How Large is the Data Mining Industry?

Do you know just how big the data mining industry really is? Not only is it worth billions, but it makes money by acquiring and selling your information. Ever wonder how businesses know so much about you? It’s because they buy information from data mining companies. Understanding how big the data mining industry is can give you a small clue about how valuable information is in today’s market.

Acxiom Corporation

Acxiom is one of the leading, but not quite the biggest, companies when it comes to data mining. They currently own over 23,000 servers in Arkansas. All of those servers are stuffed to the brim with consumer information. Not only that, but they have over 1,000 pieces of information for each consumer, and they track 500 million people.

This company is so busy that they are tracking and analyzing over 50 trillion activity changes throughout the year.

Value

This industry is currently worth about $31 billion, but that doesn’t seem like much when you compare it to its forecast. Experts are saying that it will easily grow to $106 billion in just a few years, and that’s a conservative estimate. Many are assuming that it will be larger as information becomes more valuable.

Price Tag

Your information can be worth a little or a lot to certain businesses. For an insurance company, your information is just worth about $8. For a mortgage company, your information is worth about $75. This is because mortgage companies are very selective and they need specific people to fill their underwriting requirements, which means that they are willing to pay more for good prospects.

Affecting the Internet

Perhaps the area most affected by data mining is the Internet. This is really no surprise because this is where most companies get their information. Every ad that you see is really tailored for your specific demographic.

For example, a company might make an ad for wealthy young adults with children. If you fit this demographic, then the ad will appear whenever you are online.

The data mining industry is incredibly huge and it’s only getting bigger. Keeping your information private is nearly impossible. Not only that, but this industry affects everyone from consumers to wealthy business owners.

Source: www.mastersinit.org