Data Marketplace

A data marketplace is a platform for data sharing where businesses can make their data accessible to other users. These platforms allow companies to select and purchase datasets through standardized APIs. By facilitating inter-company collaborations, data marketplaces not only provide an opportunity to generate additional revenue but also enable access to valuable external data sources. This enhances decision-making and optimizes internal operations.

This approach supports the growth of the data-as-a-service (DaaS) market, making data exchanges more seamless and standardized. By developing APIs for real-time data sharing, companies can convert their data into direct revenue, increasing their profit margins and overall profitability.

Data sharing has become a crucial driver for the growth of modern businesses. Many companies store data that, rather than being a cost, actually represents a monetization opportunity. By establishing data marketplaces, they allow other businesses to access these valuable datasets, creating a new revenue stream.

Companies that implement a data-sharing strategy can see an average revenue increase of 1 to 3%, while also benefiting from a 10 to 20% reduction in operational costs. According to a McKinsey study, by 2025, 80% of companies are expected to integrate external data into their decision-making processes, making them even more competitive.

Theodo’s point of view

We recommend data sharing for companies that have a deep understanding of their data assets and a clear vision for their projects. To ensure success, we advise applying rigorous governance from the outset to avoid costly adjustments and guarantee an optimal return on investment.