Datafication Technology Market Size, Share, and COVID Impact Analysis, By Technology (Blockchain, AIOps, FinOps, Cognitive Computing, Edge Computing, Microweather, Warehouse, and Others), By End User (BFSI, Social Platforms, Internet Streaming Platforms, Human Resources, and Others) and Regional Forecast, 2024-2032

Datafication is a technical trend that transforms many objectives into computerized data, using processes to transform that information into new forms of value, thereby, making organizations data-driven. Digitization is the process of converting the daily interactions of living organisms into a data format so that it can be used socially. Additionally, datafication helps companies use real-time data to improve their products and services. Therefore, it is important to gather customer feedback on the quality of the products and services a company offers.

• For instance, Facebook and Twitter collect and monitor user friendship data to sell products and services to individuals and sell monitoring services to government agencies that change customer behaviour. The daily promotions on social networks are also the result of monitored data. This model redefines the individuals to use data to recreate content through digitization.

Companies that use customer data also benefit from digitization tools and strategies to better understand their customers. They can make appropriate triggers for their audience's purchasing behaviour and personality. Datafication allows businesses to collect data based on the tone and language used by potential customers over the phone, by email, and through social media.

Furthermore, datafication is beginning to revolutionize the world in several ways. Large datasets require storage space, database software to store the data, and analytical tools to transform the data into meaningful business information. Data storage, data management, and data analysis technologies provide tools for identifying trends, patterns, and relationships in political, social, economic, and environmental relationships.

Therefore, digitisation helps examine how the digital world is changing with the advent of big data and the data economy.

Impact of COVID-19 on the Datafication Technology Market:

Markets have exposed and exacerbated the fraud that plagued the world even before the COVID-19 pandemic. Despite advances in medicine and technology, many in the western world were unprepared for what their people had to face. The world has seen more pandemics amidst infectious diseases among several populist regimes. In a world that relies on digital connectivity, ICT can bring education, and healthcare to disadvantaged communities, promote civic engagement and better manage natural resources. These measures have become difficult to implement once the digital divide is closed or at least addressed in some way.

Furthermore, in a changing world, broadband internet access is becoming increasingly important to enable people to live in lockdowns and isolation. People are becoming accustomed to accessing medical information, resources, and providers and getting COVID-19 information via mobile and other devices while using mobile applications to track and trace. Moreover, the HE (Higher Education) marketization, extensive desire for quantification, and the global education businesses have resulted in a proliferation of data analytic tools across the area, which is now growing and increasing in response to the coronavirus pandemic.

Key Insights

The report will cover the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by the Players


• Impact of COVID-19 on the Datafication Technology Market


• Consolidated SWOT Analysis of Key Players

Analysis by Application

Based on end user, the market has been categorized into BFSI, social platforms, internet streaming platforms, and human resources. Human resources are the fastest-growing segment of the global dataification market. As the data shows, many strategies are used in the recruitment process. Dataification can therefore be used to replace personality tests with previously collected quality data to include background checks in recruitment strategies more efficiently. All of these help in the risk analysis of the candidate profile. Additionally, we may use the data to predict future performance based on past performance. Thus, data plays a greater role in recruiting and retaining top talent.

Regional Analysis

The global datafication technology market has been studied across North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America holds the maximum share in the datafication technology market. This region is the primary production and distribution of content in large data streams via network computing. Such digitization enables digital content to be delivered to masses, groups or individuals on a fine-grained basis via various platforms tailored to individual preferences.

Moreover, new investments in digitization and dataization in many parts of the world follow a development-oriented logic. Consequently, adopting data-driven interventions contributes to developing advanced capitalist societies to catch up with modern and efficient manner. 

The distribution of the datafication technology market by region is as follows:

• Asia Pacific – 26%


• North America – 49%


• Europe – 16%


• The Middle East and Africa – 6%


• South America – 3%

Key Players Covered

The key players in the market include Trifacta, Veryfi, Osmos, Flatfile, Dbt Labs, Matillion, Crosser, Workiva, Coalesce Automation, DataRobot, Precog, Decodable, Xceptor, and others.

Segmentation

Key Industry Developments

• November 2022: Anyline has launched the industry's first tired - Tread Scanner that works with camera-enabled smartphones and mobile devices. This solution enabled specialists to digitally trace critical tire data in seconds with much greater accuracy. 


• January 2022: Matterport Inc. has announced that it has acquired Enview Inc. to bring powerful real estate insights and analytics to multiple digital twins. This acquisition enables the firm to accelerate the expansion of its next-generation spatial data analytics platform that delivers powerful insights and builds intelligence to optimize the operation and managing of any physical space.