Global Data Broker Service Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Data Broker Service Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Data broker is a company that collects data or purchases data from other companies, crawls useful information about users on the Internet-legal or otherwise-and aggregates the information using data from other sources, such as offline sources. Sources of data collection include social media, web history, online and offline purchase history and warranty information, credit card information, and government record like driver's license and motor-vehicle records, census data, birth certificates, marriage licenses, voter-registration information, etc.

Market Overview:

The latest research study on the global Data Broker Service market finds that the global Data Broker Service market reached a value of USD 247410.08 million in 2022. It’s expected that the market will achieve USD 407451.0 million by 2028, exhibiting a CAGR of 8.67% during the forecast period.

Influence of COVID-19 Outbreak on Data Broker Service Industry Development

Covid-19 forced many unprepared enterprises and processes to digitize at a tortuous speed. Internet has become the foundation of successful economic transformation in COVID-19 era. All-in-one service provides a powerful driving force for the Internet and a large number of services to continue to play an economic and social role.

When faced with the fear and pain of COVID-19 outbreak, it is difficult for people to consider certain situations in advance. Business leaders should not only focus on how to survive, but also think about how to develop under the background of COVID-19 era, because COVID-19 era is not the past, but a new reality.

COVID-19 has accelerated the social and technological changes, and has an impact on other aspects. This era is a technology-driven era, and people are forced to work at home, retail online, serve and entertain, and accept the trends of telemedicine and machine learning. This change reflects a profound behavioral change, which cannot be achieved even in ten years. What makes these situations come true is the ability of digitization, which can come from data, platform or experience.

In recent years, the digital economy is developing at an unprecedented speed, spreading widely and influencing deeply, and it is becoming a key force to reorganize the global factor resources, reshape the global economic structure and change the global competition pattern. The outbreak of the epidemic has further accelerated the development of the digital economy, which will effectively promote the growth of data broker services after the epidemic improves.

For countries under the epidemic, data brokers will help open up public data and social data, promote the free flow of data elements, promote the establishment of new formats of data elements, and give birth to more new scenes and new occupations.

For many years, data brokers have provided funds to well-known applications to obtain relevant information and data. When dealing with a public health crisis of this scale, relying on data from brokers can also help fight this worrying epidemic.

In many cases, these data are very useful for many local authorities trying to track the citizens' movement in various provinces and regions and test the effectiveness of measures such as home isolation.

However, privacy supervisors usually oppose this type of measures. They warn against taking unethical actions to collect data, and warn about the possibility of errors in data collection. One example is that devices can manipulate their website data relatively easily, so legislators have called website data brokers in the past to learn how to collect and publish sensitive information about individuals.

Data Broker Service Drivers

Data Broker Service generally refer to institutions engaged in data collection, processing and providing data services to the outside world. Data Broker are enterprises that aggregate information from various sources, such as buying information from other companies or crawling useful information about users on the Internet; Processing this information, adding dimensions to enrich it, cleaning or analyzing it; Licensed to legally own or sell to other organizations.
The earliest data broker are commercial credit bureaus and consumer personal credit bureaus. Since the late 20th century, the development of Internet, the improvement of computer processing ability and the reduction of data storage cost have made it easier for companies to collect, analyze, store and transmit a large amount of personal data. This has led to the development of Data Broker Service industry.

Data Broker Service Market Challenges

Data Broker Service is bound by law. The legality of data brokerage and the laws for selling personal information vary from country to country, and the legal situation is not always clear. Generally speaking, if data brokers use public records to obtain information, their activities are legal, but there is still a gray area in Data Broker Service business.
In the EU, there is the General Data Protection Regulation (GDPR), which is a data privacy and security law that covers any organization that targets or collects consumer data in the EU. This indicates that consumers must explicitly give their consent before collecting their data. GDPR also gives consumers the right to ask organizations to delete stored data about them. Other countries have similar laws-for example, the corresponding law in Brazil is LGPD ;The corresponding law in South Africa is the Protection of Personal Information (POPI) Act.
In the United States, the situation is more dispersed, because there is no general federation equivalent to GDPR. The law varies from state to state, and some states are more interested in data brokerage than others. For example, Vermont passed a law in 2018, requiring all businesses that sell or share data of residents in the state to register in the public database and share information about their working methods. California Consumer Privacy Act (CCPA) allows residents to obtain copies of information found on them by data brokers. The bill also allows California consumers to request deletion of information and choose not to sell their data. New York State is considering its own bill to force data brokers to register in New York State. The bill will also instruct the state attorney general to maintain a website listing these data brokers.
A few data brokers operate in the dark, bypassing laws and regulations and operating in legal gray areas. Like many cyber crimes in the 21st century, laws often lag behind technological progress. Many participants-from shady cybercriminals to large data agencies-stay ahead of the curve in unethical practices.
Therefore, the Data Broker Service industry suffers from moral and legal disputes. The strengthening or change of regional or national legal constraints is likely to bring favorable or unfavorable influence to the Data Broker Service industry.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Experian is one of the major players operating in the Data Broker Service market, holding a share of 1.42% in 2021.

Experian

Based in Dublin, Ireland, the company operates in 37 countries with offices in Brazil, the United Kingdom, and the United States. The company employs approximately 17,000 people.

RELX

RELX is a global provider of information-based analytics for professional and business customers across industries. RELX serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America.

Segmentation Overview:

As for product types, the Subscription segment held the largest market share in 2021.

Application Overview:

By application, the BFSI segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Data Broker Service market covered in Chapter 3:

Oracle
Kantar
Bloomberg
TransUnion
Wolters Kluwer
FICO
HG Insights
Accenture
Nielsen
IBM Watson Health
CoreLogic
Dun & Bradstreet
Epsilon
GfK
Experian
LiveRamp (Formerly Acxiom)
Thomson Reuters
Morningstar
RELX
Equifax

In Chapter 4 and Chapter 14.2, on the basis of types, the Data Broker Service market from 2018 to 2029 is primarily split into:

Subscription
Pay per Use Paid
Hybrid Paid

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Data Broker Service market from 2018 to 2029 covers:

BFSI
Retail and FMCG
Manufacturing
Media
Government Sector

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)