With the grand opening of the 2022 "Global Digital Business Conference" at the Shanghai World Expo Center, the "Construction Plan for Data Element Industry Clusters" is launched. In addition, six major data industry-related policy guidelines and six key demonstration projects centered on the "China Data Elements Market Development Report (2021-2022)" were launched at the conference. The improvement of the data trading system has been accelerated, the basic data system has been continuously innovated, and the ecology of data elements has gradually formed.
1. The concept of data elements
In recent years, with the deep integration and development of information communication technology and digital economy, digital economy has also become a new economic form after agricultural economy and industrial economy. As an important factor of production, data resources are "gold" and "oil" in the era of digital economy. , the strategic position and importance of data elements are constantly increasing. According to the definition of CAICT, the so-called data elements are data resources that can generate economic benefits.
The data element market is a dynamic process in which data elements that have not been fully configured by the market are transferred to be configured by the market, that is, to realize the value generated in the flow of data. According to the process, it is divided into data collection, data storage, data processing, data circulation, and data analysis . , data application, ecological protection and other modules.
To put it simply, in the data element market, data can be used as a labor object or tool, and its value can be mined and used to bring ultimate economic benefits to the data owner. Today's full mining and effective use of data has optimized resource allocation and use efficiency, changed people's production, life, and consumption patterns, is closely related to people's lives, and has penetrated into all walks of life.
2. Analysis of the industry chain of data elements
Overview of industrial chain links
The data element industry includes three major industrial links: data supply, data service and data demand. Among them, the upstream industry of data elements mainly includes the electronic equipment manufacturing industry used for data operation and data information transmission , as well as the basic software research and development industry as a data carrier, which provides basic hardware and software support for the data element industry chain, mostly by " It is composed of two traditional industrial chains of "technical hardware and equipment" and "software and services". Midstream is the entire service process of data processing and production , covering data collection, storage, processing, circulation, analysis, security and other industries, and is also a data provider. The downstream is the demand side of data , involving various industries such as transportation, finance, electricity, education, and government affairs.
In the first two years after the outbreak of the epidemic, the growth rate of the number of companies involved in the middle and lower reaches of the data element industry reached its peak, respectively 74.36% and 63.99%. , Rapidly carry out the needs of epidemic development situation prediction and traceability. The upstream industry is mainly provided by traditional industry manufacturers, the growth rate has been relatively stable in the past five years, and the market development is relatively mature . Although the growth rate of the number of enterprises involved in the upstream, midstream and downstream industries will all fall in 2022, especially the growth rate of the number of enterprises in the midstream and downstream industries will drop by nearly 30%, but its annual compound growth rate is still above 40%, and the market prospect is good. The middle and downstream markets of the entire data element industry have huge potential in the future.
Industrial development scale
In 2021, the market size of China's data elements will reach 81.5 billion yuan. It is expected that the market size will exceed 174.9 billion yuan during the "14th Five-Year Plan" period, and the compound growth rate will exceed 25% . Among them, before the outbreak of the epidemic, the market size of data elements grew rapidly year-on-year, and the growth rate in 2018 was the highest, reaching 95.28%. However, in the three years after the outbreak of the epidemic, the impact of the epidemic was greater, and the growth rate of the overall market size gradually slowed down.
Industry market competition analysis
In order to reflect the degree of market competition and monopoly in different links of data elements, based on the analysis of the marketization process of data elements, according to the market concentration (CR4), the sum of the market (sales) occupied by the top four largest enterprises in the relevant industry market is calculated, and the result is The result of the market concentration of different industrial links of domestic data elements.
data collection
The data collection industry is the starting point of the midstream industry of data elements, and it is also a relatively mature link in the data element market. From the perspective of the total revenue of enterprises of different sizes accounting for the total revenue of the industry, the concentration ratio (CR4) of the data collection industry in 2021 is 78%, which is relatively high, and it is in the ranks of medium oligopoly . Currently, a stable market monopoly has been formed. . This may be due to the rapid development of the domestic Internet, big data, and Internet of Things industries. At present, data collection is gradually becoming intelligent, high-speed, and networked.
data storage
The "data storage" industry chain can be subdivided into data warehouse/bazaar, storage system, data integration, data management, and data platform. At present, the competition in the data storage market is fierce , and domestic manufacturers have entered the market one after another. Represented by Huawei, Inspur, Hongshan, Tongyou, Univision, Sugon, Lenovo, and DCN, they occupy 53.0% of the market share, and the market concentration of the industry is considered to be in the ranks of medium oligopoly . The state encourages and promotes the development of the Xinchuang industry, provides preferential subsidies for manufacturers in terms of taxation and other policies, accelerates localization substitution, and the data storage industry has a broad space for development.
data processing
Data processing includes data cleaning, data processing, data labeling, data training, data review, etc. The current data processing market concentration is low , the industry concentration ratio (CR4) is less than 10%, the market competition is fierce , and there are many market participants. There are only more than 7,000 enterprises in the data processing industry, and the overall scale of enterprises is small. The market entry and exit barriers in this link are relatively high , and entrants need to consider their financial strength and R&D investment. Due to the personalized needs of downstream customers and high difficulty, data service providers need to invest a lot of human capital and technical research, and the competitiveness of small and medium-sized manufacturers is obviously insufficient. In the future, industry mergers and acquisitions may become a trend .
data flow
In the data element market, the development of data trading and circulation is still in its infancy , among which the confirmation of data rights is the key link, and it is also the slowest and most difficult link at present . Content transactions such as data preprocessing, data models, and data financial derivatives have not yet been launched on a large scale, and the asymmetry of data supply and demand makes it difficult for data transactions to meet effective demand, resulting in low transaction rates and turnover in the data transaction market . In addition, there is a lack of normative systems and necessary legal guarantees in the data transaction process, and it is impossible to effectively solve problems such as data pricing and data rights confirmation.
data analysis
Data analysis is the link with the greatest value in the data element market, and it is also the most concentrated embodiment of the value of all links in the data element market. Its market concentration is the highest and relatively stable . The industry concentration (CR4) is around 90%, which belongs to type 1 oligopoly. The industry has high barriers to entry , and data analysis capabilities directly determine the value of data. Data analysis vendors need to have relevant industry business knowledge and experience, which requires long-term accumulation and is difficult to break through in a short period of time. Although there are many players in the current market, they are small in scale and pose little threat.
data application
Current data has been applied in various industries, including finance, telecommunications, energy, etc. All walks of life in society have been integrated into the traces of big data, and data contains huge value. After in-depth mining and analysis and application, the value of data is maximized.
4
Industry Chain Enterprise Analysis
There are a total of 1,774,890 companies in the data element industry chain, involving 1,526 A-share listed companies, 80,920 technology-based SMEs, 53,898 high-tech companies, and 20,092 investment and financing companies.
Registration of domestic enterprises
According to the data from TRS Digital Star Industry Brain, the number of domestic data element registration companies is on the rise as a whole. As of December 7, 2022, there are 432,399 data element registration companies in China, and 140,837 new data element companies will be added in 2021, with an annual growth rate. Up to 48.03%. In recent years, many technology companies have made efforts in the big data industry, and the domestic camp has become stronger and stronger.
Distribution of registered capital of domestic enterprises
From the perspective of the registered capital distribution of data element companies, the overall registration scale of the data element industry is small , and the number of data element companies with a registered capital of more than 10 million is small, accounting for only 10.6% of the total number. At present, the registered capital of China's data element enterprises is mainly distributed within 5 million yuan, among which, the registered capital of most enterprises is distributed within 1 million yuan, and the number of related enterprises exceeds 870,000; the registered capital distribution is between 1 million and 5 million enterprises The number reached 487,207.
Financial situation of domestic enterprises
According to the data from TRS Digital Star Industry Brain, the average operating income of the data element industry increased from 5.577 billion yuan to 10 billion yuan between 2013 and 2021, with a compound annual growth rate of nearly 80 % . There is a periodic variation in speed. With the outbreak of the new crown epidemic in 2019, the average revenue of enterprises experienced negative growth. The growth rate from 2019 to 2020 was -0.09%.
5
Industry Chain Regional Analysis
From the perspective of regional distribution, at present, enterprises in China's data element industry chain are mainly distributed in economically developed areas such as the Pearl River Delta and the eastern coast . The number of enterprises in the top 10 provinces accounts for as much as 65% of the total number of enterprises in the industry chain. Among them, the number of enterprises in Guangdong Province ranks first in the country, with a total of 568,070, more than twice that of Shandong Province, which ranks second, and other provinces are far behind.
A-share listed companies in the data element industry chain are mainly concentrated in Beijing and Guangdong , with about 1,037 companies, accounting for nearly 40% of the national market. The two provinces of Beijing and Guangdong lead the country in the number of listed companies in all links of the industrial chain. Guangdong has more listed companies in the four parts of basic hardware, data analysis, basic software, and data application, with 215, 57, 123, and 138 companies respectively. In Beijing, the number of listed companies in the three main links ( data storage, data processing, and data security ) ranks first, with 56, 19, and 26 companies respectively. In fact, in terms of data analysis, basic software, and data applications, the gap in the number of listed companies between Beijing and the number one listed company in Guangdong Province is small, and it is expected to surpass it in the future.
Industry Chain Market Financing Analysis
my country's data element market is in a stage of rapid development, and companies such as Sequoia China, Tencent Investment, and CICC Capital are at the forefront of investment. In the investment and financing market with data elements in the past year, a total of 3,769 investment and financing events occurred, and the total investment and financing amounted to 145.082 billion. Among them, the largest investment and financing event occurred in China Mobile Co., Ltd., with a financing amount of 48.12 billion yuan, followed by UFIDA Network Technology Co., Ltd. and GCL Energy Technology Co., Ltd., with a financing amount of 5.298 billion yuan and 3.765 billion yuan.
From the perspective of the distribution of investment and financing events in the national data elements, the frequency of investment and financing events in developed eastern regions such as Guangdong, Beijing, and Jiangsu is relatively high . From the perspective of the distribution of financing amounts, the financing amount is mainly concentrated in the range of 1 billion to 5 billion yuan. Between yuan, the development prospects are optimistic about the capital.
3. Policies and regulations
In recent years, the Party Central Committee and the State Council have attached great importance to the sustainable development of the data element industry, and made key deployments for the development of China's digital economy in the "14th Five-Year Plan" for the development of digital economy . Deployment of a series of policies and guidelines. Various local governments are also actively responding to relevant guidelines and policies for the development of the data element industry. From 2021 to 2022, important provincial capitals such as Beijing, Shanghai, and Guangzhou will successively set up data trading institutions, which will greatly promote the rapid development of my country's data element market.
4. Future Outlook
At present, strong overall coordination and efficient integration of resources are the primary conditions for the development of the data element market. The opening and sharing of data resources in my country has just started, the ideas and understandings of various industries are inconsistent, and the overall system of data opening is still immature. In the face of a data element market characterized by a large scale, extensive fields, complex technologies, and high regulatory requirements, defects and obstacles in the management system have emerged, such as the lack of top management, disconnection between top and bottom, and horizontal barriers.
1
The marketization process of data elements is accelerating
my country's data element market generally lags behind the actual demand, but with the continuous cultivation and growth of the data element market, the government, enterprises, data trading institutions, scientific research institutes and other data element market players are gradually put into market operation, which will further promote the development of the data element market , Promote the process of marketization and value of data elements. Building a safe, efficient, unified and complete data element market system is the essential requirement for my country's economic development and the construction of a unified market in the new era.
2
The scope of application of data elements is gradually expanding
With the continuous development of the digital economy and the continuous improvement of the data element market, data application scenarios will also be enriched. In addition, a series of business attributes around data applications, such as data collection, data labeling, data cleaning, data review, data verification, and data services, will mature, and then provide support services for various data application scenarios. The fusion of multiple data will more closely.
3
The data element security governance system is improving day by day
Compared with traditional factors of production, hidden dangers of data elements are more prominent, and problems such as privacy infringement, data leakage, and network attacks are becoming more and more prominent. The "Data Security Law" emphasizes the balance between data security and development and application, and pays equal attention to ensuring data security and promoting data development and application. While regulating data security supervision and governance, it also brings new development opportunities to multi-party data collaborative applications. Gradually improving the construction of the data element security governance system, standardizing the marketization of data elements, and preventing and resolving potential data security risks are of great significance to the practice of the overall national security concept.