Datafication Market Overview
Datafication Market Size was valued at USD 315.3 Billion in 2023. The Datafication market industry is projected to grow from USD 355.05 Billion in 2024 to USD 814.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.60% during the forecast period (2024 - 2032). Increased need for data storage and management, automating processes, and making better decisions are the key market drivers enhancing the market growth.
Figure 1: Datafication Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Datafication Market Trends
Growing need for data storage and management is driving the market growth
Market CAGR for datafication is being driven by the rising use of datafication in handling real-time data of products and services to help organizations. Datafication converts several manual procedures into automated ones, saving time and skill needed. Datafication is the act of collecting, analyzing, and organizing information so that it can be used for market forecasting and decision-making purposes. The increasing need for data storage and management from organizations and large-scale enterprises serves as a crucial driver for the market's growth.
Additionally, automation of datafication reduces total expenses and labor required to complete jobs. Combining datafication with a thorough picture of the business allows for the discovery of consumer patterns and the identification of areas for improvement. These sorts of analyses may help organizations make better decisions, resulting in increased market growth.
Major companies widely utilize datafication technology for data storage and administration, and it employs a variety of methodologies. Predictive analytics is a current way of forecasting customer behavior using large volumes of data. Other techniques include machine learning, which allows computers to learn from large datasets in order to analyze future behavior, and natural language processing, which allows computers to understand data provided by people. These technologies enable organizations to get critical information about customer preferences and behavior. Marketers may utilize data to better their strategies by modifying tactics in response to customer feedback or identifying developing trends in their industry that may promote development. As a result, it is anticipated that throughout the projection period, demand for datafication will increase due to the rising need for data storage and management. Thus, driving the Datafication market revenue.
Datafication Market Segment Insights
Datafication Type Insights
The Datafication market segmentation, based on type, includes behavioral datafication, social datafication, geospatial datafication, transactional datafication, and sensor datafication. In 2023, the sensor datafication segment dominated the market, accounting for the maximum market revenue due to the high volume of golden data of consumers created to learn more about consumers' behavior, operational efficiency, and market trends. Moreover, rising smart cities need to be data-driven for planning and administration. Smart city programs collect data from various resources, like cameras, sensors, and weather stations, to optimize energy consumption, traffic flow, and public services.
Datafication Application Insights
The market segmentation, based on application, includes blockchain, alops, cognitive computing, edge computing, finOps, and others. In 2023, the FinOps category generated the most income due to its function of improving financial responsibility and maximizing company value. FinOps also helps to comprehend the complexities and problems of traditional IT financial management.
Datafication End User Vertical Insights
The Datafication market segmentation, based on end-user vertical, includes BFSI, healthcare, IT & Telecom, government and defense, retail, and others. In 2023, the healthcare category generated the most income due to the rising healthcare infrastructure globally, majorly in developing economies. The healthcare sector carries a large amount of data for analyzing several purposes, including epidemic prediction, curing disease, avoiding preventable deaths, and increasing the quality of life. Moreover, the growing population and the rising requirement for medical and healthcare services, these components have forced the healthcare industry to adopt inventive and latest technology for transmission and management of operations.
Figure 2: Datafication Market, by End User Vertical, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Datafication Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Datafication market area will dominate this market, owing to an increase in the number of industrial development needs that require handling and managing a huge amount of data to refine the production and efficiency of the enterprises. In addition, the growing technology advancement for data management will boost market growth in this region.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.
Figure 3: Datafication Market Share By Region 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Datafication market accounts for the second-largest market share due to the rising demand to manage and analyse data in accurate form. Further, the German Datafication market held the largest market share, and the UK Datafication market was the fastest growing market in the European region.
The Asia-Pacific Datafication Market is expected to grow at the fastest CAGR from 2024 to 2032 due to the rising number of various industries, including healthcare, automobile, and manufacturing. Moreover, China's Datafication market held the largest market share, and the Indian Datafication market was the fastest growing market in the Asia-Pacific region.
Datafication Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Datafication market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Datafication industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Datafication industry to benefit clients and increase the market sector. In recent years, the Datafication industry has offered some of the most significant advantages to organizations. Major players in the Datafication market, including Workiva, IBM Corporation, Matillion, Search Discovery, Inc., Xceptor, SAS Institute Inc., DataRobot, Inc., Crosser, and others, are attempting to increase market demand by investing in research and development operations.
HCL Technologies Limited, also known as HCL Tech, is an Indian multinational information technology consulting firm based in Noida. Shiv Nadar founded it, and it was split out in 1991 when HCL expanded into the software services market. The corporation operates 52 counties and employs about 225,944 people. HCL Technologies started as the R & D branch of HCL Enterprise. This business helped the Indian IT and computer industries expand and flourish. In 2019, HCL Technologies acquired some IBM products. HCL assumed complete responsibility for AppScan, BigFix, Commerce, Connections, Digital Experience, Notes Domino, Unica, and research and development, as well as sales, marketing, delivery, and support. In July 2023, HCL Tech launched a revolutionary technology called HCL Tech Advantage Analytics, a revolutionary technology. This invention promises to provide organizations with a diverse variety of services by smoothly merging AI with BI. HCL Tech Advantage Analytics harnesses the power of AI and is intended to function in tandem with Snowflake Data Cloud. This technology-neutral platform enables HCL Tech Advantage Insights to connect easily with Snowflake's Data Cloud, delivering AI-infused insights that enable clients to make rapid and educated decisions.
KPM Analytics is a portfolio organization of Union Park Capital, a private equity firm that focuses on industrial technology investments. KPM's main purpose is to supply food manufacturers with high-grade quality assurance equipment through its skilled craftsmanship and deep understanding of its business requirements. Green Ring is the KPM Analytics Branding Element. The company's perspective is that a passionate, considerate, and committed approach to resolving the issues will support food and agriculture companies everywhere in becoming more powerful, paving the way for KPM to take the lead in the industry globally. Blue Purple Ring is the branding element for KPM analytics. In July 2023, KPM Analytics debuted KPMLink, a cloud-based program designed specifically for the remote control of its Near-Infrared analyzers, the SpectraStar XT series. Strong health data insights are ensured by this cutting-edge solution, which gives users and management access to diagnostic histories for every instrument. Moreover, KPMLink securely stores vital instrument health data both locally and in the cloud, guaranteeing data integrity and giving users the assurance to base choices on accurate measurement data.
Key Companies in the Datafication market include
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Matillion
- IBM Corporation
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Search Discovery, Inc.
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Xceptor
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SAS Institute Inc.
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DataRobot, Inc.
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Crosser
Datafication Industry Developments
July 2023: Mercan's groundbreaking third-generation software, G2N Nova, was launched. The most recent version of Mercan's unique payroll platform improves the capacity to compute gross-to-net payroll. It presents new capabilities that allow multinational corporations to automate and digitize their payroll operations.
February 2023: Milaha, Qatar's logistics and maritime solutions supplier, signed a Memorandum of Understanding (MOU) with Oracle to accelerate Milaha's digital transformation plan and promote cloud service usage in order to maximize total investment return.
Datafication Market Segmentation
Datafication Type Outlook
Datafication Application Outlook
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Blockchain
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Alops
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Cognitive Computing
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Edge Computing
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FinOps
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Others
Datafication End User Vertical Outlook
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BFSI
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Healthcare
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IT & Telecom
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Government and Defense
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Retail
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Others
Datafication Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 315.3 Billion |
| Market Size 2024 |
USDย 355.05ย Billion |
| Market Size 2032 |
USD 814.8 Billion |
| Compound Annual Growth Rate (CAGR) |
12.60%ย (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2019- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Application, End User Vertical, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea |
| Key Companies Profiled |
ย Workiva, IBM Corporation, Matillion, Search Discovery, Inc., Xceptor, SAS Institute Inc., DataRobot, Inc., Crosser |
| Key Market Opportunities |
Growing demand for FinOps |
| Key Market Dynamics |
Increasing need for data storage and management Supports in decision making |
Frequently Asked Questions (FAQ) :
The global Datafication market size was valued at USD 315.3 Billion in 2023.
The global market is projected to grow at a CAGR of 12.60% during the forecast period, 2024-2032.
North America had the largest share in the global market.
The key players in the market are Workiva, IBM Corporation, Matillion, Search Discovery, Inc., Xceptor, SAS Institute, Inc., DataRobot, Inc., Crosser, and others.
The sensor datafication category dominated the market in 2023.
The FinOps had the largest share in the global market.
