Top 10 Companies in Global Alternative Data Market
The global alternative data market reached $6.43 billion in 2023, driven by hedge fund demand and government use. Significant growth is projected to 2032.
The global alternative data market was valued at $6.43 billion in 2023 and is projected to reach $118.11 billion by 2032, exhibiting a compound annual growth rate of 28.6% from 2024 to 2032. The market's primary driver is the escalating demand from hedge funds seeking a competitive edge through non-traditional data sources.
Government authorities are also significant users, applying alternative data for policymaking, public health statistics, and achieving sustainable development goals. The aviation industry utilizes this data to analyze customer preferences and improve forecasting accuracy.
Key players are investing in artificial intelligence and machine learning to enhance their offerings. For instance, Thinknum Inc. provides datasets for tracking e-commerce trends, and Nasdaq Inc.'s Quandl platform collaborates with insurance companies to access vehicle purchase data.
IMARC Group identifies the top 10 companies in this sector as 1010Data Inc., Advan Research Corporation, Dataminr Inc., Eagle Alpha, M Science, Nasdaq Inc., Preqin, RavenPack, The Earnest Research Company, and Thinknum Inc. These companies are focusing on technological advancements and strategic partnerships to solidify their market positions.