Freedom through data ownership

Data monetisation is one of the most effective instruments that new-age businesses use to maximise customer experience and fine-tune their promotional strategies

- Madhur Prabhakar

A simple definition of data is information that has been translated into an effective and meaningful version by way of progression or computation. The term "raw data" generally refers to information in its most basic electronic medium in a binary form.

The process of using information to obtain a tangible financial advantage or earning is known Data Monetization. The huge adoption of Internet and gadgets over the past decade; the opportunity to monetize data has contributed to the surge in the emergence of creating digital information. All documents, audio, and video data, as well as logs and Internet activity archives, are all processed together to convert the data into actionable information.

This makes data by far the most valuable asset going forward since has now become the fundamental basis for any institution to make informed choices and implement any radical or marginal change in their company or industry. As per a report by Markets and Markets, the Data Monetization market size is expected to grow from USD 2.9 billion in 2022 to USD 7.3 billion by 2027, at a CAGR of 19.5%.

THE VALUE OF YOUR DATA