to experience the most significant revenue growth rate during the forecast period, driven by factors such as the increasing need for more precise predictive analytics, a rising emphasis on personalized marketing, and the progress of big data and artificial intelligence.

Driving factors of Alternative Data Market

  • Increased availability of alternative data sources due to the widespread use of digital technology and the proliferation of data-generating devices and applications.
  • Advancements in machine learning and artificial intelligence (AI) which enable swift and accurate analysis of huge amounts of information.
  • Regulatory reforms in the financial sector, emphasizing transparency and risk management, leading to greater scrutiny of investment decisions made by asset managers and hedge funds.
  • Rising demand for electric cars and the progress of self-driving vehicles in the automotive industry.
  • The valuable insights that can be gained from information obtained from credit and debit card transactions.
  • The use of email receipts to gain insights into customer buying habits and preferences.
  • The analysis of foot traffic or geolocation data to improve the overall customer experience, optimize store layouts and product placement, and guide marketing and advertising initiatives.
  • The analysis of mobile application usage to identify popular services and products and refine marketing strategies.
  • The expanding economies of China and India which produce data at an unparalleled pace.
  • The progress of big data and artificial intelligence, which has stimulated the demand for alternative data sources.

Some of the notable innovations in the Alternative Data Market

  • Natural Language Processing (NLP): NLP is a branch of artificial intelligence that enables machines to understand and analyze human language. Alternative data providers are increasingly using NLP techniques to analyze unstructured data from sources such as social media, news articles, and company filings. This enables them to extract insights and sentiment analysis from text-based data, which can be used to inform investment decisions.
  • Geospatial Data: Geospatial data refers to information that is tied to a specific geographic location. Alternative data providers are leveraging this type of data to analyze foot traffic patterns, track the movement of goods and vehicles, and monitor environmental factors such as weather and air quality. This information can provide valuable insights for industries such as real estate, retail, and transportation.
  • Web Scraping: Web scraping involves extracting data from websites and other online sources. Alternative data providers are using web scraping techniques to collect data on product prices, online reviews, and consumer sentiment. This information can be used to inform pricing strategies, identify trends, and track brand reputation.
  • Satellite Imagery: Satellite imagery is being used to gather data on various aspects such as weather patterns, crop yields, and industrial activity. Alternative data providers are using this information to analyze the performance of specific sectors such as agriculture, energy, and transportation.
  • Internet of Things (IoT): The IoT refers to a network of devices and sensors that are connected to the internet. Alternative data providers are leveraging this technology to collect data on everything from traffic patterns to energy usage. This information can be used to optimize operations, improve efficiency, and identify new business opportunities.

The report proftiles prominent companies in the global alternative data marke

Bloomberg L.P., Thasos Group, Quandl Inc., and S&P Global Market Intelligence.

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