Data Exchange Platform Services Market
Data Exchange Platform Services Market (Service: Advisory Services, Data Mapping Services, Data Ingestion Services, Partner to Partner Data Exchange Services, Project Management Services, and Support Services; Enterprise Size: Small & Medium Enterprises [SMEs] and Large Enterprises; and Industry: Automotive, BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Retail, Transportation & Logistics, and Utilities) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Data Distribution More Secured, Easily Accessible
A data exchange platform is the most advanced environment where businesses can share, source, exchange, assign, and capitalize data and/or organize data ecosystems building strong data partnerships. Data exchange platforms inscribe legal, technological, security, and acquiescence requirements to support current and future data policies and frameworks. As organizations in the public as well as private sectors realize the importance of data as a key strategic asset to achieve market objectives such as creating new revenue streams or developing productivity, there is a rising investment for the services, which is anticipated to boost the global data exchange platform services market during the forecast period.
A data exchange platform enables data to broadcast and be rendered available with all the necessary features such as protection, compliance, and traceability of transactions imperatives. Both data receivers and data providers need a protected and docile setting to leverage the prospects of their data and engage the player that will adequately satisfy their data needs. As amounts of data increase, a data marketplace can optimize data sourcing and arrange the flow of data. Due to the rapid development of the Internet of Things (IoT) and other innovative technologies, a data marketplace can valorize data through insightful data partnerships with the extended ecosystem. All these factors are contributing toward the growth opportunities for the data exchange platform services market during the projected period.
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Organizations Find Revenue Stream Through Monetizing Data Assets
Data exchanges are rising as a key element of the data marketplace. It has created a present-day gold rush to support modern, digital businesses approach their unsatisfied desire for data by connecting data suppliers and customers with a seamless experience. Moreover, by reducing the impedance from obtaining, receiving, and combining data, these exchanges have helped many businesses to monetize their data assets and create further income streams. In addition, businesses are using data exchange platform services to enhance consumer experience resulting in an increased demand for the data exchange platform services market at a fast pace.
Data exchanges need a sturdy data-sharing platform that allows clarity, assurance, quality, safety, and integration. A reliable data exchange platforms imitate the value proposition of major consumer marketplaces, such as Amazon, Spotify, and Apple iTunes, by addressing availability, value, completeness, and society. These modern data exchanges overcome the conventional barriers that have made it nearly impracticable for businesses to locate, acquire, and integrate third-party data. Furthermore, a host of corporations are launching data marketplaces to promote data sharing between data suppliers and consumers, which is contributing to the increased demand for data exchange platform services market during the forecast period.
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Major Players taking Strategic Decisions to Grow Amidst COVID-19 Pandemic
The shape of 2021 is increasingly defined by the coronavirus pandemic where data transfer and digitalization with the help of advanced technology is transforming mankind’s combat against infectious disease. The COVID-19 pandemic has generated numerous privacy, data protection, security, and compliance enigmas. These challenges are driving the demand for businesses and institutions to ensure their digital experience platform(s) are not only secure but forward-looking. However, unlike various industries having difficulties in production and supply chain, the demand for data exchange platform services market has been increased due to increasing demand for privacy and data protection across worldwide companies. Furthermore, the demand is expected to further rise in the upcoming years with new potential and emerging businesses entering the technology segment.
Major leading companies of analytics such as Dawex Systems, Amazon Web Services, Microsoft Corporation, Oracle Corporation, and SAP SE are centering on the expansion of cost-effective data exchange platform services to attract more customers, thus driving the data exchange platform services market. Various organizations have shown their interests in developing innovative technologies to enhance customer experience, which is ultimately generating large amounts of data. These digitally produced data are anticipated to offer vital opportunities for businesses to understand the demand trends and enhance their business strategies. Furthermore, major companies from various industries are focusing on artificial growth strategies such as strategic collaborations and mergers & acquisitions with already existing technology partners to develop their contributions and market reach in the data exchange platform services market.
Businesses Heavily Demanding Third-Party Data for Analyzing Market, Consumer Buying Behaviors
The market is witnessing a growing demand for third-party data, varying from climate, geographic, and streaming sensor data to traffic and financial data, which is being fulfilled by the data exchange platform services. Data researchers and scientists continuously look for external data to improve their statistical and machine learning models. Market researchers from various fields require third-party data, including demographic, psychographic, and social media to intensify analysis, strategies, and forecasts to create 360-degree views of customers. Moreover, large businesses are currently demanding clickstream data to customize user experience and create compelling suggestion engines, among other things.
As the competition is heating up and platform service providers are rushing to develop high-level features, the demand for the data exchange platform services market is expected to further improve during the projected period. Businesses are now aiming to make it as simple as feasible for data suppliers to package, distribute, sell, secure, and administer data assets so that data consumers can easily survey, buy, upload, and query those data sets. An undisputed data exchange platform is simpler to sell and use, developing growth for everyone involved including data operators, suppliers, and consumers. All these factors are driving the global data exchange platform services market during the forecast period.
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The visible rise in technological developments and the increase in demand for data exchange platform services across enterprises across the world have anticipated the data exchange platform services market to reach the value of US$ 1.3 Bn by 2031, expanding at a CAGR of ~33% during the forecast period. The adoption of data exchange platform services in North American countries has resulted in increased efficiency as well as cost savings for the governments. Moreover, due to the increasing number of data centers in countries such as China, India, and Japan in the region, and notable population growth with improving economic conditions are resulting in technological developments and expansion of IT industries in the Asia Pacific region. Furthermore, the improving infrastructure across various developing and developed countries across the world has been opening up new market avenues for merchants, adding to the growth of the data exchange platform services market worldwide.
Data Exchange Platform Services Market: Overview
- The latest research report published by Transparency Market Research pertains to the global data exchange platform services market for the historical period of 2018–2019 and the forecast period of 2021–2031
- Increasing usage of data exchange platform services and their functionalities are subject to different guidelines and practices. Data exchange platform services are primarily implemented in the retail sector. However, benefits of data exchange platform services go beyond the retail sector. Proper valuation of data, data quality control, and value-oriented and quality-oriented data integration are major challenges for the data exchange platform services market. Data exchange platform services are expected to take a wider system perspective and facilitate innovation in the near future by stimulating the development of third-party applications.
- In terms of revenue, the global data exchange platform services market is projected to reach the value of US$ 1.3 Bn by 2031, expanding at a CAGR of ~33% during the forecast period
Rapid Advancements in Big Data and Analytics Solutions: A Key Driver of Data Exchange Platform Services Market
- Big Data is an integral part of every sector such as energy & utilities, IT & telecom, and media & entertainment in the global economy, as prescriptive and predictive analytics are the approach that helps organizations to minimize expenses and earn profit. No economic activity can function without the Big Data technology. Furthermore, according to a research conducted by BARC, benefits achieved from Big Data sources include increase in revenue, automation in decision-making, ability to make strategic decisions, and better insight into the market. The energy & utilities industry continue to transform, and with it, “Utility Data-as-a-Service” is increasingly trending. The value associated with various sets of data are numerous, be it in a connected home, on a smart utility meter, or across broader grids. This, in turn, is expected to boost the growth of the data exchange platform services market.
- Incalculable amount of transactional data is being produced by enterprises, financial institutions, and online intermediaries using Big Data. This technology involves frequent communication or large-volume communication with the server, which produces trillions of bytes of data. This is projected to enhance the growth of the data exchange platform services market.
Digital Technology Transforming Data Exchange Platform Services
- Adoption of digital technology is increasing around the globe. Several companies are developing innovative technologies to enhance customer experience, which is eventually creating large amounts of data. Tapping into digital data is expected to offer significant opportunities for companies to understand the demand trends to enhance their business, instantaneously providing a new revenue stream for the growth of the data exchange platform services market.
- In addition, digital transformation provides industrial age infrastructure for developed and developing economies, so as to exploit production possibilities by using digital technologies. Moreover, increasing demand for Data as a Service is projected to supplement the growth of the data exchange platform services market over the forecast period.
- Several data companies are tracking telecom operators and collecting information such as subscriber base and key performance indicators, which is then provided to third party companies for analysis purposes or as refined industry insights or competitive intelligence, offering opportunities to trusted advanced data exchange platforms. This, in turn, will create significant growth opportunity for the data exchange platform services market.
Data Exchange Platform Services Market: Competition Landscape
- Detailed profiles of providers of data exchange platform services have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global data exchange platform services market are
- Amazon Web Services
- Axway Software
- BDEX, LLC
- Comarch SA.
- Data Republic Pty Ltd.
- DataMotion Inc.
- Dawex Systems
- Gemalto NV
- Harbr Group Limited
- Hitachi Vantara Corporation
- IBM Corporation
- InteHealth, Inc.
- Lotame Solutions, Inc.
- LuxTrust S.A.
- Microsoft Corporation
- Oracle Corporation
- SAP SE
Data Exchange Platform Services Market: Key Developments
- Key providers of building analytics, such as Dawex Systems, Amazon Web Services, Microsoft Corporation, Oracle Corporation, and SAP SE are focusing on the development of cost-effective data exchange platform services to attract more customers. Additionally, players active in providing data exchange platform services are focusing on inorganic growth strategies such as strategic collaborations and mergers & acquisition with technology partners to improve their offerings and market reach in the data exchange platform services market.
- Some of the key developments in the global data exchange platform services market are highlighted below:
- In November 2020, Harbr Group Limited focused on offering an enterprise data exchange platform by investing US$ 38.5 Mn, so as to empower organizations by enabling Big Data exchange for exchanging data assets
- In January 2020, IBM Corporation and Yara International collaborated to develop an open data exchange platform that can facilitate collaboration around field and farm data, enabling the world to grow more food with a smaller environmental footprint
- In November 2019, Amazon Web Services, Inc. launched AWS Data Exchange service that can be used across the broadest and deepest portfolio of cloud services by using a single API in the AWS marketplace
- In the global data exchange platform services market report, we have discussed individual strategies, followed by company profiles of providers of building analytics. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global data exchange platform services market.
Data Exchange Platform Services Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global data exchange platform services market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the data exchange platform services market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the data exchange platform services market will progress during the forecast period of 2021 - 2031.
The report offers intricate dynamics about the different aspects of the data exchange platform services market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the data exchange platform services market during the forecast period. It also includes impact analysis of COVID-19 on the data exchange platform services market. The global data exchange platform services market report helps to estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the data exchange platform services market, along with key information and a competitive outlook. The report mentions the company profiles of key players currently dominating the data exchange platform services market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Data Exchange Platform Services Market
The report provides detailed information about the data exchange platform services market on the basis of a comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the data exchange platform services market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of data exchange platform services?
- What will be the Y-o-Y growth of the data exchange platform services market between 2021 and 2031?
- What are the winning imperatives of market frontrunners in the data exchange platform services market?
- What are the major drivers and restraints of the market?
- What will be the size of the data exchange platform services market from 2021 to 2031?
- Which will be the fastest growing segment in the data exchange platform services market?
- Which are the leading companies in the data exchange platform services market?
- What are the strategies of companies operating in the market?
Research Methodology – Data Exchange Platform Services Market
The research methodology adopted by analysts to compile the data exchange platform services market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the data exchange platform services market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the data exchange platform services market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the data exchange platform services market.
Data Exchange Platform Services Market – Segmentation
TMR’s research study assesses the data exchange platform services market on the basis of service, enterprise size, industry, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the data exchange platform services market.