At 43.2% CAGR, the Middle East & Africa Alternative Data Market is Projected to be Worth US$ 4,765.03 million by 2030, Says Business Market Insights
According to Business Market Insights research, the Middle East & Africa alternative data market was valued at US$ 269.72 million in 2022 and is expected to reach US$ 4,765.03 million by 2030, registering a CAGR of 43.2% from 2022 to 2030. Rising e-commerce industry, increasing demand from hedge funds, and growing digitalization are the critical factors attributed to the Middle East & Africa alternative data market expansion.
The growth in consumer disposable income and changes in their lifestyle and purchasing patterns are contributing to the increased purchasing of goods and products from online platforms. Consumers prefer shopping online as it offers a wide range of products and saves time and money compared to brick-and-mortar stores. In addition, the increasing penetration of the internet and smartphones is boosting customers' preference for online shopping, fueling the growth of the e-commerce industry. Consumers are majorly making their opinions regarding the products via online reviews. In such cases, web scraping helps alternative data providers analyze large volumes of reviews by extracting large amounts of data and using specialized analytic tools to extract critical insights. Thus, the rising e-commerce industry generates huge amounts of data, which creates the demand for alternative data by the e-commerce market players to efficiently analyze consumer behavior, contributing to the growth of the alternative data market.
On the contrary, regulatory concerns and data security issues hampers on the growth of Middle East & Africa alternative data market.
Based on data type, the Middle East & Africa alternative data market is segmented credit and debit card transactions, email receipts, geo-location (foot traffic) records, mobile application usage, satellite and weather data, and others. The credit and debit card transactions segment held 27.3% market share in 2022, amassing US$ 73.51 million. It is projected to garner US$ 1,538.35 million by 2030 to expand at 46.2% CAGR during 2022-2030.
Based on industry, the Middle East & Africa alternative data market is segmented into automotive, BFSI, energy industrial, IT and telecommunications, media & entertainment, and others. The BFSI segment held 26.1% share of Middle East & Africa alternative data market in 2022, amassing US$ 70.34 million. It is projected to garner US$ 1,408.93 million by 2030 to expand at 45.5% CAGR during 2022-2030.
Based on country, the Middle East & Africa alternative data market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 34.8% share of Middle East & Africa alternative data market in 2022. It was assessed at US$ 93.81 million in 2022 and is likely to hit US$ 1,775.45 million by 2030, exhibiting a CAGR of 44.4% during 2022-2030.
Key players operating in the Middle East & Africa alternative data market are Dataminr Inc, Eagle Alpha Ltd, FactSet Research Systems Inc, Moody's Analytics Inc, Preqin Ltd, and Refinitiv Ltd, among others.
- In 2022, Dataminr launched its global partner ecosystem, the Dataminr Partner Program. The program dramatically expanded Dataminr's customer reach across the corporate market while also financing better enterprise workflow integration and the tractability to procure Dataminr's products through trusted partners.
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