New IDC Reference Guide Assesses the State of Data Marketplaces
FRAMINGHAM, Mass.–(BUSINESS WIRE)–#datamarketplace–International Data Corporation (IDC) recently published a Reference Guide to data marketplaces. The new guide details market forces influencing the development and utilization of data marketplaces and highlights the capabilities and strategies of prominent data marketplace vendors. This research helps data buyers and sellers evaluate the applicability of data marketplaces to their plans and provides data marketplace providers with a deeper understanding of the competitive landscape.
IDC defines a data marketplace as a forum where multiple data sets or products are available for sale or license from more than one data seller. The marketplace is distinguished by the presence of a variety of offerings and sellers, and buyers have the option to select any of the listed offerings. The format of the marketplace can vary on multiple dimensions, including types of data available, industry or business focus, services provided to buyers and sellers, and restrictions on where the data can be used. Marketplaces tend to distinguish themselves, with some overlap, along several dimensions: general purpose; industry or use case specific; function specific; and data domain specialist.
In looking at the data marketplace ecosystem, IDC’s data-as-a-service research sees that:
- There is an ongoing quest for more and valuable data to power human decisions and artificial intelligence (AI). However, there are quite a few challenges to sourcing data efficiently. Marketplaces help potential buyers discover and compare a wide variety of datasets.
- Many enterprises that have not traditionally been in the information service business are seeking to create a return on their investments in data capture by developing digital assets for sale. However, it is not simple to adequately market and sell this new type of offering to entities that have not traditionally been customers. In addition, there are technical considerations and ongoing support that might be best addressed by an outside party.
- Comparison shopping is very difficult in the world of datasets. Many marketplaces are providing ways to help potential buyers get more information and make comparisons across dataset offerings.
“External, third-party data, which empower enterprises to create digital offerings, gather actionable insight, and make better decisions, is an essential requirement in what IDC has identified as the Future of Intelligence. Searching for the ”best’ available datasets for these use cases can be time-consuming and uncertain. Data marketplaces offer more efficient and effective access for both buyers and sellers of data. We expect the volume of data transactions via marketplaces to greatly accelerate over the next two years,” said Lynne Schneider, research director, Data as a Service at IDC.
The reference guide compares the characteristics of 14 data marketplace vendors to provide context for data sellers, data buyers, and other enterprises that support or provide data marketplaces. The feature comparison is based on a comprehensive and rigorous framework that incorporates a range of capabilities from common to cutting edge. The data marketplace vendors profiled in the reference guide are: Acxiom, Adobe, AWS, BattleFin, Dawex, ESRI, Eagle Alpha, HERE, Oracle, Otonomo, S&P Global, Snowflake, Terbine, and UP42 at Airbus.
The IDC report, Data Marketplace Reference Guide, Q1 2021 (Doc #US47276921), is a reference guide to the role, usage, and representative vendors in the data marketplace market. The presentation provides an overview of data marketplaces and essential guidance for companies seeking to enter the market as a data buyer or seller. The report also provides profiles and a functional comparison of 14 data marketplace vendors. In this dynamic market, IDC expects to update this reference guide regularly as features evolve and the provider landscape changes.
About IDC’s Future of Intelligence Research Practice
IDC’s Future of Intelligence research practice helps organizations build strategies to become learning enterprises built on evidence-based cultures. In the Future of Intelligence, organizations will rethink how they define and invest in enterprise intelligence, focusing on approaches that scale. To learn more about all nine of IDC’s Future of X research practices, please visit https://www.idc.com/FoX.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC’s analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world’s leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights: http://bit.ly/IDCBlog_Subscribe.