Fact: 66% of enterprises drive most or all their decisions by data, according to a 2020 survey. That’s a 10% rise from 2019. Organizations rely on their data to respond faster to business needs, gain a competitive advantage, lower costs, and improve customer experience. So how can organizations create the most value from their relevant data? A new crop of data marketplaces may hold the key.
Let’s start with the root of the problem: finding and accessing useful, trusted data. It’s a time-consuming and difficult effort for many organizations. Once business users do get their hands on the data, it may not even be useful because they don’t have the resources or skills to make it available or monetize it.
The result is a vicious cycle of wasted resources and time across teams and stakeholders.
That’s where the next generation of data marketplaces are showing their true value. They connect data providers and data consumers with an online platform to interact and trade any data—from business, IoT, or personal data—in an easy and automated way. This new crop of data marketplaces deliver new levels of sophistication, technology, and more compelling value propositions than the original concept a decade ago.
As the new landscape takes shape, three types of data marketplaces have emerged:
Third-party data marketplaces – These aggregate external data from different sources and providers, making it much easier to access data quickly and use it in a meaningful way.
Collaborative data marketplaces – Also known as federated marketplaces, they focus on removing organizational silos and providing ease of use and built-in trust. They enable partners and customers to build on and innovate data for new value creation.
DLT-based data marketplaces – The DLT (distributed ledger technology) model is focused on democratizing access and building trust into interactions and transactions in a marketplace.
There’s a lot more to learn about data marketplace models and how to select the right one for your enterprise. Download the 451 Report: The Renaissance of Data Marketplaces to find out:
Why data-driven decision making is more critical than ever and the biggest challenges
The key differences and benefits of each type of data marketplace
Which vendors are in each category, a functionality comparison, and the overall competitive landscape