How big is the data enrichment solutions market today, and what are its future growth expectations?
The data enrichment solutions market size has grown rapidly in recent years. It will grow from $2.58 billion in 2024 to $2.9 billion in 2025 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to rising big data analytics, increase in demand for personalized marketing, growth in digital transformation initiatives, rise in need for enhanced customer insights, and the proliferation of IoT and connected devices.
The data enrichment solutions market size is expected to see rapid growth in the next few years. It will grow to $4.65 billion in 2029 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to the expansion of AI and machine learning technologies, growing emphasis on data-driven decision-making, increasing adoption of cloud-based solutions, the rise of data privacy regulations, and the demand for enhanced customer experience. Major trends in the forecast period include integration of AI and machine learning, adoption of real-time data enrichment, innovations in privacy-compliant data enrichment solutions, and enhance predictive analytics.
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What have been the primary factors driving the data enrichment solutions market’s growth?
The rapidly growing volume of data worldwide is expected to propel the growth of the data enrichment solutions market going forward. The volume of data proliferates due to the increasing use of digital devices, the rise of social media, advancements in technology, and the proliferation of IoT devices, which all generate vast amounts of data continuously. Data enrichment solutions enhance the value of the enormous and growing volume of global data by improving its accuracy, context, and usability, thus making it more actionable and insightful. For instance, in March 2024, Edge Delta, a US-based software company, the global data generation volume would increase 150-fold by 2027 compared to the 97 zettabytes (ZB) generated in 2022. Further, by 2032, this figure is anticipated to grow 300 times larger than the data volume in 2027. Therefore, the rapidly growing volume of data worldwide is expected to drive growth in the tailoring and data enrichment solutions market.
What are the key segments within the data enrichment solutions market?
The data enrichment solutionsmarket covered in this report is segmented –
1) By Deployment: Cloud, On-Premise
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
3) By End-User: Banking, Financial Services, and Insurance (BFSI), Information Technology (IT) And Telecom, Retail, Manufacturing, Healthcare, Energy And Utilities, Transportation And Logistics, Construction, Other End-Users
Subsegments:
1) By Cloud: Public Cloud, Private Cloud, Hybrid Cloud
2) By On-Premise: Dedicated Servers, Virtualized Servers
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Which key players are shaping the data enrichment solutions market?
Major companies operating in the data enrichment solutions market are Accenture plc, Oracle Corporation, Salesforce Inc., Experian Information Solutions Inc., TransUnion LLC, Dun & Bradstreet Holdings Inc., HubSpot Inc.(Clearbit), Informatica Inc., Flatworld Solutions Inc., ZoomInfo Technologies LLC, Alteryx Inc., Acxiom LLC, Neustar Inc., Demandbase Inc., Talend S.A., 6Sense Insights Inc., Apollo.io, Lusha Systems Inc., Crunchbase Inc., Anchor Computer Inc., Leadspace Inc., CCMP Capital Advisors LP (Data Axle), Openprise Inc., LeadGenius Inc.
How will emerging trends drive the data enrichment solutions market throughout the forecast period?
Major companies operating in the data enrichment solutions market are focused on developing innovative solutions, such as data normalization solutions, to improve data accuracy, enable advanced insights, and support more informed decision-making processes. Data normalization solutions refer to methods and tools that standardize and structure data into a consistent format, ensuring uniformity across datasets. For instance, in May 2024, JP Morgan, a US-based financial services company, launched Fusion, an advanced data normalization solution. This solution provides institutional investors with a comprehensive data management system that integrates and normalizes data from various sources, enabling advanced analytics. Fusion offers a unified view of custody, fund accounting, and middle office data, including public and private assets. It features an intuitive tool for in-depth data analysis and visualization and supports flexible, cloud-based access through API, Jupyter Notebook, Snowflake, and Databricks.
How do regional factors impact the data enrichment solutions market, and which region is the largest contributor?
North America was the largest region in the data enrichment solutions market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data enrichment solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Data Enrichment Solutions Market Report 2025 Offer?
The data enrichment solutions market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Data enrichment solutions refer to tools and services that enhance and improve existing data by adding additional information, correcting inaccuracies, and refining data attributes to increase their value and usability. The advantages include increased data accuracy, enhanced customer insights, better decision-making, and more effective marketing strategies by integrating relevant information.
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