Data is transforming virtually all aspects of our economy and society, but the true promise of the data economy remains largely unharnesses because we still lack the technology and processes to allow for standard, secure and efficient data exchange. In fact, from climate change to artificial intelligence, virtually all areas of modern society would be positively impacted by better access to data, as per the World Economic Forum.
As per McKinsey research, it is estimated that better access to data can help unlock at least $3–5 trillion in global economic value which represents an increase of 2–5% of the gross world product.
In order to offer better access to diverse data sources, organisations are building data marketplaces which can be used by government agencies, businesses of all kinds, market intelligence agencies and various analysts. Common types of data offered include business intelligence, advertising, demographics, personal information, research and market data.
For instance, Factual has created an open data platform, with tools that could be leveraged by community contributors to improve data quality. Unlike other marketplaces, Factual does not offer reselling facilities for data publishers. Instead of selling data, the platform allows publishers to mutually exchange the respective data which could provide business value far beyond the returns of publishing data in exchange for cash. It also offers incentives to their customers to share data back, improving the quality of the data for everybody.
On the other hand, DataStreamX has created a global marketplace for commercial data. It accelerates data access worldwide by bringing together buyers and vendors of data onto one simple-to-use platform. This, in turn, helps transform clients' businesses by delivering actionable data to buyers and creating new revenue opportunities for vendors.
Apart from commercial marketplaces, few platforms like DataMarket cater to the end-user as well. Through a variety of plans, customers can use DataMarket’s platform to publish and sell their data and embed charts in their own pages. At the enterprise end of their packages, DataMarket offers an interactive branded data portal integrated with the publisher’s own web site and user authentication system. Initial customers of this plan include Yankee Group and Lux Research.
Considering the booming demand for data marketplaces, large-scale organisations are also developing such marketplaces, with emphasis on emerging technologies like blockchain. More on this in our next article.
Credits : Akhil Handa,Manish Kulkarni