The hype around big data got several things right, one being that data volumes are big and growing quickly. Digital transformation — as well as the growing adoption of IoT and the ubiquity of the device (AKA, “mobile phone”) that we all carry with us — has accelerated the growth of data. Having successfully put that data to use within their own operations, many companies now recognize that others can benefit from their data assets, too. Data commercialization has become increasingly common, and the supply of data products and services will continue to grow.
- Almost half of companies currently sell their data. Today, 47% of organizations report that they share or sell their data for revenue. When asked how they commercialize, 54% report exposing an API to the data for systematic or real-time access, while 38% report selling an application that enables users to see trends and insights in the data.
- New data brokers and marketplaces facilitate data commercialization. New channels to market help aspiring data commercializers. Alternative data brokers such as Quandl and Eagle Alpha identify new sources of data, which are often firms in fintech or eCommerce with transaction data that provides investors insights into future market movements. Nascent data marketplaces — Dawex, DataStreamX, dmi.io — pitch an easy way to get data to market, with click-through categorization and licensing models.
Source: DRJ New feed