According to the report by Expert Market Research (EMR), the global alternative data market size reached a value of USD 6.31 billion in 2023. Aided by the proliferation of data-driven decision-making, advancements in technology, and the need for unique insights to gain a competitive edge, the market is projected to further grow at a CAGR of 40.2% between 2024 and 2032 to reach a value of USD 132.04 billion by 2032.
Alternative data refers to non-traditional or unconventional datasets sourced from diverse, often unstructured, and non-traditional sources beyond the realm of traditional financial and economic data. These datasets encompass a wide range of information, including web data, social media feeds, satellite imagery, sensor data, credit card transactions, geolocation data, and more. Alternative data provides valuable insights into consumer behaviour, market trends, supply chain dynamics, and economic indicators.
In an increasingly digitised and interconnected world, organisations across sectors are leveraging data analytics and artificial intelligence (AI) to inform strategic decision-making and gain a competitive advantage which fuels the alternative data market growth. Alternative data provides additional layers of insights and intelligence, supplementing traditional data sources and enabling organizations to uncover hidden patterns, identify emerging trends, and make more informed decisions in real time.
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The exponential growth of big data generated from digital interactions, IoT devices, and connected systems has created vast opportunities for extracting actionable insights and driving innovation. Alternative data plays a crucial role in augmenting big data analytics initiatives, enriching datasets with external sources of information, and enhancing predictive modelling, risk assessment, and business intelligence capabilities across industries such as finance, retail, healthcare, and manufacturing which can propel the alternative data market expansion.
In the financial services sector, hedge funds, asset managers, and institutional investors are increasingly turning to alternative data sources to gain alpha or excess returns above the market benchmark. Alternative data provides investment professionals with unique, differentiated insights into market trends, consumer sentiment, and company performance, enabling them to identify investment opportunities, mitigate risks, and optimise portfolio returns in a competitive market environment. As per the alternative data market outlook, heightened concerns over data privacy, cybersecurity, and regulatory compliance are influencing data governance practices and data-sharing agreements in the alternative data ecosystem. Data vendors and providers are implementing robust security measures, encryption protocols, and compliance frameworks to protect sensitive information, ensure data integrity, and mitigate privacy risks associated with the collection and use of alternative datasets.
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The rise of data marketplaces and data-as-a-service (DaaS) platforms is facilitating the monetisation and commercialisation of alternative datasets, enabling data owners to license, sell, or share their data with third-party organisations seeking to leverage alternative data for strategic insights, research, and decision-making purposes, which can boost the alternative data market share. Data marketplaces provide a transparent, efficient marketplace for buyers and sellers to exchange alternative datasets, fostering innovation and collaboration in the data economy, which can be beneficial for the data sector.
As per the alternative data market analysis, environmental, social, and governance (ESG) considerations are driving demand for alternative data related to sustainability metrics, corporate governance practices, and social impact indicators among investors, asset managers, and corporations seeking to integrate ESG factors into their investment strategies, risk assessments, and decision-making processes.
Regulatory requirements and risk management practices in the alternative data market are driving the adoption of alternative data among financial institutions and regulatory agencies seeking to enhance market surveillance, fraud detection, and compliance monitoring efforts. Alternative data can help detect anomalies, detect market manipulation, and identify potential regulatory violations, supporting proactive risk mitigation and enforcement actions to maintain market integrity and investor protection.
Market Segmentation
The market can be divided based on type, industry, end user, and region.
Market Breakup by Type
- Credit and Debit Card Transactions
- Email Receipts
- Geo-Location (Foot Traffic) Records
- Mobile Application Usage
- Satellite and Weather Data
- Social and Sentiment Data
- Web Scraped Data
- Web Traffic
- Others
Market Breakup by Industry
- Automotive
- BFSI
- Energy
- Industrial
- IT and Telecommunication
- Media and Entertainment
- Real Estate and Construction
- Retail
- Transportation and Logistics
- Others
Market Breakup by End User
- Hedge Fund Operators
- Investment Institutions
- Retail Companies
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global alternative data market. Some of the major players explored in the report by Expert Market Research are as follows:
- Dataminr, Inc.
- 1010data, Inc.
- Advan Research Corporation
- M Science LLC
- Preqin Ltd
- Eagle Alpha Limited
- RavenPack International S.L.U.
- Thinknum Alternative Data
- UBS AG
- Yipit LLC
- Others
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