Global Data Fusion Market Overview
The key driver impacting the data fusion market is the rising adoption of the industrial internet of things (IIoT). For instance, As per the World Federation of Engineering Organizations (WFEO) 2017 report, there is a considerable rise observed in the deployment of industrial IoT base during the period 2014 to 2020. It is expected to increase to 7,288 million in 2020, which is 1530 million units in 2014. The IoT revenue is also estimated to increase by approximately 21% 1,476 USD billion in 2020, from 681 USD billion in 2014. The Federation of American Scientists (FAS) report shows that the global IoT is anticipated to rise by 37% from 2017 and estimated to reach $1,567B by 2025. The number of active IoT devices is anticipated to grow from 9.9 billion in 2019 to 21.5 billion in 2025. High adoption for IoT technology across industries is expected to speed up the need for data transmission and data analysis, thus adding growth to the data fusion market. Moreover, the growing need to create insights from unused data and technological advancements such as connected things and data analytics have facilitated disparate integration, contributes to the data fusion market's growth in the coming years.
According to Value Market Research, the global data fusion market size was valued at around USD 11150 million in 2020 and is estimated to grow at a CAGR of about 15% during the forecast period 2021 to 2027.
The increase in transition from data warehouses to advanced techniques, owing to the high adoption of data-driven decision-making approaches, is estimated to augment data fusion needs in the forecast period. The data-driven decision offers various benefits, which leads to increased adoption of this type of approach. Advantages such as it lead to greater transparency and accountability, ties business decisions to analytics insights, more employee satisfaction, enhances efficiency, productivity, and consistency gives clear feedback for market research, and leads to continuous improvement across all departments of an organization. However, high investment costs may hamper the market in the long run. Also, the dearth of highly skilled professionals and unreliable structure of regulation policies negatively impacts the market. The current industry trends, such as the technological advancements in data fusion, and the surge in adoption of data fusion tools and services among SMEs, are likely to provide market players with new market opportunities.
The data fusion market is vast, with many local and global players. The data fusion market is extensive, with many international and regional players. The important market leaders follow numerous strategies to improve their market position, such as acquisitions, extending product portfolio, contracts, product upgrades, amalgamation, contracts, and acquisitions, to enhance their market position globally. The key players studied in the report are AGT International, Thomson Reuters, ESRI, Palantir Technologies, RELX Group, TDK Corporation, Cogint, Inc., Merrick and Company, INRIX, Clarivate Analytics, Invensense, LexisNexis, Clarivate Analytics, Signafire, and Konux.
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In this research report, the data fusion market is segmented by business function, deployment model, end-user industry, and region.
Analysis by Business Function:
By business function, the report is categorized into Information Technology (IT), Sales and Marketing, Finance, Operations, and Human Resources (HR). Finance functions dominate the business function segment with over 30% share in 2020. It is due to the rising need to resolve finance process-related issues in real-time and effective management of company financial information as it offers a combined view of fraud across the different sectors of business, thus helps in mitigating financial risk. Moreover, the data fusion helps in converting raw consumer data into information that is useful in strategic business decision-making for improved financial performance contributing to the growth of the finance segment in the forecast period.
Analysis by Deployment Model:
By deployment model, the report is categorized in on-premises and on-demand. On-demand or cloud-based data fusion tools dominate the deployment model segment with over 45% share in 2020. It is due to the rising demand for on-demand or cloud-based data fusion tools owing to their cost-effective and time-efficient features. Moreover, a growing number of small and medium enterprises globally contribute to the demand for on-demand or cloud-based data fusion tools in the coming years. It is because small and medium-sized Enterprises (SMEs) majorly looks for low-cost solutions.
Analysis by End-User Industry:
By end user industry, the report is categorized into banking & finance, telecom and IT, retail and consumer goods, healthcare and life sciences, manufacturing, government and defense, energy and utilities, transportation and logistics, and media and entertainment. The banking & Finance industry dominates the end user industry segment with over 20% share in 2020. The rising need of people to make simpler their workload connected to security and growth in dependence on data generated from varied IT systems utilized for financial transactions. Moreover, data fusion tools and solutions help identify and manage financial risks efficiently and enhance cybersecurity, contributing to the increased market demand from the banking and finance sector in the forecast period.
Analysis by Region:
In the regional outlook of the global Data fusion market, the North America region dominates globally with a 30% market share in the forecast period. It is due to the presence of developed economies like the U.S. Canada, and organizations in this region are early adopters of advanced solutions due to rising technological advancements. Moreover, the presence of key players, an increasing number of SMEs, and massive IoT adoption contribute to market growth across North America.
Market Segmentation covered in the Report:
By Business Function
- Information Technology (IT)
- Sales and Marketing
- Finance
- Operations
- Human Resources (HR)
By Deployment Model
By End-User Industry
- Banking, Financial Services, and Insurance (BFSI)
- Telecom and IT
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Manufacturing
- Government and Defense
- Energy and Utilities
- Transportation and Logistics
- Media and Entertainment
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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