Host and orchestrate your own data ecosystem with a tailor-made Data Exchange Platform solution that meets your business needs.
What is a Data Marketplace?
A Data Marketplace is a data ecosystem that allows data providers to commercialize data products to data acquirers, and generate direct revenue out of it.
Data Marketplaces are generally 2-sided, meaning that multiple data providers distribute their data products to multiple data acquirers.
It happens that only one organization acts as the data provider, in which case the Data Marketplace is called a Data Shop.
Why should you build a Data Marketplace?
A Data Marketplace generates direct revenues short term. If the data you own, or that another data provider owns, can help solve operational or business pain points of other organizations, data products can represent a huge value to these organizations acquiring the data, i.e. target data acquirers.
With a Data Marketplace, your organization can start right away to commercialize data products and improve its P&L with high margin revenues, while keeping strict control of visibility, access rights and conditions of use of the data products.
In growth phase, your organization is reinforcing its leadership thanks to a Data Marketplace, developing new revenue streams and maximizing its benefits by:
- Identifying new data products and services, for new target data acquirers
- Extending data exchanges to adjacent businesses
- Building data sharing relationships with partners, therefore extending to an Industry Data Hub model that will generate additional indirect benefits
A Data Marketplace provides two types of revenue streams:
- As a data provider, an organization can generate direct benefit by distributing its data products, through subscription plans or pay-per-use pricing
- As orchestrator of the Data Marketplace, your organization will be able to generate direct revenues through participants’ subscriptions to the Data Exchange Platform solution and commissions on third-party transactions
Interested in building a Data Marketplace?
Data exchange is more and more in the agenda of organizations. To explore how to develop a thorough data exchange strategy and implement a Data Exchange Platform, get guidance from Dawex experts.
In a Data Marketplace, the orchestrator is the legal entity that manages the Data Exchange Platform solution, including participants’ recruitment, onboarding and vetting. It sets the business and governance model regulating the platform, enforces compliance, security and trust policies, manages operations and monitoring.
Data providers and data acquirers are the participants that exchange data products according to the Data Marketplace business model and to the pricing set by data providers.
The data acquirers can be any organization in your business ecosystem such as suppliers, customers, business partners, service providers, shareholders, public agencies or collectivities.
What are the benefits for the data acquirers?
Data acquirers get access to unique or difficult to find data products that will help solve a specific business or operational pain point, such as:
- Develop insights on their market, by accessing sales and customer data
- Improve operations and maintenance processes, by gaining access to operational or product lifecycle data
- Improve or design new product and services, by accessing market, customer, operational, technical or product lifecycle data
- Monitor and achieve CSR or decarbonation objectives by exchanging data with their value chain partners