Data Broker Market expected to project a CAGR of 15.67 percent from 2020-2026
Published | 28 January 2020
A Data Broker collects
Information about Individuals from private sources and public records including
census and change of address records, driving records and motor vehicle,
User-contributed material to social networking sites, media and court reports,
consumer purchase histories, voter registration lists and terrorist watch
lists, bank card transaction records, health care authorities, web browsing
histories.
The global data broker
market is expected to witness a significant growth over the forecasted period
from 2020-2026 projecting a CAGR of 15.67 percent. The growth of the market is
majorly attributed to factors such as increasing demand for various data based
information regarding consumers, technical data related to weather, natural
events, different organizations, natural events, drug studies and real estate
information among others. The competency levels in the market have been
compelling the companies and organizations to approach various data brokerage
firms for necessary, relevant and customize data based information to formulate
their marketing strategy in a more viable form.
Increasing
growth of business intelligence and internet of things to account for growth of
the market in the forecasted period
Data brokers usually source
information from an array of secondary sources and compile them to drive
detailed profiles of enquired entities. The companies get their revenue by
selling the compiled information to other entities. According to Federal Trade
Commission, the data brokers collect personal information about consumers from
wide range of sources and provide for a variety of purposes and including
verifying an individual identity, marketing products and detecting frauds. The
factors affecting the growth of the market are proliferation of digitization
and upsurge demand of operational management system by several end users.
The data broker market is
neither homogeneous nor regulated in most regions. Global Data Broker Market
overs a wide range of financial services firms, retail companies, telecommunications,
individual consumers, real estate companies, power and energy industry and
automotive industry among others. The data related information is usually
collected for the purpose of research and forecast. The increasing growth of
business intelligence and analytics and internet of things are two key factors
expected to drive the growth of the market in the forecasted year. Additionally
in 2019 growing competition across retail and BFSI industries and increasing
digitization of business functions has been driving the expansion of market.
Automotive
and construction segment of the global data broker market contribute the
largest share in 2019
On the basis of Data Type,
the Global Data Broker Market can be segmented as Consumer Data and Business
Data. On the basis of End-User Industry, the Global Data Broker Market can be
classified as Retail, BFSI, Automotive, Construction and Others. In 2019, the
automotive and construction segment of the global data broker market
contributed the largest share. Business data segment of the market is expected
to flourish and contribute the biggest share in the Global Data Broker Market
in the forecasted period.
North
America accounted for the biggest share in the Global Data Broker Market
North America accounted for
the largest share in the Global Data Broker Market owning to factors such as
speedy adoption of different analytic methods and high adoption rate of
internet of things. Additionally increasing number of mobile devices boosting
the data broker market and rapid demand of bulk data in digital and non-digital
market have been fuelling the growth of the regional market. However,
Asia-Pacific is also expected to provide for the fastest growing market owing
to inclination towards the usage of complied data in order to save time and
energy and data broker services as a part of business. The growth of the
segment in the region can be attributed to factors such as rising demand due to
website cookies, court house records and loyalty card programs along with
legalization of data brokerage in developing countries. Other areas where the
presence of Global Data Broker Market can be witnessed are South America,
Europe and Middle East.
The in-depth analysis of the
report provides the growth potential, upcoming trends and statistics of Data
Broker market size & forecast. The report promises to provide
state-of-the-art technology of Data Broker production and industry insights
which help decision-makers to take sound strategic decisions. Furthermore, the
report also analyzes the market drivers and challenges and competitive analysis
of the market.
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