In recent years, alternative data has transformed the financial industry by providing reliable non-traditional data sets for making investment decisions. Alternative data is widely regarded as a reliable source of information on current and ever-changing consumer preferences. The companies are using alternative data collected from social media, mobile phones, applications, and other IoT-based devices to assess changes in consumer behavior. It has been providing necessary information to the financial industry in order to detect various new segments of clients and convert them into customers. According to a report by Grand View Research, the global market size for alternative data is estimated to reach USD 17.35 billion by 2027, expanding at a CAGR of 40.1% from 2020 to 2027.
