Data marketplaces provide structured platforms for businesses to buy and sell data of their choice. Similar to other marketplaces that facilitate transactions, a data marketplace continues the historic tradition of bringing people together for a common purpose.
Unlike street bazaars, data marketplaces typically operate as cloud services, where single users or organizations upload or transact in data. Some leverage blockchain technology to encrypt and anonymize access to submitted data streams from data providers. Buyers can purchase data assets through smart contracts.
B2B marketers and others recognize these places as secure, dependable sources of quality data, with self-service access. The data marketplace has become a routine stop on many a demand gen campaign. B2B brands access our own True Influence intent data on a number of these platforms.
Who Are Data Buyers and Sellers?
In a data marketplace, similar to other business transactions, buyers and sellers derive economic value from their data assets. Who are these participants?
Data sellers – It’s hard to imagine an industry that doesn’t generate buyer data in the course of doing business — search engines, social media, medicine, edutech, automobile, just to name a few. With so much data having so much value to someone, a proper marketplace solved one of the market’s greatest needs. So almost any enterprise could be a data seller, as long as there’s a safe place to transact. High volumes of data are as difficult to move and manage as they are to analyze, but overcoming this hurdle opens up opportunities every day.
Data buyers – B2B marketers, data teams and others responsible for generating demand have pressing needs for the data available through a secure marketplace. This model gives buyers the advantage of on-demand access to the data they need. They can augment existing segments, while economically building out new ones. Some businesses may purchase data about target customers to study and build better products. Plus professionals know reputable marketplaces provide secure arenas for transactions. The B2B data marketplace has become a welcome portal for B2B buyers.
Monetization Drives Popularity of Data Marketplace
A data marketplace opens the door to data monetization for all involved, not just sellers. B2B organizations, website owners, app publishers and any data-driven brands gain monetary value from better opportunities and revenue from their target audiences.
With this outcome in sight, data buyers and sellers flock to reputable marketplaces for outcomes like these:
- Safe, standard platform for buying and selling data
- Useful, structured data formats for brands, agencies, other buyers
- Free-market approach where the buyers can choose sellers
- Contributes to better value creation
- Drive fresh demand and open door for value and revenue
- Eliminates stress of manually finding data buyers or sellers, as platform organizes all in one place
It’s been said that by 2030, around one million companies will monetize their data assets. Data marketplaces expected to “unlock” more than $3.6 trillion in value, according to an Accenture research brief. Data marketplaces will only become more necessary.
Good Times Ahead for Data and B2B
Not a single week goes by without a headline mentioning data, be it a data breach of a social media giant or break-through innovations on leveraging data for good. Through a data marketplace environment, B2B companies find more ways to utilize data with the assistance of artificial intelligence. And that’s some good news.