Data brokers is a term used to define authorized companies that are engaged in the collection, processing, and licensing of information to various businesses. As there is exponential growth in data, it has become important to collect and analyze correct data to draw relevant insights. Several industries including IT, healthcare, and telecommunication need the personal data of individuals to verify the information.
Data holds great deal of importance for these companies to manage their customers. It helps them to draw insights into the ongoing trends and consumer buying patterns which can further be used to market their products and mitigate related risks. Therefore, the demand from these companies for insightful data is driving the growth of the data brokers’ market. On the other hand, there have been concerns relating to data breaches and privacy violations. Consumers are worried about how their data is collected and used by different organizations. The US Federal Trade Commission in 2022 revealed that a data broker had shared the exact location of consumers even from sensitive healthcare facilities. It raises ethical questions regarding the operation of data brokers and in turn, restrains the growth of the market.
The Data Broker Market can be segmented by data type, which includes unstructured, structured, and custom structure data. Here, the companies collect large amounts of data known as “Big Data” which is generated through web content, social media, sensors, and satellite data, and further processes it to draw useful insights and monetize it for use in different industries.
The market can be further segmented based on the end users. This includes different industries that use this data to verify and better understand their customers and their behavior. For instance, in the banking industry, data can help in verifying whether a customer is eligible for credit. In 2020, ICICI announced the use of Satellite data for assessing the creditworthiness of farmers. Other sectors that use data brokers’ services include FMCG, Government, retail, and manufacturing.
Regionally, the market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East and Africa. Several key players from these regions are constantly upgrading themselves by adopting new technologies and strategic partnerships. This includes players like Acxiom Corporation, Moody’s Corporation, CoreLogic, Equifax, inc., eBureau, Equifax, Inc., and Intellius. In March 2023, a leading customer intelligence company, Acxiom announced a collaboration with Amazon Ads which can help advertisers easily reach out to its customers through Amazon DSP.
By Type Of Data
By Customer Category
Rest of Europe
Rest of APAC
Rest of LATAM
Rest of MEA
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