Data Brokers Market: Overview
Data broker is a business that collects and stores the personal information about consumers and sells to organizations who require that data to design their marketing strategy based on the preferences of the customer. The data brokers collect this information from a variety of sources such as government records, browser cookies and credit/debit card transactions. The brokers integrate and synthesize the data using advanced analytics tools such as rapid miner and Google fusion tables to formulate individual profiles of the customers.
These individual profiles are updated regularly and are sold as per the demand of the buying organizations. The data brokers collect various kinds of data such as consumer data (personal information such as name and contact detail), commercial data (companies’ data), scientific data (weather information & drugs composition), real estate data (homes, farms or properties) and location data (global positioning, traffic and landmarks).
Data Brokers Market: Key Growth Enablers
The data brokers store every bit of the information such as Internet activity, bulk transaction records and personal data such as date of birth, and books read. Various businesses are looking forward for that data to target the customers accordingly. This is the major driver for the growth of the market. Absence of data protection compliances in the emerging economies such as China, India and Brazil supports the growth of data brokers market. The data broker organizations support the companies in analyzing the buying pattern of the customers, thus support the organizations in developing products according to demand of the customers.
Growth of Internet of Things (IoT) and rising demand of data analytics is anticipated to create immense opportunities for data brokers market. However, the customers are unaware of data being collected, thus privacy issues occur consistently. This is expected to provide hurdles in the growth of the data brokers market. The sector specific compliances pertaining to data privacy such as Fair Credit Reporting Act (FCRA) and Health Insurance Portability and Accountability Act (HIPAA) is further anticipated to present challenges to the players in this market.
Data Brokers Market: Segmentation
Data brokers market is broadly segmented on the basis of product type, data type, insight level, and geography. On the basis of product type, the data brokers market is segmented into marketing products, risk mitigation products and people search products. Various data types associated with this market include consumer data, commercial data, scientific data, real estate data and geo-location data. On the basis of insight level, the data broker market is segmented into basic insights, smart insights and adaptive insights. Moreover, in terms of geographies, the global data brokers market is segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America.
North America has been the key contributor to the revenue generated by data brokers market during the last few years. This is attributed to presence of highly digit tech savvy population in the region which generates huge amount of data. Asia Pacific is expected to be the fastest growing region in terms of adoption of data broking services as it enables the businesses to design personalized promotional campaigns to target the mass population present in the region.
The major participants in the data brokers market include Acxiom Corporation, CoreLogic Inc., DataLogix Inc., eBureau LLC, Experion Plc, Intellius Inc., Peekyou LLC, Databroker Ltd., Pipl Inc. and Epsilon Data Management LLC.
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