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The alternative data market is being driven by the expanding e-commerce industry, increasing hedge funds, and growing digitalization. The advent of IoT, big data, and machine learning is expected to be a trend in the alternative data market during the forecast period of 2023 to 2030. Alternative data provides an accurate and comprehensive overview of a business scenario and leverages an organization’s historical data to predict future potential with a high level of accuracy. Digitalization has the potential to provide broader and more sustainable growth by stimulating innovation, generating efficiencies, and improving services.