OnAudience.com, part of the Cloud Technologies group, has released the world’s first report about the data market size. The study includes trends, estimates, and forecasts for a three-year period (2016-2018).
It reveals that the UK data market is expected to reach £1.1B ($1.58B) this year, making it the second largest market in the world in 2018, behind the US ($11.4B in 2018). Part of the growth has been driven by the rise in programmatic advertising, with publishers investing heavily in the medium. The growth in artificial intelligence is also set to play a significant role in data expansion.
Globally, the data market size in 2017 was estimated at $13.5B, with 2018 expected to reach $18.2B (+34.7% YoY).
“In the data market, there is a significant upward trend from 2016 onwards. Clearly, the need for data is growing simultaneously with the rate of digitalisation. In highly developed countries, such as the UK and the US, there is a big awareness of benefits from the processing and monetizing of data,” commented Maciej Sawa, Chief Commercial Officer at OnAudience.com.
”Organisations of all sizes and representing all industries are starting to look for revenue in data streams flowing constantly into their systems,” said Tomasz Pelczarski, Business Solution Professional at Enterprise Group, Microsoft. “Artificial intelligence has a key role in analysing and processing information. Since each organisation is unique, they need to find their own way to make the most of AI systems.”
In the “Global Data Market Size” report, OnAudience.com analysed 28 markets from all around the world that generate approximately 90% of the global data spend. The company prepared its own statistical model based on its own data and publicly available reports.
The full OnAudience.com report can be downloaded here.