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Laxman Pai, Opalesque Asia: The alternative data market size was USD 6.61 Billion in 2023 and is expected to reach USD 398.15 Billion by 2032 and grow at a CAGR of 57.7% over the forecast period of 2024-2032, according to a report.
"The alternative data market has been growing at a rapid pace due to the increasing demand for data-driven decision-making in businesses across sectors," said SNS Insider research report.
Unlike traditional data sources, alternative data such as satellite imagery, geospatial data, and transaction records provide unique perspectives on business, economic, and consumer behaviors. Digital transformation and IoT have increased data generation, driving demand for alternative data.
Financial institutions, hedge funds, and businesses use these sources to gain granular insights. With the rise of ESG investing, alternative data also plays a key role in evaluating sustainability metrics, supporting more informed, socially responsible decisions.
In 2023, the hedge fund operators segment dominated the alternative data market with a substantial 55% revenue share, reflecting the increasing dependence of hedge funds on alternative data to outsmart their peers in investment strategy, hedge fund operators use alternative data sources like satellite imagery, credit card transactions, social media sentiment, and web scraping to unearth market trends, assess risks, and spot opportunities, the report said.
In 2023, North America dominated the alternat...................... To view our full article Click here
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