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The alternative data market size is expected to grow from US$ 5,549.16 million in 2022 to US$ 156,230.65 million by 2030; it is estimated to record a CAGR of 51.8% from 2022 to 2030.
In Europe, industries such as BFSI, IT & telecom, and manufacturing are achieving sustainability goals by implementing cloud computing, IoT, edge computing, AI, and other digital technologies. The European Union supports the development of several technological solutions in Europe with research and innovation actions under the Horizon 2020 Programme. European Union-funded projects accelerate the adoption of digital solutions among businesses to foster their business growth. In addition, in February 2022, the European Commission proposed the European Data Act to make more data available for use via the European Data Strategy. The availability of authentic and validated data helps enterprises across several industries such as BFSI, IT & telecom, and automotive, which creates a demand for alternative data. Thus, favorable government initiatives and a rise in digitization are the key factors enhancing the demand for alternative data in Europe, which further fuels the alternative data market size.
In addition, European Commission and national regulatory bodies have taken several initiatives to develop the automotive industry in the region. For instance, CARS 2020 Action Plan, GEAR 2030, and Horizon 2020 are a few major government initiatives augmenting vehicle production in Europe. The Horizon 2020 Plan focuses on providing funds for research & development (R&D) activities in the automotive industry by launching programs such as the European Green Vehicles Initiative for smart mobility, road transport, and logistics. In March 2022, Ford announced its plan to introduce three new electric passenger vehicles and four new electric commercial vehicles in Europe by 2024; the company also plans to sell more than 600,000 electric vehicles in the region by 2026. The alternative data in the automotive industry helps automotive players to understand consumer behavior and market trends to grow their sales and profit. Therefore, the presence of a robust automotive industry helps boost the demand for alternative data, which further drives Europe alternative data market share.
The Middle East & Africa (MEA) alternative data market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of MEA. The region has experienced a rapid penetration of internet connectivity over the years. Government bodies have launched various initiatives to promote the adoption of digital technologies across all industry sectors to increase efficiency and compete in the global market. For instance, in March 2021, the Saudi Arabia government launched the Digital Government Authority (DGA) to oversee the national digital strategy across the country. In addition, the region comprises several growing economies, such as the UAE, Saudi Arabia, Oman, Kuwait, and Qatar, which are becoming potential markets for digitalization owing to a rapid rise in industrialization and a rise in the adoption of advanced technological solutions. Thus, the rise in digitization, coupled with growing industrialization, are a few factors contributing to the demand for alternative data by several players across various industries. Further, the growth of the automotive, BFSI, IT & telecommunications, media & entertainment, and other industries in the MEA propel the demand for alternative data. The data helps understand consumer behavior and preferences and make changes in their business operation according to the ongoing market trends. For instance, according to the Managing Director of Nissan Middle East in March 2022, Nissan Middle East reported a 9.9% sales increase across the Gulf in the first three quarters of 2021 compared to 2020. Thus, all these factors are fueling the MEA alternative data market share.
Dataminr Inc, FactSet Research Systems Inc, Moody's Analytics Inc, Preqin Ltd, RavenPack International SL, Refinitiv Ltd, Eagle Alpha Ltd, RetailStat, Visible Alpha LLC, and Yipit LLC are among the key alternative data market players profiled in this market study. Several other essential alternative data market players were analyzed for a holistic view of the market and its ecosystem.
The overall alternative data market size has been derived using both primary and secondary sources. To begin the alternative data market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the alternative data market. The process also serves the purpose of obtaining an overview and market forecast of the alternative data market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the alternative data market.