Data fusion is the process to integrate data from multiple, disparate data sources to produce accurate, consistent, and more useful information than provided by an individual data source. It seamlessly detects and combines the data to generate improved information and extract new knowledge that could be shared with authorized users for better decision-making. Data fusion is a collection of multiple big data sources, which delivers a comprehensive view of customer and business data across an organization. The global data fusion market is expected to grow from USD 7.62 Billion in 2017 to USD 15.92 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period.
Human Resources is expected to grow at the highest CAGR
Data fusion tools and services cater to various business functions including Information Technology (IT), sales and marketing, finance, operations, and Human Resources (HR). HR business function is expected to witness the highest CAGR during the forecast period among all business functions due to the growth in need to manage and analyze HR data with minimal help from the IT team. Data fusion technologies are used for various operations across an organization. Moreover, it helps resolve operations related issues in real time and the streamline operations across industries.
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Banking, Financial Services, and Insurance is estimated to have the largest market size in 2017
The data fusion market is segmented by various industry verticals, such as BFSI, retail and consumer goods, telecom and IT, energy and utilities, government and defense, healthcare and life sciences, manufacturing, media and entertainment, transportation and logistics, and others (travel and hospitality and academia and research). Among these industry verticals, the adoption of data fusion is expected to be the largest in the BFSI vertical, as the volume and variety of data have increased on daily basis with the growing demand for collaborating data from various sources, such as financial transactions in banks and other financial services institutes.
The data fusion market includes an expansive list of vendors providing tools and services, such as AGT International (Switzerland), Esri (US), LexisNexis (US), Palantir Technologies (US), Thomson Reuters (Canada), InvenSense (US), Clarivate Analytics (US), Cogint (US), Merrick & Company (US), and INRIX (US). Players in the data fusion market have embraced different strategies to extend their global presence and market share. The key strategies adopted by the industry players to accomplish development in the data fusion market are new product launches, product upgradations, collaborations, and partnerships.
Thomson Reuters is one of the eminent leaders in the data fusion market. The company is known to provide comprehensive tools and services that include Thomson Reuters Data Fusion, which is a hybrid of the big data and linked-data technologies, combined with Thomson Reuters’ Intelligent Tagging and PermID solutions. The company operates in 4 business segments, namely, financial and risk, legal, Reuters news, and tax and accounting. It has expanded its geographical presence in the regions of North America, Middle East and Africa (MEA), Europe, and Asia Pacific (APAC). Its long-term strategy inclines more toward the organic growth strategies that look forward to enhancing its existing products and services portfolio with new feature additions and improvements in the data fusion market.
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The fundamental objective of AGT International is to accomplish every requirement of their industry clients and additionally, provide new advancements to data management through its data fusion platform. The company caters to various business verticals, including manufacturing, security, agriculture, health, sports, and entertainment. It has adopted different strategies to strengthen its position in the data fusion market by serving its clients through the Internet of Things Analytics (IoTA) platform. It has majorly embraced inorganic growth strategies to strengthen its product portfolio and geographical reach. In August 2017, AGT International partnered with EuroLeague, Professional Bull Riders, and UFC for their joint venture (HEED) with WME-IMG. This partnership enables the sports companies to leverage AGT International’s IoTA platform.
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