Data Ecosystems in the Data Economy

Data marketplaces connect participants via digital platforms

Digitization and ”Industry 4.0” are spreading and establishing themselves in German companies. By now, the German economy would be inconceivable without them. Companies that are able to use, analyze, and interpret internal and external data and integrate them into existing process chains have inherent growth leverage. Considerable competitive advantages can be realized, costs reduced, processes optimized, and new, innovative business areas developed. But since concrete solutions for the holistic integration of data while simultaneously maintaining data sovereignty are lacking, the practical implementation still constitutes a problem for many companies.

As a result the number of data delivery platforms has grown tremendously in recent years. Trading in raw and processed data as well as offering data-related services are the primary goals of these platforms. The value of these marketplaces has also been discovered in science and practice. Here platforms offer an infrastructure for the exchange of data by serving as digital brokers, connecting data providers with data buyers. In general it can therefore be noted that data marketplaces are platforms for trading data as a strategic resource.

Within the Data Ecosystem, data marketplaces constitute a digital platform that facilitates the exchange of data beyond the limits of an organization and connects the various participants within the Data Ecosystem. With the technological further development of web services and service-oriented architectures, data marketplaces are gaining importance alongside traditional data providers. Awareness of the demand for data marketplaces is continuously growing, forcing organizations in politics and industry to examine the design and development of data marketplaces. Fraunhofer ISST is responding to this demand and, in various projects, working on developing data marketplaces, integrating them into processes, and simultaneously maintaining balance in the Data Ecosystem.