Unleash the power of your data with the data marketplace
Data has become a key resource to capitalise on, because it adds so much value to business. What's more, your own data is likely to be of great interest to other professionals.
Whether you want to collaborate better with your stakeholders, or monetise this new "black gold" with various consumers, have you thought about using a data marketplace?
These platforms provide a perfectly functional, and above all secure, environment for making your precious data available. Find out everything you need to know about these marketplaces like no other.
What is a data marketplace?
Definition of a data marketplace
The data marketplace is an online space developed to simplify data sharing and collaboration.
To do this, it connects data suppliers with users, and even buyers. Because yes, it is possible to monetise your data! 🤑
More concretely, these marketplaces serve to organise information with the aim of making it easily accessible and usable. What's more, they meet a wide range of needs, with many different types of assets, such as:
- market research (consumer profiles, sector trends, etc.) ;
- advertising campaigns
- statistical analysis
- research data (scientific databases, survey results, etc.);
- marketing insights
- economic forecasts ;
- sector reports, etc.
All in a 100% secure environment. 🦸
What are the differences with a data exchange solution?
Is the data marketplace so different from a data exchange solution?
On an open data marketplace, data is often bought, sold or shared between several parties. It functions like a public market, with catalogues and displayed prices.
More controlled, the data exchange is used for exchanges between defined partners. They are usually free, or based on bilateral agreements.
How does a data marketplace work? Its main characteristics
The data marketplace is the infrastructure that enables suppliers to make their assets available. Suppliers list their data sets in well-structured catalogues, which buyers can explore, compare and acquire in just a few clicks.
👉 These are the two main characteristics of data marketplaces:
- Security. The security of this environment is essential given the sometimes sensitive nature of the data. That's why data marketplaces are increasingly incorporating blockchain technology to encrypt certain information flows. They also comply with current regulations, in particular the RGPD.
- Quality of user experience. These platforms are not called "marketplaces" for nothing, since they borrow from the principles of e-commerce to provide easy access to data. And that's even for a public with little experience of data!
💡 Note also the importance of the data marketplace's interoperability with the systems commonly used by businesses, which is essential if the data is to be used seamlessly.
4 types of data marketplace
How many types of data marketplace are there?
In fact, it would seem difficult to categorise them all, but bear in mind that it is above all a question of differentiating them according to the nature of the users and their needs.
Public data marketplaces
Public data marketplaces enable various suppliers (companies, institutions, individuals, etc.) to offer a range of data to a wide audience, without any major restrictions.
These portals cover a wide range of sectors and themes, such as :
- demography ;
- marketing ;
- climate, etc.
Transactions are often standardised, with flexible payment options (subscription, pay-per-use, etc.).
Private data marketplaces
Private data marketplaces, on the other hand, are reserved for a restricted circle and focus on the exchange of sensitive or strategic information between partners.
These tools therefore place the emphasis on control and security, and include functions for managing access, audits, etc.
These data marketplaces are particularly popular in regulated sectors such as finance and healthcare.
Vertical data marketplaces
Vertical data marketplaces specialise in a specific field or industry.
👉 For example, a marketplace dedicated to healthcare might offer clinical data, statistics on pharmaceutical trials, epidemiological trends, etc.
Professionals appreciate these platforms, which by their very nature provide resources that are often more qualified and relevant.
Horizontal data marketplaces
Horizontal data marketplaces, on the other hand, cover several sectors.
For example, if you work in marketing, you'll be delighted to find both demographic studies and financial analyses.
Handy if you have a wide range of needs!
What are the advantages of data marketplaces?
Data marketplaces promise many advantages for both data suppliers and data consumers.
The first of these is the secure environment of this software. If you're a supplier, you'll enjoy sharing your information with your various stakeholders in complete peace of mind, because it's in a safe place. And that goes a long way to ensuring good governance of your data.
✨ Other advantages:
- data is made available on demand, making it easier to use;
- you have the opportunity to generate additional revenue, while retaining control over the assets monetised.
💡 Consumers also benefit from these data marketplaces. They benefit from direct access to a wide variety of high-quality data, often difficult to obtain otherwise.
Examples of data marketplaces
There are a number of high-performance data marketplaces, such as Snowflake Marketplace (a private data marketplace), enabling consumers to access data and suppliers to make it available.
There are also :
- Quandl, a vertical marketplace specialising in financial resources;
- Azure Data Marketplace, published by Microsoft, where users can access data covering various fields (marketing, geospatial, IoT, etc.).
💡 If you want to deploy a private data marketplace to strengthen internal collaboration, turn to Opendatasoft. Highly comprehensive and powerful, this platform meets all large-scale data consumption needs, whether as part of an internal or public marketplace. Whatever the configuration, your employees, partners and customers can access the information they need in a self-service, highly intuitive way (search based on artificial intelligence). All perfectly secure.
What can you learn from the data marketplace?
You now know more about the data marketplace, a platform that borrows the codes of traditional marketplaces to enable you to share, or even sell, all types of data.
A godsend for organisations hoping to improve the governance of their data, or even generate additional revenue!
These tools have everything you need under the bonnet to meet these challenges, combining robust security features with a UX that guarantees a frictionless user experience.
With an environment like this, why not start really capitalising on your data 😉
Article translated from French