Companies of all sizes rely on data to fuel strategic decision-making. They use data analytics and machine learning models to better understand their target markets, assess their own performance, streamline operations, and identify new opportunities. Data is a hot commodity, and data marketplaces exist to facilitate a more public (and commercialized) form of data sharing.
Data marketplaces are generally cloud-based data exchanges. Data is uploaded onto the platform, kept behind a paywall, and anyone who wants to access it must pay to do so.
Some examples of the types of data for sale in a data marketplace:
There are three primary types of data marketplaces:
Data Marketplaces provide access to data, but do not help with other aspects of the data acquisition process such as data exploration, discovery, integration, preparation, predictive model training, deployment, and evaluation. They are beneficial for those who understand exactly what data they need, and have the resources to purchase and wrangle the data they acquire.