Unleash the power of your data with the data marketplace
Data has become a key resource to capitalize on, as 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 more effectively with your stakeholders, or monetize this new "black gold" with various consumers, have you considered using a data marketplace?
These platforms provide a perfectly functional, and above all secure, environment for making your precious data available. Find out all you need to know about these unique marketplaces.
What is a data marketplace?
Definition of a data marketplace
A data marketplace is an online space developed to simplify data sharing and collaboration.
It does this by connecting data providers with users, and even buyers. Because yes, it is possible to monetize your data! 🤑
More concretely, these marketplaces serve to organize information with the aim of making it easily accessible and usable. In addition, they meet a variety 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's the difference with a data exchange solution?
Is the data marketplace all that 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 catalogs and posted prices.
More controlled, the data exchange is used for exchanges between defined partners. They are usually free of charge, or based on bilateral agreements.
How does a data marketplace work? Its main features
The data marketplace is the infrastructure that enables suppliers to make their assets available. Suppliers list their data sets in well-structured catalogs, which buyers can explore, compare and acquire in just a few clicks.
👉 Here, then, are the two main characteristics of data marketplaces:
- Security. The security of this environment is essential, given the sometimes delicate nature of the data involved. This is why data marketplaces are increasingly integrating blockchain technology , to encrypt certain information flows. They also comply with current regulations, in particular the RGPD.
- Quality of user experience. These platforms aren't called "marketplace" for nothing, as they borrow from e-commerce principles to provide easy access to data. And that's even with an audience that's not very data-savvy!
💡 Note also the importance of data marketplace interoperability with systems commonly used by businesses, essential for smooth data exploitation.
4 types of data marketplace
How many types of data marketplace are there?
In fact, it seems difficult to categorize them all, but keep in mind that it's mainly 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 large audience, without major restrictions.
These portals cover a wide range of sectors and themes, such as :
- demography ;
- marketing ;
- climate, etc.
Transactions are often standardized, 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, and so on.
These data marketplaces are particularly popular in regulated sectors such as finance and healthcare.
Vertical data marketplaces
Vertical data marketplaces specialize in a specific field or industry.
👉 For example, a marketplace dedicated to healthcare might offer clinical data, statistics on pharmaceutical trials, epidemiological trends and so on.
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 your needs are varied!
What are the advantages of data marketplaces?
Data marketplaces promise many advantages for both data providers and data consumers.
First and foremost, they offer a secure environment. If you're a supplier, you'll enjoy sharing your information with your various stakeholders in complete peace of mind, since it's in a safe place. And that goes a long way towards ensuring good governance of your data.
✨ Other advantages:
- data is made available on demand, simplifying its use;
- you have the opportunity to generate additional revenue, while retaining control over the assets monetized.
💡 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
You'll find many successful data marketplaces, such as Snowflake Marketplace (private data marketplace), enabling consumers to access data, and suppliers to make it available.
Others include :
- Quandl, a vertical marketplace specialized in financial resources;
- Azure Data Marketplace, edited by Microsoft, where users can access data covering various fields (marketing, geospatial, IoT, etc.).
💡 If you're looking to deploy a private data marketplace, to strengthen in-house 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). And all with total security.
What you need to know about 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 organizations hoping to improve the governance of their data, or even generate additional revenue!
These tools have everything you need under the hood to meet these challenges, combining robust security features with a UX that guarantees a frictionless user experience.
With such an environment, why not start really capitalizing on your data? 😉
Article translated from French