Even though digital transformation has made countless businesses aware of the importance and actual value of data and information, many companies still fail to realize the true potential of data. Most organizations don’t see the value of their data beyond their operations.
While one of the purposes of data is to help a company improve its operations, data assets can provide additional potential beyond that. With data consumer marketplaces, businesses can access top-grade datasets to enhance their operations, improve analytics, and offer new products and services to their target audiences.
On the other hand, database providers profit from monetizing data, and everyone wins. A data marketplace is a virtual platform where data providers sell various data streams and data types from multiple sources.
Such platforms provide cloud-based data processing services that allow consumers to upload data to the cloud while ensuring privacy, consistency, security, and quality of data.
The importance of data consumer marketplaces
The emergence of data consumer marketplaces is the result of the growth of big data. Data has become one of the most valuable and simply irreplaceable assets for countless businesses.
Since both businesses and consumers generate incredible amounts of data daily, businesses invest a lot of time, effort, and resources in harvesting internal and external data through various data gathering methods such as web scraping.
Some of the data hold value for other businesses, too. Data consumer marketplaces allow them to monetize their data assets by offering them to their target audiences – individual internet users and organizations.
Data marketplaces provide everything a business would need to develop an agile, flexible, and fully scalable data system architecture. Consumer marketplaces monetize data in a variety of ways, such as:
- Offering data as a product;
- Deriving products from available data;
- Selling datasets and databases;
- Turning marketplace data into AI-trained product models;
- Offering databases to companies that they can incorporate into their business operations. Types of data marketplaces
Here are the top three types of data marketplaces for your consideration.
Personal data marketplace
Individual internet users can make a profit by monetizing their data assets on data marketplace platforms. They share their assets on marketplaces that can be related to various things, such as website design, food preferences, travel aggregation, location, etc.
The platforms allow data sellers to determine the price for their assets and either wait for buyers or accept gift cards, cash bonuses, and other incentives provided by platforms. All transactions on data marketplaces are GDPR-compliant.
B2B data marketplace
B2B data marketplaces are among the most popular options for countless companies. These platforms gather and store vast quantities of business-relevant data, such as company information and contact details, and store it in one centralized location.
The goal is to allow data consumers (business organizations) to purchase diverse data sets of pre-curated information and aggregate top-grade business data from multiple sources. Businesses use that kind of data for business intelligence, sales, marketing, etc.
IoT/sensor data marketplace
Despite the data monetization trends running rampant all over the digital business landscape, many business organizations still fail to monetize their data assets. Thankfully, one of the best ways to accomplish that goal is to sell your IoT data to third parties.
IoT/sensor marketplaces are on the rise these days. They allow companies to buy or sell real-time data assets gathered from billions of IoT devices worldwide. IoT data plays a vital role in helping businesses tap into the potential of consumer data to understand their audiences, drive better sales, and develop more targeted marketing strategies.
Leading data marketplaces
There are many data marketplaces on the web at the moment, but we’ve gathered the leading platforms for you.
Data providers allow clients to purchase B2B data that they can combine with their data assets to enhance business operations, enrich marketing campaigns, and more.
B2B data includes:
- Company level intent data – helps with more focused targeting;
- Company employee contact details – includes social media accounts, phone and email details, company roles, job positions, etc.;
- Company financial information – helps with competition research and data-driven investment decisions, market analysis, and more;
- Corporate technographic data – top information on the existing technology that digital businesses use these days so that you can better target your prospects;
- Business/customer location information – helps with geo-targeting marketing strategies. Data marketplaces
While data providers sell data, data marketplaces act like vendors that allow customers and clients to buy or sell their data assets.
Marketplace vendors offer access to:
- Personal data marketplace – a data exchange platform (individual to business); ● Business data marketplace – a B2B data exchange platform;
- Sensor data marketplace – a machine-to-machine data exchange.
Data marketplaces provide both regular and corporate internet users with fast, secure, and reliable access to internal and external data assets from multiple sources. Organizations can accumulate all the information they need on the latest trends in customer behavior, business technology, digital transformation practices, data science, etc.
Since businesses have reliable and fast access to top-class data assets, they can drive faster insights and make better, more competitive, and customer-centric decisions. Data marketplaces are the lifeblood of the modern-day digital business landscape, allowing it to thrive and evolve.