Global Data Enrichment Solutions Market Set For 12.5% Growth, Reaching $4.13 Billion By 2028
Data Enrichment Solutions Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What's the Current Market Size and Expected Growth Rate of the Data Enrichment Solutions Sector?
The data enrichment solutions market size has grown rapidly in recent years. 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 that increase value creation. Witnesses project a rise from $2.30 billion in 2023 to $2.58 billion in 2024, with a compound annual growth rate CAGR of 12.3%.
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In the next few years, the market is expected to see rapid growth, growing to $4.13 billion in 2028, at a 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 an enhanced customer experience.
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Highlighting the Cast of Key Players and Latest Trends in the Market
A host of prominent companies are operating within the data enrichment solutions market, each working towards securing a competitive edge through innovative solutions. For instance, JP Morgan, a US-based financial services company, launched Fusion, an advanced data normalization solution, in May 2024. Fusion provides institutional investors with a data management system that integrates and normalizes data from varying sources, enabling advanced analytics.
What's Powering the Growth in the Deep-water Aquaculture Cage Market?
A significant growth driver in related sectors is the increasing demand for seafood which has impacted the growth of deep-water aquaculture cages. The demand for seafood is propelled by growing consumer preferences for healthier, protein-rich diets, rising global population, and the expansion of the aquaculture industry. For instance, it is projected that by 2032, the average global per capita consumption of seafood will increase to 21.3 kg, up from 20.7 kg in 2022.
What Constitutes the Segment Breakdown of the Data Enrichment Solutions Market?
The data enrichment solutions market covered in this report can be segmented as follows:
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
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