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Global Data Exchange Platform Services Market Was Valued at USD 120.3 Million in 2022 and is Expected to Reach USD 1,122.1 Million by 2030 and Grow at a CAGR of 32.45% Over the Forecast Period

Infograph - Global Data Exchange Platform Services Market Was Valued at USD 120.3 Million in 2022 and

By Infinium Global Research Jan, 2024

The Global data exchange platform services market was valued at USD 120.3 million in 2022 and is expected to reach USD 1,122.1 million by 2030 and grow at a CAGR of 32.45% over the forecast period. The data economy is rapidly growing across the public and private spheres around the globe, and in some areas, it is predicted to grow faster than the GDP. MIT Technology Review forecasts that the entire amount of data to be generated by 2025, is likely to go to 175 zettabytes. According to the report, roughly half of decision-makers and company executives use data only for the most fundamental insights. Further, growth in big data analytics is driving the market growth. By 2023, it is anticipated that the big data analytics industry will reach a market size of over USD 100 billion. According to research, as many as 60% of the top 50 Fortune 500 organizations employed a chief data officer (CDO), whose responsibility it is to oversee data analytics and statistics. According to the data from 2018, there have been five times as many CDOs in significant firms since 2012. Security and compliance challenges is expected to hamper the market growth. Platforms and markets for data exchange are a relatively recent development in the world of data services. Any platform or application working with data must include high security. Data exchanges must protect data entry and exit points, secure data transfers, and implement the proper access controls to ensure that only customers with a valid contract can access a supplier's data. In Industry 4.0, data plays a huge role in a few areas including in smart factories, where sensor data from production machinery is analyzed to predict the need for maintenance and repair operations. Therefore, the rising adoption of Industry 4.0 to create opportunities for the growth of the data exchange platforms service providers.

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