Data enrichment is the process of combining third-party data from an external independent source with a previous database of first-party customer data. Data enrichment improves the utility of raw data. Brands gain a better understanding of their customers' lives by incorporating data from a third party. The enriched data results are richer and more detailed, allowing brands to customize their messaging since they recognize better about their customers. The growing need to extract meaningful data from massive datasets is propelling the global data enrichment solutions market forward. Contact enrichment, geographic enrichment, behavioral enrichment, and demographic enrichment are some of the widely used forms of data enrichment.

Data Enrichment Solutions Market Report Statistics

• Global data enrichment solutions market revenue is projected to reach USD 3.5 Billion by 2030 with a CAGR of 8.5% from 2022 to 2030
• According to the latest stats, 2.5 quintillion bytes of data are generated globally each day
• According to current estimates, the world contains more than 44 zettabytes of data
• North America data enrichment solutions market share generated over US$ 765 million in revenue in 2021
• Asia-Pacific data enrichment solutions market growth will record a CAGR of around 10% from 2022 to 2030
• Based on deployment mode, the on-premise sub-segment achieved USD 935 million in revenue in 2021
• Among enterprise size, the large enterprise sub-segment occupied US$ 1,105 million income in 2021
• Increasing demand from social media apps is a prominent data enrichment solutions market trend that drives the industry demand

Global Data Enrichment Solutions Market Dynamics

Market Drivers

• Rapidly growing volume of data in the world
• Increasing demand to extract meaningful data
• Implementation of big data analytics

Market Restraints

• Lack of knowledge about these solutions
• Concerns associated with privacy and security

Market Opportunities

• Increasing investments in data analytics software and services
• Growth in internet and smartphone users

Data Enrichment Solutions Market Report Coverage

Data Enrichment Solutions Market Growth Factors

Data is one of the company's most valuable assets. End users should have confidence in their firms' data and use it to make business decisions; enriching data enables data consumers to gain more meaning than raw data would otherwise provide. Data enrichment enables businesses to make data more noteworthy and trustworthy for users. When organizations enhance their data, they add value to it by making it more useful and gaining a better understanding of their customers, letting them personalize products & services to their needs.

Data enrichment keeps businesses from experiencing data decay as a result of old and unnecessary data records. It allows them to increase the quality and value of their datasets while also gaining valuable insights from them. Data enrichment reduces the time and effort needed to perform the work since it allows for smart automation. Data enrichment solutions reveal information about various business dealings. Such solutions assist organizations’ sales and marketing teams in providing excellent engagement. As a result, all of these aspects are anticipated to fuel market growth throughout the projected years from 2022 to 2030.

However, a lack of awareness among end-users, particularly in emerging markets, may limit the market value of data enrichment solutions. Furthermore, these solutions frequently face data privacy issues. As a result, market growth is expected to slow from 2022 to 2030.

Data Enrichment Solutions Market Segmentation

The global data enrichment solutions market is segmented based on deployment mode, enterprise size, industry vertical, and geography.

Data Enrichment Solutions Market By Deployment Mode

• On-Premise
• Cloud-Based

Based on our data enrichment solutions industry analysis, the on-premise deployment mode accounted for a significant market share in 2021. On-premise deployments provide organizations with greater flexibility and control over their IT infrastructure, reducing their reliance on the internet and managing business data from potential losses and fraud. However, cloud adoption is said to have increased recently as a result of vendors using Software-as-a-Service (SaaS) to deliver cloud-based solutions.

Data Enrichment Solutions Market By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

In 2021, large enterprises dominated the market with a noteworthy share and are projected to continue their dominance throughout the forecasted years from 2022 to 2030. The growing implementation of data analytics solutions for efficiently managing large databases of customers and assets in large enterprises can be attributed to the segment's growth. Yet, small & medium enterprises are expected to grow at the fastest rate due to the increasing investments in new technologies.

Data Enrichment Solutions Market By Industry Vertical

• BFSI
• IT & Telecommunication
• Healthcare
• Transportation and Logistics
• Construction
• Energy and Utilities
• Manufacturing
• Others

In terms of revenue, BFSI will continue to be the most profitable industry for data enrichment solution sales, despite growing at a slower rate than other market verticals through 2022. This is primarily due to the widespread use of data enrichment solutions in the BFSI industry for detecting fraud, managing risks, and optimizing processes. On the other hand, the healthcare sub-segment is anticipated to witness a substantial growth rate in the coming years.

Data Enrichment Solutions Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Data Enrichment Solutions Market Regional Analysis

In 2021, North America is leading the global data enrichment solutions industry and is expected to do the same in the coming years. The data enrichment solution in the region is highly effective because of the increasing need to provide businesses with a way to operationalize and get more value from data assets, advanced analytics solutions, and services. The regional market's expansion is being driven by the region's widespread introduction of big data analytics tools and solutions. Furthermore, several enterprises in the region are heavily investing in customer analytics in order to improve productivity and business efficiency.

Data Enrichment Solutions Market Players

Some of the leading data enrichment solutions companies include Accenture, Anchor Computer, Blackbaud, Inc., GCL, Clearbit, CrowdSource, CVM Solutions, Datanyze, DemandShore Solutions Private Limited, Engage48, Experian, Exegy, Inc., HMS Contact Centers, Informatica US, Oracle Corporation, and Urbano.