By 2030 over 1 million organizations shall monetize their data assets, and over 12 exabytes of data would be transacted every day. In addition, data marketplace will unlock more than $3.6 trillion in value. (Accenture).
And then almost 100% of data selling companies shall be selling data to the buyers. So, these marketplaces will become a must-have in the next wave of MadTech revolution.
Still, wondering if data marketplaces hold any value for you or not? Dive in!
What Is a Data Marketplace?
These are online marketplaces where you can buy and sell data. They leverage the power of relevant data and offer several kinds of data from different sources to different markets.
The data marketplace definition includes data pertaining to business intelligence, personal information, demographics, advertising, research and marketing.
Data types are mostly structured in various ways and are offered to individual clients in specific formats by data vendors. These marketplaces are increasingly evolving with the growth of big data and the need for data collection by various agencies.
What Are the Reasons for Their Emergence?
It is an open model marketplace in which participants join in a free exchange of data. The main purpose of these marketplaces is to make data available for buying and selling.
As they are growing, it may impact the process of data exchange, as it influences both the price and quality of the data. Marketplaces enable a setting in which buyers are given a fair choice to be more selective about what they buy.
Providing buyers to buy with greater choice promotes high-quality data, allows for competition and encourages fair pricing between the sellers. There would be no standard format for smaller sources to provide their data or find customers if there were no marketplaces.
Why Is a Data Marketplace Important?
It has a vital existence in today’s world due to several reasons like:
- Firstly, it defines a standard data model and interfaces for buyers and sellers to exchange data. By Crowdsourcing, it involves obtaining information from organizations who submit their data via the Internet, social media and smartphone apps.
- After that, the audience oners, App and Site owners, keep data in a structured form and make it available to Audience Buyers, Brands and agencies. The Audience buyers, Brands and agencies sell data under a free-market approach, and consumers can choose from whom they wish to buy data.
- With personal data marketplaces, comes better value creation, which increases demand too. Increased demand provides better possible revenue for Audience owners, App and Site owners, which ultimately proves a better deal for both parties and ensures positive feedback.
- Big data marketplaces allow data buyers to understand that buying which data would help cater to their requirements.
- In addition, a data exchange marketplace is essential. Manually choosing a data buyer for the data you are selling is a tedious process, and the availability of a marketplace solves this difficulty.
- Finally, they involve buying and selling of data in the mechanism of data monetization. Data monetization can be of considerable significance to the publishers like app or website owners as they find great opportunities to generate economic value from their target organizations.
How Does the Data Marketplace Function?
The process taking place can be summed up in this brief and understandable manner.
Firstly, the entities submit their data streams. Now, these marketplaces encrypt and anonymize access to the submitted data streams. Finally, data buyers acquire the desireable data stream through an automated smart contract. Finally, once the transaction is completed, the tokens are distributed among the parties according to agreed prices.
This way, the enterprise data marketplace gives access to the worldwide network of data and helps to make earnings from data. The core processes before data monetization that make up the mechanism of data marketplace work are built up of such important phases like data collection, data value analysis and data segmentation.
If you are a brand/ agency that does not collect audience data, you are missing out on things like potential external and alternative revenue generation, Internal Optimization and better planning of the business.
Once you start collecting the first-party audiences and make them agile and portable, reaching out to those target customers or users paves the way ahead.
Data value analysis
Firstly understand what segments of your audiences contain value and can be used to generate additional revenue. Not all data/segments are created equally, so the critical value remains in defining what data we have and what data elements should we leverage to generate revenues according to the relevancy to the advertiser’s demands.
The more precise data insights you have, the better it helps you in revenue generation. And it is achieved through critical segmentation processes.
By segmenting the customer database into relevant target groups, audience Owners, app and site owners are on a win-win. They earn by selling those data to their audience buyers and help in providing better business opportunities.
After that, these organizations can create new revenue streams by monetizing the data collected.
What Benefits Do Data Marketplaces Serve?
In a standard marketplace data model, data selling occurs in a particular format and helps to make the data relevant, customized and more usable to the buyer.
- Firstly, data marketplace serves great analytic uses. It gives access to run ads/campaigns by selecting the segments from the marketplace they are looking for and pushing them to run effective campaigns and measure the outcomes.
- Secondly,data marketplace startups and companies also help in providing value back to customers. For instance, if a customer is about to have a lunchtime appointment, the datasets could recommend restaurants around his vicinity taking care of the customer journey.
- Thirdly, data marketplace tools help in discovering and comparing data in the purview of its scope and quality.
- Fourthly, the data science marketplaces handle cleaning and formatting of data and datasets to make it ready for use.
- Fifthly, platforms like aws data marketplace, azure data marketplace, adobe audience marketplace, bluekai marketplace help in creating more accurate profiles of your target customers and also predict audiences’ reactions to your messages and offerings.
- Sixthly, the data markets personalize your messages and offerings and allow for product/distribution optimization.
- Seventhly, with tech data marketplaces like denodo azure marketplace, amazon seller central sales report, tech data cloud marketplace, techdata streamone marketplace, you can create and use accurate assessment, build up perfect digital marketing and campaigns.
- In addition, data markets provide an economic model for broader access to data. If data markets were not there, it was difficult to publish or consume data.
- Lastly, data marketplace companies like microsoft data marketplace, aws marketplace, adobe audience manager marketplace, taboola marketplace audiences, and audience manager marketplace allow marketers to quantify their efforts and quickly determine their success or failure. It helps in assessing ROI.
Conclusion: What Is the Future Ahead?
Industry pundits predict that decentralized data marketplaces will assume an ever-more central role in marketing in future years.
- With this, shall arrive deeper customization of product and personalization of services as a vital need of the omnichannel environment.
- The data marketplace market size is sure to increase as the demands of data selling companies in India and all over the world rise tremendously.
- Moreover, the data buying companies like collibra marketplace, facebook marketplace scraper, amazon data marketplace need to keep in tune with the data marketplace architecture.
- Marketers have been chasing reams and reams of data with which they can derive incredible insights and drive incredible revenues.
- It solves the data pricing riddle by taking a free-market approach by allowing Audience owners, App and Site owners to set their data prices. It also enables audience buyers to choose who they will purchase data from among multi channels and platforms.
- The data market tools allow a publisher or advertiser to find audiences, discover overlapping attributes among data sets and reach new potential customers.
There could be a lose-lose situation to them if they weren’t there and hence is the elixir of our so-called Informative Era.
Let’s Look at the Most Prominent Data Marketplace Platforms
These diversify from health data marketplace, google data marketplace, open data marketplace, financial data marketplace, mobility data marketplace, digital data marketplace, global data marketplace, b2b data marketplace, and many more.
Let us talk about a few of these in brief below:
This fuels your business with the right data. You can easily integrate into Salesforce for an automatic connection to updated data that supercharges your sales and marketing efforts. Consequently, you can explore a community of data providers with unique needs and drive revenue.
The Adobe audience manager marketplace lists CPM, flat rate, and private data feeds. These feeds are provided by third-party vendors who use Audience Manager for selling data. These features of it let you find effective data sources without wasting time looking for a data provider.
The Dawex data platform allows for flexibility to sell, buy and share data. Set up a personalized contract license to promote your data. Access new sources and still protect your data. Find your correspondence history and transaction details at any time, exchange data frequently and monetize data effectively.
The Snowflake data marketplace redefines how companies are acquiring, leveraging and monetizing data to power their businesses. It helps you in seeking access to available datasets/services for deeper insights, richer analytics, and data-driven decision-making. To data providers, it allows for publishing data sets to Snowflake customers to turn your data into valuable business assets.
Here Is the AudiencePrime Data Marketplace For You
With AudiencePrime, purchase relevant audience segments from premium data providers. You can leverage the power of relevant data at scale. In addition, it helps to fuel your data-driven marketing initiatives by accessing relevant audience segments from trusted and premium partners.
With AudiencePrime, make your marketing omnichannel, audience-centric and highly result-oriented. It empowers marketers to sell, buy and share data like never before. Now, explore the audience segments you need the most to target & boost your business goals.