A still buoyant market in France
Expected growth of around 4% per year until 2026
According to Xerfi, the French data marketing market will be worth over 2.7 billion euros in 2023. It is expected to grow by around 4% between now and 2026.
The data marketing market encompasses several data-related activities: consulting, data sales, storage and architecture, distribution services...
In 2024, it should undergo a significant change with the introduction of third-party cookie regulations. Indeed, stricter authorization of cookies will lead to the disappearance of behavioral data, which today can be managed directly in CRM, ERP or other internal systems (CDP, DMP...). As a result, customer knowledge will diminish, and some companies will certainly have to redefine their automation and loyalty strategies. For sales and marketing teams, recourse to external data (3rd party data) could prove necessary to enrich their internal data and maintain a sufficient level of information on their third parties for their operations.
5 uses for data in 2024
5 movements already underway around the use of data are set to strengthen in the coming months for professionals. Here they are:
Automated data cleansing
Companies are looking to speed up data analysis, and therefore automate data structuring and cleansing through artificial intelligence and machine learning.
Data-centric AI
According to Gartner, by 2024, "60% of data for AI applications will be synthetic, simulating reality, envisioning future scenarios and mitigating AI-related risks".
The rise of data-centric solutions, such as AI-specific data management, synthetic data and data tagging technologies, addresses many data-related challenges, encompassing accessibility, volume, privacy, security, complexity and scope.
Here are a few examples:
- In finance and risk management, with synthetic data, fraud detection and risk management. They enable financial institutions to test their systems without using sensitive data.
- Forecasting and data analysis with synthetic data used to simulate future scenarios and perform predictive data analysis in various fields, from meteorology to urban planning, predicting customer behavior, obtaining trends to adapt marketing and sales strategies.
Using augmented analysis
The processing, analysis and visualization of data from internal and external sources represent a significant and time-consuming part of corporate staff time. As the key to more accurate information and better decision-making, the use of Business Intelligence tools will be at the heart of new trends.
DataLowCodePlatform
Low-code data platforms are tools with the ability to build end-to-end data pipelines without having to learn a programming language.
Customer Data Platforms (CDP)
These data consolidation tools will be very popular, provided that companies are willing to dedicate a budget to them, and plan a broader strategy for their use. These products are aimed at companies that need to manage large volumes of data.
Data, more than ever at the heart of corporate strategies
Data volumes unprecedented worldwide
More than 180 zettabytes of data will be generated every year across all sectors, according to experts. That's a staggering figure. According to McKinsey, customers are 23 times more likely to buy from a company that knows how to use data, offering data-driven solutions for customer acquisition as well as customer retention.
It's worth remembering that unstructured data now accounts for 80-90% of everything Internet users create. Added to this is the concept of untagged data, which is a worse vision of data than unstructured data. This untagged data is not easily used by both scientific experts and marketers to contextualize or define the people, processes and events they are trying to analyze.
With this in mind, those who are able to work with and make sense of all types of data now have a head start on the competition, as they will be better placed to offer the right value to the market.
Sectors at the forefront of data use
According to AXA, the global data market could reach 740 billion euros by 2030. Certain sectors will be at the forefront of this trend. We have selected three of them.
The banks
According to Succor Nurds, the banking sector will be worth $62 billion within the next 2 years. The sector will be able to optimize risk-taking, increase transparency and offer a better customer experience.
Health
The healthcare analytics market will be worth $67 billion by 2025, according to Globe News Wire, boosted by the personalization of healthcare to tailor treatments.
Analytics
The data analytics market is valued at $49 billion, according to Wikibon. This sector is a tremendous growth driver for companies offering tailored solutions and expertise. As is the fact of being an element for increasing pricing according to costs (human, energy, etc.) in the face of competition that doesn't offer services.
