The alternative data market is booming, and according to Neudata’s The Future of Alternative Data 2024 report, the industry is set for even more growth. With 95% of data buyers expecting to maintain or increase their budgets next year, it’s clear that the value of alternative data continues to rise. However, along with this expansion come challenges that buyers and vendors alike need to address.
According to Neudata, the primary hurdles in this space include high costs (62% of buyers cite price as a barrier), limited trial periods, and compliance concerns. Buyers also report difficulty in discovering suitable data during trials, which affects their purchasing decisions. The report indicates that most funds only subscribe to less than a quarter of the datasets they trial, largely due to these pain points (Neudata).
This is where UnionAll comes in, offering innovative solutions to solve the very problems highlighted by Neudata. By utilizing AI-driven technology, UnionAll simplifies the data buying and selling process.
Here’s how:
Price Flexibility: UnionAll’s platform allows vendors to upload and manage their datasets with ease, giving them the ability to offer smaller, customized slices of data that fit buyers’ budgets. This directly addresses the demand for more flexible pricing models.
AI-Powered Discovery: One of the key insights from Neudata’s report is the difficulty buyers face in finding the right datasets. UnionAll tackles this head-on with an intuitive, AI-driven search tool. Using a chat-based interface, buyers can describe their specific business problems and receive tailored dataset recommendations, dramatically speeding up the discovery process.
Streamlined Trial and Purchase Process: UnionAll reduces friction in the trial phase by enabling instant insights through AI. Buyers can immediately ask questions, generate SQL queries, and analyze sample data, allowing for quick validation of data quality before purchase. If a dataset doesn’t meet the buyer’s needs, UnionAll’s AI assistant even recommends alternative datasets, helping vendors cross-sell.
Compliance and Administration Simplified: For vendors, managing data compliance and administrative tasks can be time-consuming. UnionAll automates much of this process by using AI to handle everything from documentation to publishing across multiple marketplaces, including Snowflake, with Databricks and AWS integrations coming soon.
As the alternative data market continues to evolve, UnionAll is positioned to bridge the gap between the needs of buyers and the offerings of data vendors. With the industry projected to see significant growth in 2025, UnionAll’s AI-powered platform is a timely solution for addressing the cost, discovery, and trial challenges identified by Neudata’s report.
By leveraging AI to simplify data commerce, UnionAll makes it easier for everyone to tap into the growing potential of alternative data.
For more insights from Neudata, check out their The Future of Alternative Data 2024 report.
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