The Emerging Data Economy{2}


I chose the article, “Data Markets: The Emerging Data Economy”, by Gil Elbaz because I found it interesting for him to talk about the emerging economy relative to massively increasing data and how this impacts our market. As of today, companies such as Salesforce.com, InfoChimps.com and DataMarket.com are selling data for money. The data market is one the rise with many large and small companies moving in. Although some people find this predicament to be a breach of privacy and security, companies with big data try to mitigate this negative perception by outsourcing their data to a third party that specializes in creating value from their existing data. As a result of this trend, new data markets and economies continue to rise; thus, price of data become more affordable to these people. One such example includes a company called Kaggle. They are basically a group of data scientists who compete with one another while analyzing outsourced data from companies, government and researchers. Their job is to study the data that was given to them by these entities and come up with solutions to their problems. Before devising a solution, they must have the ability to forecast predictions using these data sets from their vendors. These problems range from economics, governmental and sociological.

I chose the article because I felt it was unique in the way people utilize data. Instead of using tools to record and manage the transactional records of a company, people are taking advantage of large samples of data provided by companies, government and researchers to make predictions of future change and innovation. As companies have used big data to spot subsequent dangers and mitigate damages to the organization, data scientists can use data to predict economical pitfalls, sociological influences and prevent crisis from happening to the economy and the world.

 

Citation:

Elbaz, G. (2012, September 30). Data markets: the merging data economy. Retrieved from http://techcrunch.com/2012/09/30/data-markets-the-emerging-data-economy/