Unleashing value: towards a conceptual framework for data monetization

Purpose Global data generation continues to grow exponentially, yet Data Monetization remains fragmented as a field of study, lacking a comprehensive structure to guide both research and practice. This study addresses that gap by asking: (1) what are the key concepts in Data Monetization and how do they relate to each other? and (2) how can these concepts be integrated into a comprehensive framework? Design/methodology/approach We conducted a systematic review and synthesis of 35 academic articles and 31 patents, resulting in a novel conceptual framework. Findings The framework consolidates fragmented constructs and offers a holistic view of how data is transformed into value. It differentiates monetization pathways, specifies the mechanisms connecting actors, management and monetization strategies, internal capabilities and data products, and provides a process perspective that aligns with business process management. Research limitations/implications The framework enhances theoretical clarity by making explicit the mechanisms and contingencies that explain variation in monetization outcomes. It clarifies how monetization pathways, customer alignment and internal capabilities shape value capture and provides a foundation for cumulative theorizing on data monetization. Practical implications It offers a structured decision logic tool for crafting tailored monetization strategies aligned with value capture objectives. Originality/value The framework clarifies the conditions under which value created from data is appropriated. It explains how monetization pathways, customer alignment and internal capabilities jointly shape value capture outcomes.