Data Broker Market expected to project a CAGR of 15.67 percent from 2020-2026
Published Date | 2020 January 28
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.