Rising need for data storage and management in handling the real-time data of products and services is expected to drive market expansion in the near future at a CAGR of 12.60% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the "Global Datafication Market" that contains information from 2019 to 2032. The Datafication market is estimated to register a CAGR of 12.60% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Datafication market— Workiva, IBM Corporation, Matillion, Search Discovery, Inc., Xceptor, SAS Institute Inc., DataRobot, Inc., and Crosser.

Market Highlights

The global Datafication market is accounted for to register a CAGR of 12.60% during the forecast period. It is estimated to reach USD 814.8 billion by 2032.

The growing demand for data storage and management by handling the real-time data of products and services to help organizations in the datafication market is anticipated to grow. The lack of skilled resources in Datafication is anticipated to restrain the market growth. Additionally, the growing demand for FinOps cloud systems is anticipated to spur the use of Datafication, which is anticipated to promote the growth of the global Datafication market.

Segment Analysis

The global Datafication market has been segmented based on type, application, and end user vertical.

Based on type, the market is segmented into behavioral datafication, social datafication, geospatial datafication, transactional datafication, and sensor datafication. The sensor datafication segment was attributed to holding the largest market share in 2023 due to the high volume of golden data of consumers created to learn about consumers' behavior and market trends.

Based on application, the market is segmented into blockchain, alops, cognitive computing, edge computing, FinOps, and others. The FinOps segment was attributed to holding the largest market share in 2023 due to its function of improving financial responsibility and maximizing company value.

Based on end user vertical, the global Datafication market has been segmented into BFSI, healthcare, IT & Telecom, government & defense, retail, and others. The healthcare segment was expected to hold the largest market share in 2023 due to the rising healthcare infrastructure globally.

Regional Analysis

The global Datafication market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European Datafication market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Datafication market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Datafication market comprises the Middle East, Africa, and Latin America.

The largest market share for Datafication was maintained by the North American regional sector. This increase is attributed to the rising need for industrial development to handle and manage data. Additional factors promoting market growth include increased investor investments, government support, and the viability of the technology in the area. The implementation of stringent rules, the growing technological advancement for data management, and the considerable presence of significant technology providers and major production companies all have an impact on the US market.

Moreover, the Europe market has been persistently growing over the forecast period. The demand for Datafication is driven by the rising demand to manage and analyze data in accurate form.

Additionally, due to the increasing number of various industries, including healthcare, automobile, and manufacturing, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The Asia Pacific market will benefit from a growing emphasis on the handling of real-time data.

Furthermore, the rest of the world's Datafication market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising use of the huge amounts of consumer data by various industries. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.

Key Findings of the Study

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  The global Datafication market is expected to reach USD 814.8 billion by 2032, at a CAGR of 12.60% during the forecast period.

  
  


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  The Asia-Pacific region accounted for the fastest-growing global market due to the increasing number of various industries, including healthcare, automobile, and manufacturing.

  
  


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  Based on application, the FinOps segment was attributed to holding the largest market in 2023.

  
  


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  Workiva, IBM Corporation, Matillion, Serach Discovery, Inc., Xceptor, SAS Institute Inc., DataRobot, Inc., and Crosser are the key market players.