Europe’s Data Marketplaces – Current Status and Future Perspectives
The present report explores the nascent concept of data marketplace and defines it as a “a third party, cloud-based software platform providing Internet access to a disparate set of external data sources for use in IT systems by business, government or non-profit organizations. The marketplace operator will manage payment mechanisms to reimburse each dataset owner/provider for data use, as necessary. Optionally, the marketplace provider may provide access to analysis tools that can operate on the data.” The initial quantitative evidence gathered in this report confirms the nascent nature of the data marketplace phenomenon, at least in Europe. Self-defined data marketplaces, for example, represent 3% to 3.5% of the more than 450 actors collected by the European data landscape community launched in the context of the European Data Market study. Nevertheless, a rapidly growing market opportunity is being shaped in the data marketplace space. The above figures suggest that the demand for data marketplace services is arising in Europe and that it is being addressed mostly by global technology actors. The potential demand is likely to be considerably higher and could be satisfied by European actors, leveraging industry-specific databases, trust and confidence of business partners, and the capability to satisfy EU standards of data quality, privacy protection and security.
IDC & Open Evidence, Europe’s Data Marketplaces – Current Status and Future Perspectives, European Data Market Study, June 2016.