At 49.9% CAGR, the North America Alternative Data Market is Projected to be Worth US$ 64,257.67 million by 2030, Says Business Market Insights

According to Business Market Insights research, the North America alternative data market was valued at US$ 2,522.66 million in 2022 and is expected to reach US$ 64,257.67 million by 2030, registering a CAGR of 49.9% from 2022 to 2030. Rising e-commerce industry, increasing demand from hedge funds, and growing digitalization are the critical factors attributed to the North America alternative data market expansion.

The Internet of Things (IoT), big data, and machine learning generate massive amounts of data, require low latency processing, and demand localized computing resources. IoT devices are expected to surpass US$ 15 billion in 2023, a 55% increase from 2020. According to IoTExpress Technologies Pvt. Ltd., these devices are expected to generate 79.4 zettabytes (ZB) of data in 2025. IoT generates a huge amount of data that must be processed, stored, and analyzed in real time. IoT devices are becoming increasingly prevalent, connecting various physical objects, and enabling data collection and communication. It generates vast amounts of data that need to be processed, analyzed, and acted upon in real time. The integration of machine learning in the IoT sensor helps collect data, process it, and analyze it to bring out actionable insights from alternative data sources. Big data and machine learning help generate predictive analysis and provide enhanced and actionable insights to the enterprises from the alternative data, which helps the enterprises to grow their revenue. Hence, companies are strategically investing in bringing solutions to simplify the alternative dataset in a reliable, timely, and efficient manner. For instance, in April 2022, Exabel and Eagle Alpha announced their strategic partnership to evaluate multiple new alternative datasets. Through this partnership, the investment team can use the Exabel Platform to effectively discover and test the sample alternative data preloaded into the platform by Eagle Alpha from its extensive data catalog. Thus, the advent of IoT, big data, and machine learning is expected to simplify the data processing and analysis for alternative data sources, further leading to alternative data market growth.

On the contrary, regulatory concerns and data security issues hampers on the growth of North America alternative data market.

Based on data type, the North America 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 30.3% market share in 2022, amassing US$ 765.13 million. It is projected to garner US$ 22,431.60 million by 2030 to expand at 52.5% CAGR during 2022-2030.

Based on industry, the North America alternative data market is segmented into automotive, BFSI, energy industrial, IT and telecommunications, media & entertainment, and others. The BFSI segment held 27.2% share of North America alternative data market in 2022, amassing US$ 686.67 million. It is projected to garner US$ 21,324.62 million by 2030 to expand at 53.6% CAGR during 2022-2030.

Based on country, the North America alternative data market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 87.5% share of North America alternative data market in 2022. It was assessed at US$ 2,207.08 million in 2022 and is likely to hit US$ 56,688.11 million by 2030, exhibiting a CAGR of 50.0% during 2022-2030.

Key players operating in the North America alternative data market are Dataminr Inc, Eagle Alpha Ltd, FactSet Research Systems Inc, Moody's Analytics Inc, Preqin Ltd, RavenPack International SL, Refinitiv Ltd, Retailstat LLC, Visible Alpha LLC, and Yipit LLC, 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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