Fort Lauderdale, FL , June 06, 2022 (GLOBE NEWSWIRE) — via NewMediaWire —(The Luxe List, Merilee Kern, MBA): So lucrative is the economic upside of alternative data, the category is experiencing a veritable gold rush mentality that is driving extreme growth worldwide across practically every industry sector. This, as the global alternative data market size is expected to reach USD $143.31 billion by 2030—a staggering increase from $2.7 billion in 2021—with the category forecasted to expand at a compound annual growth rate (CAGR) of 54.4% from 2022 to 2030, according to Grand View Research.
While North America currently dominates the space (67%) and is forecasted to do so through 2030, alt data-driven market research is also burgeoning globally. But, this sector boom will not be without its fair share of challenges and pitfalls along the way—technological, compliance and otherwise. From some alt data sources conflicting with governmental privacy and data protection regulations; breaches of regulatory compliance; difficulty with data set analysis and modeling due to disparate collection and storage methods; to a litany of other regulatory, technological, infrastructure, analysis, environmental and social complexities, effectively procuring and processing alternative data can be daunting … with results of the effort and expense sometimes falling far short of needs and expectations.
Even so, companies that are slow to incorporate alternative data into their…
